Data as of Oct 27, 2026.
QQQP vs SQQQ: Leverage, Returns & Decay
Over the three months to Oct 27, 2026, QQQP returned 13.1% and SQQQ −19.5%.
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Net assets on Oct 27, 2026: $13m for Tradr 2X Long Innovation 100 Quarterly ETF and $1.8bn for ProShares UltraPro Short QQQ.
Pair scorecard
SQQQ costs 0.06 points a year less; their one-year returns differ by 58.9 points; SQQQ is far larger, $1.8bn against $13m.
Points (pts) are percentage points.
| Measure | QQQP | SQQQ |
|---|---|---|
| Return | ||
| Total return, 1 year | +18.3% | −40.6% |
| What its daily multiple gave, 3 months | −22.5% | |
| What the underlying did, 3 months | QQQ 6.9% | QQQ 6.9% |
| What the underlying did, 3 months | QQQ 6.9% | QQQ 6.9% |
| The multiple over the whole window | −3 times gives −20.7% | |
| Against its benchmark | ||
| What it tracks | Nasdaq-100 | Nasdaq-100 |
| Against its daily multiple, 3 months | 3.0 points over | |
| Against the whole-window multiple | 1.2 points over | |
| Cost and size | ||
| Expense ratio | 1.00% | 0.94% |
| Net assets | $13m | $1.8bn |
| Holdings | ||
| Holdings in common | not published | |
Side by side
As of Oct 27, 2026. Source: ETFIQ.
Window by window
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | QQQP | SQQQ | QQQP | SQQQ | QQQP | SQQQ |
| 1 month | −6.8% | +9.4% | not meaningful | +9.3% | not meaningful | +0.1 pts |
| 3 months | +13.1% | −19.5% | not meaningful | −20.7% | not meaningful | +1.2 pts |
| 6 months | +13.3% | −29.6% | not meaningful | −29.7% | not meaningful | +0.1 pts |
| 1 year | +18.3% | −40.6% | not meaningful | −46.2% | not meaningful | +5.6 pts |
| 3 years | – | −92.0% | – | not meaningful | – | not meaningful |
| Since launchNot the same days: QQQP Oct 2024 · SQQQ Feb 2010 | +80.5% | −100.0% | not meaningful | not meaningful | not meaningful | not meaningful |
Source: ETFIQ. – means no data for this window. Open this comparison in the app →
Over the quarter to Sep 30, 2026, QQQP lost 0.5%, against 1.2% for twice QQQ's return. Across its 7 completed quarters (Q1 2025 to Q3 2026), the gap to +2 times QQQ ran from −2.3 pts to −1.6 pts.
Over the three months to Oct 27, 2026, SQQQ lost 19.5%, against −22.5% for three times the inverse of QQQ's daily moves. Of that 1.2, daily compounding is −1.8 points, which any −3 times fund would show over the same path, and the fund itself is +3.0 points against −3 times each day's move, compounded.
Read the multiple against the whole window instead and −3 times QQQ's 6.9% implies −20.7%, which makes SQQQ look 1.2 points over. That is not the fund's objective, which is daily. SQQQ aims to return -3 times QQQ's move each day, then resets. Over one day it does that. Over longer periods the daily results compound, so the total is not -3 times the period's move: it is lower after a fall and recovery, and can be higher in a steady run. QQQ moved at 19% annualized over that window. The more it moves, the further the two numbers separate.
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How this is computed
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, QQQP against SQQQ, data as of Oct 27, 2026. https://etfiq.com/compare/leverage/qqqp-vs-sqqq
ETFIQ. (Oct 27, 2026). QQQP against SQQQ. Retrieved from https://etfiq.com/compare/leverage/qqqp-vs-sqqq
[QQQP against SQQQ (ETFIQ, Oct 27, 2026)](https://etfiq.com/compare/leverage/qqqp-vs-sqqq)
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