SQQQ vs TQQQ: which held to its multiple?
Over three months against its own daily promise, SQQQ finished 3.4 points over and TQQQ 2.7 points short. ProShares UltraPro Short QQQ and ProShares UltraPro QQQ.
SQQQ returned −7.9% while −3 times QQQ's move would have been −6.4%
TQQQ returned +0.9% while 3 times QQQ's move would have been +6.4%
SQQQ among the 125 inverse ETFs over three months
TQQQ among the 470 leveraged ETFs, long, over three months
A percentile among the 125 inverse ETFs over three months. TQQQ is a percentile among the 470 leveraged ETFs, long, over three months, a different set, so the two marks are not on one scale. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →
Performance, window by window
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | SQQQ | TQQQ | SQQQ | TQQQ | SQQQ | TQQQ |
| 1 month | −9.4% | +8.7% | −9.9% | +9.9% | +0.5 pts | −1.2 pts |
| 3 months | −7.9% | +0.9% | −6.4% | +6.4% | −1.5 pts | −5.4 pts |
| 6 months | −54.3% | +81.3% | −80.6% | +80.6% | +26.4 pts | +0.7 pts |
| 1 year | −52.0% | +52.1% | −71.4% | +71.4% | +19.4 pts | −19.3 pts |
| 3 years | −91.7% | +352.7% | not meaningful | not meaningful | not meaningful | not meaningful |
| Since launch SQQQ Feb 2010 · TQQQ Feb 2010 | −100.0% | +37961.2% | not meaningful | not meaningful | not meaningful | not meaningful |
SQQQ and TQQQ over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
SQQQ and TQQQ on the same fields, as of Sep 30, 2026. Source: ETFIQ.
SQQQ in plain words
Three months to Sep 30, 2026: SQQQ returned −7.9% where its own daily promise gave −11.3%, 3.4 points over. Read the multiple against the whole window instead and −3 times QQQ's 2.1% implies −6.4%, which makes SQQQ look 1.5 points short. 4.9 of that is daily compounding, which happens to any −3 times fund over the same path, and the rest is the fund. SQQQ aims to return -3 times QQQ's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. QQQ moved at 19% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
TQQQ in plain words
Three months to Sep 30, 2026: TQQQ returned +0.9% where its own daily promise gave +3.6%, 2.7 points short. Read the multiple against the whole window instead and 3 times QQQ's 2.1% implies +6.4%, which makes TQQQ look 5.4 points short. 2.8 of that is daily compounding, which happens to any 3 times fund over the same path, and the rest is the fund. TQQQ aims to return +3 times QQQ's move each day, then resets. Over longer, the daily results compound, so the total is not +3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, SQQQ or TQQQ?
- Over the window to Sep 30, 2026, SQQQ finished 1.5 points from what its multiple implies and TQQQ finished 5.4 points from its own, so SQQQ came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are SQQQ and TQQQ levered on the same thing?
- Yes. Both are levered on the Nasdaq-100, SQQQ at -3 times and TQQQ at +3 times the daily move.
- Which one decays faster, SQQQ or TQQQ?
- Decay follows how much the underlying moves about. Over this window SQQQ’s moved at 19% annualized and TQQQ’s at 19%, so SQQQ has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold SQQQ or TQQQ for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, SQQQ against TQQQ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/sqqq-vs-tqqq
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, SQQQ against TQQQ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/sqqq-vs-tqqq Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, SQQQ against TQQQ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/sqqq-vs-tqqq
- APA
- ETFIQ. (Sep 30, 2026). SQQQ against TQQQ. Retrieved from https://etfiq.com/compare/leverage/sqqq-vs-tqqq
- Markdown
- [SQQQ against TQQQ (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/sqqq-vs-tqqq)