DSMC vs. QLD

Last updated Jun 24, 2026

DSMC (Distillate Small/Mid Cash Flow ETF) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - DSMC is a Small Cap Value Equities fund actively managed by Distillate, while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). DSMC is actively managed, while QLD is passively managed. Over the past 3 years, DSMC returned 12.32%/yr vs 43.61%/yr for QLD. A 0.55 correlation means they provide meaningful diversification when combined. DSMC charges 0.55%/yr vs 0.95%/yr for QLD.

Performance

DSMC vs. QLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Distillate Small/Mid Cash Flow ETF (DSMC) and ProShares Ultra QQQ (QLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DSMC achieves a 11.65% return, which is significantly lower than QLD's 29.58% return.

DSMC

• 1D: 0.60%
• 1M: 0.03%
• YTD: 11.65%
• 6M: 10.44%
• 1Y: 24.54%
• 3Y*: 12.32%
• 5Y*: —
• 10Y*: —

QLD

• 1D: -6.61%
• 1M: -2.02%
• YTD: 29.58%
• 6M: 26.13%
• 1Y: 66.80%
• 3Y*: 43.61%
• 5Y*: 21.41%
• 10Y*: 36.27%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DSMC vs. QLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DSMC Distillate Small/Mid Cash Flow ETF	11.65%	2.73%	2.81%	29.50%	8.50%
QLD ProShares Ultra QQQ	29.58%	30.36%	42.82%	117.72%	-13.72%

Correlation

The correlation between DSMC and QLD is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (All Time) Calculated using the full available price history since Oct 6, 2022	0.55

The correlation between DSMC and QLD shifts across timeframes, from 0.40 (1 year) to 0.55 (all time), reflecting how their relationship changes across market environments.

DSMC vs. QLD - Sectors Allocation Comparison

Sectors	DSMC	QLD
Consumer Cyclical	18.7%	11.4%
Technology	18.0%	58.7%
Industrials	16.6%	2.6%
Energy	14.4%	0.5%
Healthcare	11.0%	3.7%
Consumer Defensive	9.0%	6.4%
Communication Services	5.8%	14.3%
Basic Materials	3.4%	1.0%
Financial Services	3.0%	0.2%
Real Estate	0.4%	0.1%
Utilities	-	1.2%

Return for Risk

DSMC vs. QLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DSMC

DSMC Risk / Return Rank: 47
DSMC Sharpe Ratio Rank: 44
DSMC Sortino Ratio Rank: 48
DSMC Omega Ratio Rank: 41
DSMC Calmar Ratio Rank: 52
DSMC Martin Ratio Rank: 49

QLD

QLD Risk / Return Rank: 53
QLD Sharpe Ratio Rank: 58
QLD Sortino Ratio Rank: 49
QLD Omega Ratio Rank: 51
QLD Calmar Ratio Rank: 56
QLD Martin Ratio Rank: 54

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DSMC vs. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Distillate Small/Mid Cash Flow ETF (DSMC) and ProShares Ultra QQQ (QLD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DSMC	QLD	Difference
Sharpe ratio: Return per unit of total volatility	1.43	1.88	-0.45
Sortino ratio: Return per unit of downside risk	2.19	2.33	-0.14
Omega ratio: Gain probability vs. loss probability	1.25	1.31	-0.06
Calmar ratio: Return relative to maximum drawdown	2.39	2.67	-0.29
Martin ratio: Return relative to average drawdown	7.88	9.05	-1.17

DSMC vs. QLD - Sharpe Ratio Comparison

The current DSMC Sharpe Ratio is 1.43, which is comparable to the QLD Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of DSMC and QLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DSMC vs. QLD - Drawdown Comparison

The maximum DSMC drawdown since its inception was -28.62%, smaller than the maximum QLD drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for DSMC and QLD.

Drawdown Indicators

	DSMC	QLD	Difference
Max Drawdown Largest peak-to-trough decline	-28.62%	-83.13%	+54.51%
Max Drawdown (1Y) Largest decline over 1 year	-10.33%	-25.13%	+14.80%
Max Drawdown (3Y) Largest decline over 3 years	-28.62%	-42.29%	+13.67%
Max Drawdown (5Y) Largest decline over 5 years	—	-63.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-63.68%	—
Current Drawdown Current decline from peak	-3.13%	-9.26%	+6.13%
Average Drawdown Average peak-to-trough decline	-5.94%	-18.14%	+12.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	7.40%	-4.28%

Volatility

DSMC vs. QLD - Volatility Comparison

The current volatility for Distillate Small/Mid Cash Flow ETF (DSMC) is 4.34%, while ProShares Ultra QQQ (QLD) has a volatility of 18.22%. This indicates that DSMC experiences smaller price fluctuations and is considered to be less risky than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DSMC	QLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	18.22%	-13.88%
Volatility (6M) Calculated over the trailing 6-month period	10.50%	28.95%	-18.45%
Volatility (1Y) Calculated over the trailing 1-year period	17.21%	35.77%	-18.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.30%	45.34%	-25.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.30%	44.80%	-24.50%

DSMC vs. QLD - Expense Ratio Comparison

DSMC has a 0.55% expense ratio, which is lower than QLD's 0.95% expense ratio.

Dividends

DSMC vs. QLD - Dividend Comparison

DSMC's dividend yield for the trailing twelve months is around 1.14%, more than QLD's 0.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DSMC Distillate Small/Mid Cash Flow ETF	1.14%	1.18%	1.31%	1.02%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QLD ProShares Ultra QQQ	0.13%	0.17%	0.25%	0.33%	0.31%	0.00%	0.00%	0.13%	0.06%	0.02%	0.21%	0.11%

Frequently Asked Questions

Can I hold both DSMC and QLD in my portfolio?

DSMC and QLD have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DSMC or QLD?

QLD has higher volatility (18.22%) compared to DSMC (4.34%). In terms of maximum drawdown, DSMC dropped -28.62% vs QLD's -83.13%.

Which ETF is better, DSMC or QLD?

On 3-year performance, QLD leads with 43.61% vs 12.32% for DSMC. On fees, DSMC is cheaper at 0.55% per year. On volatility, DSMC has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DSMC or QLD?

Over the 3-year period, QLD has performed better with a 43.61% return vs 12.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DSMC or QLD?

DSMC is cheaper with a 0.55% expense ratio, compared with 0.95% for QLD.

Which ETF pays a higher dividend yield, DSMC or QLD?

DSMC has the higher dividend yield at 1.14%, compared with 0.13% for QLD.

What is the main difference between DSMC and QLD?

DSMC is categorized as Small Cap Value Equities, while QLD is Leveraged Equities. They also come from different issuers: Distillate and ProShares. Their fees differ too: 0.55% for DSMC and 0.95% for QLD.

Which has better risk-adjusted returns?

QLD currently has the higher Sharpe Ratio (1.88 vs 1.43), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.