DXD vs. QLD

Last updated Aug 4, 2026

DXD (ProShares UltraShort Dow30) and QLD (ProShares Ultra QQQ) are both Leveraged Equities funds from ProShares - DXD tracks the Dow Jones Industrial Average Index (-200%) while QLD tracks the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, DXD returned -24.59%/yr vs 32.61%/yr for QLD. Their -0.76 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

DXD vs. QLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Dow30 (DXD) 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, DXD achieves a -17.50% return, which is significantly lower than QLD's 23.13% return. Over the past 10 years, DXD has underperformed QLD with an annualized return of -24.59%, while QLD has yielded a comparatively higher 32.61% annualized return.

DXD

• 1D: -2.74%
• 1M: -0.89%
• 6M: -13.18%
• YTD: -17.50%
• 1Y: -30.87%
• 3Y*: -21.45%
• 5Y*: -15.96%
• 10Y*: -24.59%
• ALL TIME*: -23.28%

QLD

• 1D: 3.53%
• 1M: -4.40%
• 6M: 19.20%
• YTD: 23.13%
• 1Y: 47.19%
• 3Y*: 39.28%
• 5Y*: 17.91%
• 10Y*: 32.61%
• ALL TIME*: 24.88%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DXD ProShares UltraShort Dow30	$11.17M	$10.66M	$30.46M
QLD ProShares Ultra QQQ	$415.38M	$389.55M	$441.01M

DXD vs. QLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DXD ProShares UltraShort Dow30	-17.50%	-21.11%	-16.07%	-18.77%	7.09%	-35.18%	-44.57%	-35.33%	3.07%	-38.64%
QLD ProShares Ultra QQQ	23.13%	30.36%	42.82%	117.72%	-60.52%	54.67%	88.90%	81.69%	-8.31%	70.34%

Correlation

The correlation between DXD and QLD is -0.62, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.62
Correlation (3Y) Balances recent behavior with more history.	-0.64
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.71
Correlation (10Y) Provides a long-term view across more market conditions.	-0.71
Correlation (All Time) Calculated using the full available price history since Jul 13, 2006	-0.76

The correlation between DXD and QLD shifts across timeframes, from -0.76 (all time) to -0.62 (1 year), reflecting how their relationship changes across market environments.

DXD vs. QLD - Sectors Allocation Comparison

Sectors	DXD	QLD
Financial Services	89.5%	0.2%
Basic Materials	-	1.0%
Communication Services	-	13.1%
Consumer Cyclical	-	10.7%
Consumer Defensive	-	6.3%
Energy	-	0.5%
Healthcare	-	3.6%
Industrials	-	2.7%
Real Estate	-	0.1%
Technology	-	60.9%
Utilities	-	1.1%

Return for Risk

DXD vs. QLD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DXD

DXD Risk / Return Rank: 0
DXD Sharpe Ratio Rank: 0
DXD Sortino Ratio Rank: 1
DXD Omega Ratio Rank: 1
DXD Calmar Ratio Rank: 0
DXD Martin Ratio Rank: 0

QLD

QLD Risk / Return Rank: 48
QLD Sharpe Ratio Rank: 49
QLD Sortino Ratio Rank: 47
QLD Omega Ratio Rank: 47
QLD Calmar Ratio Rank: 51
QLD Martin Ratio Rank: 48

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DXD vs. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Dow30 (DXD) 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.

	DXD	QLD	Difference
Sharpe ratio: Return per unit of total volatility	-1.23	1.23	-2.46
Sortino ratio: Return per unit of downside risk	-1.79	1.74	-3.53
Omega ratio: Gain probability vs. loss probability	0.80	1.22	-0.42
Calmar ratio: Return relative to maximum drawdown	-1.04	1.89	-2.93
Martin ratio: Return relative to average drawdown	-1.82	5.56	-7.37

DXD vs. QLD - Sharpe Ratio Comparison

The current DXD Sharpe Ratio is -1.23, which is lower than the QLD Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of DXD 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

DXD vs. QLD - Drawdown Comparison

The maximum DXD drawdown since its inception was -99.72%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for DXD and QLD.

Drawdown Indicators

	DXD	QLD	Difference
Max Drawdown Largest peak-to-trough decline	-99.72%	-83.13%	-16.59%
Max Drawdown (1Y) Largest decline over 1 year	-29.66%	-25.13%	-4.53%
Max Drawdown (3Y) Largest decline over 3 years	-59.24%	-42.29%	-16.95%
Max Drawdown (5Y) Largest decline over 5 years	-67.27%	-63.68%	-3.59%
Max Drawdown (10Y) Largest decline over 10 years	-94.36%	-63.68%	-30.68%
Current Drawdown Current decline from peak	-99.72%	-13.78%	-85.94%
Average Drawdown Average peak-to-trough decline	-82.43%	-18.10%	-64.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.31%	8.51%	+9.80%

Volatility

DXD vs. QLD - Volatility Comparison

The current volatility for ProShares UltraShort Dow30 (DXD) is 7.70%, while ProShares Ultra QQQ (QLD) has a volatility of 13.87%. This indicates that DXD 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

	DXD	QLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.70%	13.87%	-6.17%
Volatility (6M) Calculated over the trailing 6-month period	20.02%	32.06%	-12.04%
Volatility (1Y) Calculated over the trailing 1-year period	25.16%	38.59%	-13.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.62%	45.80%	-16.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.93%	45.00%	-10.07%

DXD vs. QLD - Expense Ratio Comparison

Both DXD and QLD have an expense ratio of 0.95%.

Dividends

DXD vs. QLD - Dividend Comparison

DXD's dividend yield for the trailing twelve months is around 4.12%, more than QLD's 0.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXD ProShares UltraShort Dow30	4.12%	4.25%	5.91%	3.87%	0.25%	0.00%	0.31%	1.76%	1.15%	0.12%	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 DXD and QLD in my portfolio?

DXD and QLD have a correlation of -0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DXD or QLD?

QLD has higher volatility (13.87%) compared to DXD (7.70%). In terms of maximum drawdown, DXD dropped -99.72% vs QLD's -83.13%.

Which ETF is better, DXD or QLD?

On 10-year performance, QLD leads with 32.61% vs -24.59% for DXD. Both ETFs have the same 0.95% expense ratio. On volatility, DXD has been the lower-risk option at 7.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DXD or QLD?

Over the 10-year period, QLD has performed better with a 32.61% return vs -24.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DXD or QLD?

DXD and QLD have the same expense ratio: 0.95% per year.

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

DXD has the higher dividend yield at 4.12%, compared with 0.13% for QLD.

What is the main difference between DXD and QLD?

DXD tracks Dow Jones Industrial Average Index (-200%), while QLD tracks NASDAQ-100 Index (200%).

Which has better risk-adjusted returns?

QLD currently has the higher Sharpe Ratio (1.23 vs -1.23), 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.