EEV vs. QLD

Last updated Jun 4, 2026

EEV (ProShares UltraShort MSCI Emerging Markets) and QLD (ProShares Ultra QQQ) are both Leveraged Equities funds from ProShares - EEV tracks the MSCI Emerging Markets Index (-200%) while QLD tracks the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, EEV returned -24.13%/yr vs 36.10%/yr for QLD. At a correlation of -0.69, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

EEV vs. QLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort MSCI Emerging Markets (EEV) 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, EEV achieves a -42.06% return, which is significantly lower than QLD's 42.06% return. Over the past 10 years, EEV has underperformed QLD with an annualized return of -24.13%, while QLD has yielded a comparatively higher 36.10% annualized return.

EEV

• 1D: 2.35%
• 1M: -17.39%
• YTD: -42.06%
• 6M: -44.23%
• 1Y: -60.04%
• 3Y*: -34.25%
• 5Y*: -15.62%
• 10Y*: -24.13%

QLD

• 1D: -0.53%
• 1M: 21.54%
• YTD: 42.06%
• 6M: 37.45%
• 1Y: 85.49%
• 3Y*: 50.15%
• 5Y*: 25.75%
• 10Y*: 36.10%

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

EEV vs. QLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEV ProShares UltraShort MSCI Emerging Markets	-42.06%	-43.35%	-8.08%	-13.08%	37.05%	-4.99%	-48.93%	-30.87%	24.06%	-49.03%
QLD ProShares Ultra QQQ	42.06%	30.36%	42.82%	117.72%	-60.52%	54.67%	88.90%	81.69%	-8.31%	70.34%

Correlation

The correlation between EEV and QLD is -0.74, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.74
Correlation (3Y) Calculated over the trailing 3-year period	-0.64
Correlation (5Y) Calculated over the trailing 5-year period	-0.63
Correlation (10Y) Calculated over the trailing 10-year period	-0.65
Correlation (All Time) Calculated using the full available price history since Nov 2, 2007	-0.69

The correlation between EEV and QLD shifts across timeframes, from -0.74 (1 year) to -0.63 (5 years), reflecting how their relationship changes across market environments.

EEV vs. QLD - Sectors Allocation Comparison

Sectors	EEV	QLD
Technology	43.6%	53.8%
Financial Services	17.5%	0.2%
Consumer Cyclical	8.1%	12.3%
Industrials	6.2%	2.8%
Basic Materials	6.1%	1.1%
Communication Services	5.7%	15.8%
Energy	3.3%	0.6%
Consumer Defensive	2.7%	7.7%
Healthcare	2.5%	4.2%
Utilities	2.0%	1.4%
Real Estate	0.9%	0.1%

Return for Risk

EEV vs. QLD — Risk / Return Rank

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

EEV

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

QLD

QLD Risk / Return Rank: 69
QLD Sharpe Ratio Rank: 81
QLD Sortino Ratio Rank: 67
QLD Omega Ratio Rank: 67
QLD Calmar Ratio Rank: 67
QLD Martin Ratio Rank: 64

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.

EEV vs. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Emerging Markets (EEV) 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.

	EEV	QLD	Difference
Sharpe ratio: Return per unit of total volatility	-1.49	2.70	-4.19
Sortino ratio: Return per unit of downside risk	-2.69	3.16	-5.85
Omega ratio: Gain probability vs. loss probability	0.69	1.41	-0.72
Calmar ratio: Return relative to maximum drawdown	-1.01	3.42	-4.43
Martin ratio: Return relative to average drawdown	-1.85	11.92	-13.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EEV vs. QLD - Sharpe Ratio Comparison

The current EEV Sharpe Ratio is -1.49, which is lower than the QLD Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of EEV 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.

Sharpe Ratios by Period

	EEV	QLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.49	2.70	-4.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.41	0.58	-0.99
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.59	0.81	-1.40
Sharpe Ratio (All Time) Calculated using the full available price history	-0.48	0.60	-1.07

Drawdowns

EEV vs. QLD - Drawdown Comparison

The maximum EEV drawdown since its inception was -99.87%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for EEV and QLD.

Drawdown Indicators

	EEV	QLD	Difference
Max Drawdown Largest peak-to-trough decline	-99.87%	-83.13%	-16.74%
Max Drawdown (1Y) Largest decline over 1 year	-59.83%	-25.13%	-34.70%
Max Drawdown (3Y) Largest decline over 3 years	-76.45%	-42.29%	-34.16%
Max Drawdown (5Y) Largest decline over 5 years	-80.25%	-63.68%	-16.57%
Max Drawdown (10Y) Largest decline over 10 years	-94.21%	-63.68%	-30.53%
Current Drawdown Current decline from peak	-99.87%	-0.53%	-99.34%
Average Drawdown Average peak-to-trough decline	-93.00%	-18.17%	-74.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.15%	7.20%	+26.95%

Volatility

EEV vs. QLD - Volatility Comparison

ProShares UltraShort MSCI Emerging Markets (EEV) has a higher volatility of 17.59% compared to ProShares Ultra QQQ (QLD) at 8.90%. This indicates that EEV's price experiences larger fluctuations and is considered to be riskier than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EEV	QLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.59%	8.90%	+8.69%
Volatility (6M) Calculated over the trailing 6-month period	35.59%	24.08%	+11.51%
Volatility (1Y) Calculated over the trailing 1-year period	40.37%	31.85%	+8.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.25%	44.74%	-6.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.13%	44.56%	-3.43%

EEV vs. QLD - Expense Ratio Comparison

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

Dividends

EEV vs. QLD - Dividend Comparison

EEV's dividend yield for the trailing twelve months is around 7.46%, more than QLD's 0.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEV ProShares UltraShort MSCI Emerging Markets	7.46%	5.40%	4.45%	3.45%	0.27%	0.00%	0.14%	1.34%	0.38%	0.00%	0.00%	0.00%
QLD ProShares Ultra QQQ	0.12%	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 EEV and QLD in my portfolio?

EEV and QLD have a correlation of -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EEV or QLD?

EEV has higher volatility (17.59%) compared to QLD (8.90%). In terms of maximum drawdown, EEV dropped -99.87% vs QLD's -83.13%.

Which ETF is better, EEV or QLD?

On 10-year performance, QLD leads with 36.10% vs -24.13% for EEV. Both ETFs have the same 0.95% expense ratio. On volatility, QLD has been the lower-risk option at 8.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EEV or QLD?

Over the 10-year period, QLD has performed better with a 36.10% return vs -24.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EEV or QLD?

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

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

EEV has the higher dividend yield at 7.46%, compared with 0.12% for QLD.

What is the main difference between EEV and QLD?

EEV tracks MSCI Emerging Markets Index (-200%), while QLD tracks NASDAQ-100 Index (200%).

Which has better risk-adjusted returns?

QLD currently has the higher Sharpe Ratio (2.70 vs -1.49), 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.