EUM vs. QLD

Last updated Jun 5, 2026

EUM (ProShares Short MSCI Emerging Markets) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - EUM is a Inverse Equities fund tracking the MSCI Emerging Markets Index (-100%), while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, EUM returned -10.22%/yr vs 35.87%/yr for QLD. At a correlation of -0.69, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

EUM vs. QLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short MSCI Emerging Markets (EUM) 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, EUM achieves a -21.40% return, which is significantly lower than QLD's 40.66% return. Over the past 10 years, EUM has underperformed QLD with an annualized return of -10.22%, while QLD has yielded a comparatively higher 35.87% annualized return.

EUM

• 1D: 1.09%
• 1M: -5.64%
• YTD: -21.40%
• 6M: -22.97%
• 1Y: -32.85%
• 3Y*: -15.90%
• 5Y*: -5.09%
• 10Y*: -10.22%

QLD

• 1D: -0.98%
• 1M: 17.34%
• YTD: 40.66%
• 6M: 36.42%
• 1Y: 82.72%
• 3Y*: 49.60%
• 5Y*: 25.50%
• 10Y*: 35.87%

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

EUM vs. QLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EUM ProShares Short MSCI Emerging Markets	-21.40%	-22.61%	-0.83%	-3.89%	21.11%	-1.32%	-24.37%	-15.27%	14.60%	-28.08%
QLD ProShares Ultra QQQ	40.66%	30.36%	42.82%	117.72%	-60.52%	54.67%	88.90%	81.69%	-8.31%	70.34%

Correlation

The correlation between EUM 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	-0.66
Correlation (All Time) Calculated using the full available price history since Nov 2, 2007	-0.69

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

EUM vs. QLD - Sectors Allocation Comparison

Sectors	EUM	QLD
Financial Services	47.1%	0.2%
Basic Materials	-	1.1%
Communication Services	-	15.8%
Consumer Cyclical	-	12.3%
Consumer Defensive	-	7.7%
Energy	-	0.6%
Healthcare	-	4.2%
Industrials	-	2.8%
Real Estate	-	0.1%
Technology	-	53.8%
Utilities	-	1.4%

Return for Risk

EUM vs. QLD — Risk / Return Rank

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

EUM

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

QLD

QLD Risk / Return Rank: 70
QLD Sharpe Ratio Rank: 81
QLD Sortino Ratio Rank: 69
QLD Omega Ratio Rank: 68
QLD Calmar Ratio Rank: 67
QLD Martin Ratio Rank: 65

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.

EUM vs. QLD - Risk-Adjusted Trends Comparison

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

	EUM	QLD	Difference
Sharpe ratio: Return per unit of total volatility	-1.61	2.61	-4.23
Sortino ratio: Return per unit of downside risk	-2.42	3.09	-5.51
Omega ratio: Gain probability vs. loss probability	0.72	1.40	-0.68
Calmar ratio: Return relative to maximum drawdown	-0.96	3.31	-4.27
Martin ratio: Return relative to average drawdown	-1.91	11.53	-13.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EUM vs. QLD - Sharpe Ratio Comparison

The current EUM Sharpe Ratio is -1.61, which is lower than the QLD Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of EUM 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

	EUM	QLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.61	2.61	-4.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.27	0.57	-0.84
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.50	0.81	-1.31
Sharpe Ratio (All Time) Calculated using the full available price history	-0.36	0.59	-0.95

Drawdowns

EUM vs. QLD - Drawdown Comparison

The maximum EUM drawdown since its inception was -93.07%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for EUM and QLD.

Drawdown Indicators

	EUM	QLD	Difference
Max Drawdown Largest peak-to-trough decline	-93.07%	-83.13%	-9.94%
Max Drawdown (1Y) Largest decline over 1 year	-34.25%	-25.13%	-9.12%
Max Drawdown (3Y) Largest decline over 3 years	-47.06%	-42.29%	-4.77%
Max Drawdown (5Y) Largest decline over 5 years	-50.02%	-63.68%	+13.66%
Max Drawdown (10Y) Largest decline over 10 years	-68.27%	-63.68%	-4.59%
Current Drawdown Current decline from peak	-92.91%	-1.50%	-91.41%
Average Drawdown Average peak-to-trough decline	-77.17%	-18.17%	-59.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.41%	7.20%	+10.21%

Volatility

EUM vs. QLD - Volatility Comparison

ProShares Short MSCI Emerging Markets (EUM) and ProShares Ultra QQQ (QLD) have volatilities of 8.73% and 8.93%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EUM	QLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.73%	8.93%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	17.94%	24.08%	-6.14%
Volatility (1Y) Calculated over the trailing 1-year period	20.45%	31.84%	-11.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.14%	44.72%	-25.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.54%	44.55%	-24.01%

EUM vs. QLD - Expense Ratio Comparison

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

Dividends

EUM vs. QLD - Dividend Comparison

EUM's dividend yield for the trailing twelve months is around 4.54%, more than QLD's 0.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EUM ProShares Short MSCI Emerging Markets	4.54%	3.98%	4.22%	3.86%	0.82%	0.00%	0.15%	1.35%	0.88%	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 EUM and QLD in my portfolio?

EUM 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, EUM or QLD?

QLD has higher volatility (8.93%) compared to EUM (8.73%). In terms of maximum drawdown, EUM dropped -93.07% vs QLD's -83.13%.

Which ETF is better, EUM or QLD?

On 10-year performance, QLD leads with 35.87% vs -10.22% for EUM. Both ETFs have the same 0.95% expense ratio. On volatility, EUM has been the lower-risk option at 8.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EUM or QLD?

Over the 10-year period, QLD has performed better with a 35.87% return vs -10.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EUM or QLD?

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

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

EUM has the higher dividend yield at 4.54%, compared with 0.12% for QLD.

What is the main difference between EUM and QLD?

EUM is categorized as Inverse Equities, while QLD is Leveraged Equities. EUM tracks MSCI Emerging Markets Index (-100%), while QLD tracks NASDAQ-100 Index (200%).

Which has better risk-adjusted returns?

QLD currently has the higher Sharpe Ratio (2.61 vs -1.61), 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.