EUM vs. QLD

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Short MSCI Emerging Markets (EUM) and ProShares Ultra QQQ (QLD).

EUM and QLD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EUM is a passively managed fund by ProShares that tracks the performance of the MSCI Emerging Markets Index (-100%). It was launched on Nov 1, 2007. QLD is a passively managed fund by ProShares that tracks the performance of the NASDAQ-100 Index (200%). It was launched on Jun 21, 2006. Both EUM and QLD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

EUM vs. QLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EUM ProShares Short MSCI Emerging Markets	-4.00%	-22.61%	-0.83%	-3.89%	21.11%	-1.32%	-24.37%	-15.27%	14.60%	-28.08%
QLD ProShares Ultra QQQ	-13.35%	30.36%	42.82%	117.72%	-60.52%	54.67%	88.90%	81.69%	-8.31%	70.34%

Returns By Period

In the year-to-date period, EUM achieves a -4.00% return, which is significantly higher than QLD's -13.35% return. Over the past 10 years, EUM has underperformed QLD with an annualized return of -8.51%, while QLD has yielded a comparatively higher 29.40% annualized return.

EUM

• 1D: -3.76%
• 1M: 9.41%
• YTD: -4.00%
• 6M: -6.85%
• 1Y: -23.16%
• 3Y*: -9.90%
• 5Y*: -2.15%
• 10Y*: -8.51%

QLD

• 1D: 6.72%
• 1M: -10.26%
• YTD: -13.35%
• 6M: -11.03%
• 1Y: 37.53%
• 3Y*: 35.41%
• 5Y*: 15.27%
• 10Y*: 29.40%

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

EUM vs. QLD - Expense Ratio Comparison

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

EUM

ProShares Short MSCI Emerging Markets

QLD

ProShares Ultra QQQ

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: 2
EUM Sharpe Ratio Rank: 0
EUM Sortino Ratio Rank: 1
EUM Omega Ratio Rank: 1
EUM Calmar Ratio Rank: 3
EUM Martin Ratio Rank: 5

QLD

QLD Risk / Return Rank: 57
QLD Sharpe Ratio Rank: 51
QLD Sortino Ratio Rank: 59
QLD Omega Ratio Rank: 58
QLD Calmar Ratio Rank: 63
QLD Martin Ratio Rank: 55

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	-1.13	0.84	-1.97
Sortino ratio Return per unit of downside risk	-1.63	1.43	-3.06
Omega ratio Gain probability vs. loss probability	0.80	1.20	-0.40
Calmar ratio Return relative to maximum drawdown	-0.60	1.49	-2.09
Martin ratio Return relative to average drawdown	-0.89	4.88	-5.77
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 -1.13, which is lower than the QLD Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of EUM and QLD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EUM	QLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.13	0.84	-1.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	0.34	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.42	0.66	-1.08
Sharpe Ratio (All Time) Calculated using the full available price history	-0.33	0.53	-0.86

Correlation

The correlation between EUM and QLD is -0.69. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

EUM vs. QLD - Dividend Comparison

EUM's dividend yield for the trailing twelve months is around 3.71%, more than QLD's 0.19% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EUM ProShares Short MSCI Emerging Markets	3.71%	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	0.19%	0.17%	0.25%	0.33%	0.31%	0.00%	0.00%	0.13%	0.06%	0.02%	0.21%	0.11%

Drawdowns

EUM vs. QLD - Drawdown Comparison

The maximum EUM drawdown since its inception was -92.17%, 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	-92.17%	-83.13%	-9.04%
Max Drawdown (1Y) Largest decline over 1 year	-38.57%	-25.13%	-13.44%
Max Drawdown (5Y) Largest decline over 5 years	-43.51%	-63.68%	+20.17%
Max Drawdown (10Y) Largest decline over 10 years	-65.06%	-63.68%	-1.38%
Current Drawdown Current decline from peak	-91.34%	-20.10%	-71.24%
Average Drawdown Average peak-to-trough decline	-77.02%	-18.30%	-58.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.95%	7.67%	+18.28%

Volatility

EUM vs. QLD - Volatility Comparison

The current volatility for ProShares Short MSCI Emerging Markets (EUM) is 10.95%, while ProShares Ultra QQQ (QLD) has a volatility of 12.96%. This indicates that EUM 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

	EUM	QLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.95%	12.96%	-2.01%
Volatility (6M) Calculated over the trailing 6-month period	15.40%	25.55%	-10.15%
Volatility (1Y) Calculated over the trailing 1-year period	20.48%	44.91%	-24.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.63%	44.77%	-26.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.34%	44.47%	-24.13%