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EUM vs. QQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EUM vs. QQQ

Last updated Aug 2, 2026
Documentation

EUM (ProShares Short MSCI Emerging Markets) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - EUM is a Inverse Equities fund tracking the MSCI Emerging Markets Index (-100%), while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, EUM returned -9.09%/yr vs 20.44%/yr for QQQ. Their -0.69 correlation means they have often moved in opposite directions in the past. EUM charges 0.95%/yr vs 0.18%/yr for QQQ.

Performance

EUM vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short MSCI Emerging Markets (EUM) and Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EUM achieves a -16.68% return, which is significantly lower than QQQ's 12.26% return. Over the past 10 years, EUM has underperformed QQQ with an annualized return of -9.09%, while QQQ has yielded a comparatively higher 20.44% annualized return.

EUM

1D
-0.60%
1M
2.23%
6M
-10.10%
YTD
-16.68%
1Y
-26.27%
3Y*
-12.92%
5Y*
-5.31%
10Y*
-9.09%
ALL TIME*
-9.58%

QQQ

1D
0.65%
1M
-3.45%
6M
10.89%
YTD
12.26%
1Y
24.81%
3Y*
22.29%
5Y*
14.23%
10Y*
20.44%
ALL TIME*
10.64%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EUM

ProShares Short MSCI Emerging Markets
$1.63M$1.99M$1.68M

QQQ

Invesco QQQ ETF
$30.32B$28.40B$31.45B

EUM vs. QQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EUM
ProShares Short MSCI Emerging Markets		-16.68%-22.61%-0.83%-3.89%21.11%-1.32%-24.37%-15.27%14.60%-28.08%
QQQ
Invesco QQQ ETF		12.26%20.77%25.58%54.86%-32.58%27.42%48.62%38.96%-0.13%32.66%

Correlation

The correlation between EUM and QQQ is -0.80, 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.

-0.80

Correlation (3Y)
Balances recent behavior with more history.

-0.67

Correlation (5Y)
Shows whether the relationship held over a longer period.

-0.65

Correlation (10Y)
Provides a long-term view across more market conditions.

-0.66

Correlation (All Time)
Calculated using the full available price history since Nov 1, 2007

-0.69

The correlation between EUM and QQQ shifts across timeframes, from -0.80 (1 year) to -0.65 (5 years), reflecting how their relationship changes across market environments.

EUM vs. QQQ - Sectors Allocation Comparison

Sectors
EUM
QQQ

Financial Services

51.2%
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%

Financial Services

EUM
51.2%
QQQ
0.2%

Basic Materials

EUM

-

QQQ
1.0%

Communication Services

EUM

-

QQQ
13.1%

Consumer Cyclical

EUM

-

QQQ
10.7%

Consumer Defensive

EUM

-

QQQ
6.3%

Energy

EUM

-

QQQ
0.5%

Healthcare

EUM

-

QQQ
3.6%

Industrials

EUM

-

QQQ
2.7%

Real Estate

EUM

-

QQQ
0.1%

Technology

EUM

-

QQQ
60.9%

Utilities

EUM

-

QQQ
1.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Short MSCI Emerging Markets

Invesco QQQ ETF

Often compared with EUM:
EUM vs. MSFDEUM vs. SPYEUM vs. TQQQEUM vs. EFZEUM vs. DOGEUM vs. CARDEUM vs. MSTZ
Often compared with QQQ:
QQQ vs. SPYQQQ vs. VOOQQQ vs. VGTQQQ vs. TQQQQQQ vs. SMHQQQ vs. QQQMQQQ vs. SPMO

Return for Risk

EUM vs. QQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EUM
EUM Risk / Return Rank: 22
Overall Rank
EUM Sharpe Ratio Rank: 11
Sharpe Ratio Rank
EUM Sortino Ratio Rank: 22
Sortino Ratio Rank
EUM Omega Ratio Rank: 22
Omega Ratio Rank
EUM Calmar Ratio Rank: 33
Calmar Ratio Rank
EUM Martin Ratio Rank: 11
Martin Ratio Rank
QQQ
QQQ Risk / Return Rank: 4949
Overall Rank
QQQ Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
QQQ Sortino Ratio Rank: 4646
Sortino Ratio Rank
QQQ Omega Ratio Rank: 4545
Omega Ratio Rank
QQQ Calmar Ratio Rank: 5353
Calmar Ratio Rank
QQQ Martin Ratio Rank: 5252
Martin Ratio Rank
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.

EUM vs. QQQ - Risk-Adjusted Trends Comparison

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

EUMQQQDifference
Sharpe ratioReturn per unit of total volatility
-1.03
1.16

-2.19

Sortino ratioReturn per unit of downside risk
-1.49
1.65

-3.14

Omega ratioGain probability vs. loss probability

0.83

1.21

-0.38

Calmar ratioReturn relative to maximum drawdown

-0.77

1.88

-2.65

Martin ratioReturn relative to average drawdown

-1.38

6.00

-7.37

EUM vs. QQQ - Sharpe Ratio Comparison

The current EUM Sharpe Ratio is -1.03, which is lower than the QQQ Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of EUM and QQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EUM vs. QQQ - Drawdown Comparison

The maximum EUM drawdown since its inception was -93.19%, which is greater than QQQ's maximum drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for EUM and QQQ.

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Drawdown Indicators

EUMQQQDifference

Max Drawdown

Largest peak-to-trough decline

-93.19%

-82.97%

-10.22%

Max Drawdown (1Y)

Largest decline over 1 year

-33.23%

-11.96%

-21.27%

Max Drawdown (3Y)

Largest decline over 3 years

-47.97%

-22.77%

-25.20%

Max Drawdown (5Y)

Largest decline over 5 years

-50.87%

-35.12%

-15.75%

Max Drawdown (10Y)

Largest decline over 10 years

-66.12%

-35.12%

-31.00%

Current Drawdown

Current decline from peak

-92.48%

-7.69%

-84.79%

Average Drawdown

Average peak-to-trough decline

-77.28%

-32.62%

-44.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

18.64%

3.74%

+14.90%

Volatility

EUM vs. QQQ - Volatility Comparison

ProShares Short MSCI Emerging Markets (EUM) has a higher volatility of 9.05% compared to Invesco QQQ ETF (QQQ) at 6.87%. This indicates that EUM's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EUMQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.05%

6.87%

+2.18%

Volatility (6M)

Calculated over the trailing 6-month period

22.60%

16.08%

+6.52%

Volatility (1Y)

Calculated over the trailing 1-year period

24.87%

19.38%

+5.49%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.05%

22.90%

-2.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.84%

22.50%

-1.66%

EUM vs. QQQ - Expense Ratio Comparison

EUM has a 0.95% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

EUM vs. QQQ - Dividend Comparison

EUM's dividend yield for the trailing twelve months is around 4.05%, more than QQQ's 0.44% yield.

PositionTTM20252024202320222021202020192018201720162015
EUM
ProShares Short MSCI Emerging Markets		4.05%3.98%4.22%3.86%0.82%0.00%0.15%1.35%0.88%0.00%0.00%0.00%
QQQ
Invesco QQQ ETF		0.44%0.45%0.56%0.62%0.80%0.43%0.55%0.74%0.91%0.84%1.06%0.99%

Frequently Asked Questions

EUM and QQQ have a correlation of -0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EUM has higher volatility (9.05%) compared to QQQ (6.87%). In terms of maximum drawdown, EUM dropped -93.19% vs QQQ's -82.97%.

On 10-year performance, QQQ leads with 20.44% vs -9.09% for EUM. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 6.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QQQ has performed better with a 20.44% return vs -9.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QQQ is cheaper with a 0.18% expense ratio, compared with 0.95% for EUM.

EUM has the higher dividend yield at 4.05%, compared with 0.44% for QQQ.

EUM is categorized as Inverse Equities, while QQQ is Nasdaq-100. EUM tracks MSCI Emerging Markets Index (-100%), while QQQ tracks NASDAQ-100 Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for EUM and 0.18% for QQQ.

QQQ currently has the higher Sharpe Ratio (1.16 vs -1.03), 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.

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