EUM vs. QQQD
EUM (ProShares Short MSCI Emerging Markets) and QQQD (Direxion Daily Magnificent 7 Bear 1X Shares) are both Inverse Equities funds - EUM tracks the MSCI Emerging Markets Index (-100%) while QQQD tracks the Indxx Magnificent 7 Index (-100%). Both are passively managed. Over the past year, EUM returned -32.85% vs -22.69% for QQQD. A 0.52 correlation means they provide meaningful diversification when combined. EUM charges 0.95%/yr vs 0.57%/yr for QQQD.
Performance
EUM vs. QQQD - Performance Comparison
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Returns By Period
In the year-to-date period, EUM achieves a -21.40% return, which is significantly lower than QQQD's -4.06% 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%
QQQD
- 1D
- -1.20%
- 1M
- -2.83%
- YTD
- -4.06%
- 6M
- -3.12%
- 1Y
- -22.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EUM vs. QQQD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
EUM ProShares Short MSCI Emerging Markets | -21.40% | -22.61% | -0.48% |
QQQD Direxion Daily Magnificent 7 Bear 1X Shares | -4.06% | -20.32% | -27.69% |
Correlation
The correlation between EUM and QQQD is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024 | 0.52 |
The correlation between EUM and QQQD has been stable across timeframes, ranging from 0.52 to 0.57 - a consistent structural relationship.
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Return for Risk
EUM vs. QQQD — Risk / Return Rank
EUM
QQQD
EUM vs. QQQD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI Emerging Markets (EUM) and Direxion Daily Magnificent 7 Bear 1X Shares (QQQD). 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 | QQQD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 0.72 | 0.83 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.85 | -0.11 |
| Martin ratioReturn relative to average drawdown | -1.91 | -1.28 | -0.63 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EUM | QQQD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.61 | -1.12 | -0.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.27 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.50 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.36 | -0.87 | +0.52 |
Drawdowns
EUM vs. QQQD - Drawdown Comparison
The maximum EUM drawdown since its inception was -93.07%, which is greater than QQQD's maximum drawdown of -49.47%. Use the drawdown chart below to compare losses from any high point for EUM and QQQD.
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Drawdown Indicators
| EUM | QQQD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.07% | -49.47% | -43.60% |
Max Drawdown (1Y)Largest decline over 1 year | -34.25% | -26.65% | -7.60% |
Max Drawdown (3Y)Largest decline over 3 years | -47.06% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -50.02% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -68.27% | — | — |
Current DrawdownCurrent decline from peak | -92.91% | -48.13% | -44.78% |
Average DrawdownAverage peak-to-trough decline | -77.17% | -30.37% | -46.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.41% | 17.79% | -0.38% |
Volatility
EUM vs. QQQD - Volatility Comparison
ProShares Short MSCI Emerging Markets (EUM) has a higher volatility of 8.73% compared to Direxion Daily Magnificent 7 Bear 1X Shares (QQQD) at 4.88%. This indicates that EUM's price experiences larger fluctuations and is considered to be riskier than QQQD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EUM | QQQD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.73% | 4.88% | +3.85% |
Volatility (6M)Calculated over the trailing 6-month period | 17.94% | 14.46% | +3.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.45% | 20.24% | +0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.14% | 26.76% | -7.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.54% | 26.76% | -6.22% |
EUM vs. QQQD - Expense Ratio Comparison
EUM has a 0.95% expense ratio, which is higher than QQQD's 0.57% expense ratio.
Dividends
EUM vs. QQQD - Dividend Comparison
EUM's dividend yield for the trailing twelve months is around 4.54%, more than QQQD's 4.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EUM ProShares Short MSCI Emerging Markets | 4.54% | 3.98% | 4.22% | 3.86% | 0.82% | 0.00% | 0.15% | 1.35% | 0.88% |
QQQD Direxion Daily Magnificent 7 Bear 1X Shares | 4.12% | 4.33% | 5.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EUM and QQQD have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EUM has higher volatility (8.73%) compared to QQQD (4.88%). In terms of maximum drawdown, EUM dropped -93.07% vs QQQD's -49.47%.
On 1-year performance, QQQD leads with -22.69% vs -32.85% for EUM. On fees, QQQD is cheaper at 0.57% per year. On volatility, QQQD has been the lower-risk option at 4.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, QQQD has performed better with a -22.69% return vs -32.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQD is cheaper with a 0.57% expense ratio, compared with 0.95% for EUM.
EUM has the higher dividend yield at 4.54%, compared with 4.12% for QQQD.
EUM tracks MSCI Emerging Markets Index (-100%), while QQQD tracks Indxx Magnificent 7 Index (-100%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for EUM and 0.57% for QQQD.
QQQD currently has the higher Sharpe Ratio (-1.12 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.
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