EWV vs. QLD
EWV (ProShares UltraShort MSCI Japan) and QLD (ProShares Ultra QQQ) are both Leveraged Equities funds from ProShares - EWV tracks the MSCI Japan Index (-200%) while QLD tracks the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, EWV returned -20.50%/yr vs 36.27%/yr for QLD. At a correlation of -0.61, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
EWV vs. QLD - Performance Comparison
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Returns By Period
In the year-to-date period, EWV achieves a -27.73% return, which is significantly lower than QLD's 29.58% return. Over the past 10 years, EWV has underperformed QLD with an annualized return of -20.50%, while QLD has yielded a comparatively higher 36.27% annualized return.
EWV
- 1D
- 9.12%
- 1M
- -4.14%
- YTD
- -27.73%
- 6M
- -26.75%
- 1Y
- -46.22%
- 3Y*
- -28.99%
- 5Y*
- -17.97%
- 10Y*
- -20.50%
QLD
- 1D
- -6.61%
- 1M
- -2.02%
- YTD
- 29.58%
- 6M
- 26.13%
- 1Y
- 66.80%
- 3Y*
- 43.61%
- 5Y*
- 21.41%
- 10Y*
- 36.27%
EWV vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -27.73% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -30.38% | 29.90% | -36.24% |
QLD ProShares Ultra QQQ | 29.58% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
Correlation
The correlation between EWV and QLD is -0.59, 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 | -0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.58 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2007 | -0.61 |
The correlation between EWV and QLD has been stable across timeframes, ranging from -0.61 to -0.57 - a consistent structural relationship.
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Return for Risk
EWV vs. QLD — Risk / Return Rank
EWV
QLD
EWV vs. QLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) 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.
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.
| EWV | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.98 | ||
| Sortino ratioReturn per unit of downside risk | -4.01 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.31 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 2.67 | -3.58 |
| Martin ratioReturn relative to average drawdown | -1.50 | 9.05 | -10.55 |
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Drawdowns
EWV vs. QLD - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for EWV and QLD.
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Drawdown Indicators
| EWV | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.20% | -83.13% | -16.07% |
Max Drawdown (1Y)Largest decline over 1 year | -51.16% | -25.13% | -26.03% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -42.29% | -28.90% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | -63.68% | -15.83% |
Max Drawdown (10Y)Largest decline over 10 years | -90.83% | -63.68% | -27.15% |
Current DrawdownCurrent decline from peak | -99.13% | -9.26% | -89.87% |
Average DrawdownAverage peak-to-trough decline | -84.30% | -18.14% | -66.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.92% | 7.40% | +23.52% |
Volatility
EWV vs. QLD - Volatility Comparison
The current volatility for ProShares UltraShort MSCI Japan (EWV) is 15.65%, while ProShares Ultra QQQ (QLD) has a volatility of 18.22%. This indicates that EWV 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.
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Volatility by Period
| EWV | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.65% | 18.22% | -2.57% |
Volatility (6M)Calculated over the trailing 6-month period | 34.20% | 28.95% | +5.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.12% | 35.77% | +6.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.15% | 45.34% | -8.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.09% | 44.80% | -9.71% |
EWV vs. QLD - Expense Ratio Comparison
Both EWV and QLD have an expense ratio of 0.95%.
Dividends
EWV vs. QLD - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 4.96%, more than QLD's 0.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 4.96% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% | 0.00% | 0.00% | 0.00% |
QLD ProShares Ultra QQQ | 0.13% | 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
EWV and QLD have a correlation of -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QLD has higher volatility (18.22%) compared to EWV (15.65%). In terms of maximum drawdown, EWV dropped -99.20% vs QLD's -83.13%.
On 10-year performance, QLD leads with 36.27% vs -20.50% for EWV. Both ETFs have the same 0.95% expense ratio. On volatility, EWV has been the lower-risk option at 15.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QLD has performed better with a 36.27% return vs -20.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWV and QLD have the same expense ratio: 0.95% per year.
EWV has the higher dividend yield at 4.96%, compared with 0.13% for QLD.
EWV tracks MSCI Japan Index (-200%), while QLD tracks NASDAQ-100 Index (200%).
QLD currently has the higher Sharpe Ratio (1.88 vs -1.10), 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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