FLYD vs. QSML

Last updated Jul 12, 2026

FLYD (MicroSectors Travel -3X Inverse Leveraged ETNs) and QSML (Wisdomtree U.S. Smallcap Quality Growth Fund) are both exchange-traded funds - FLYD is a Inverse Equities fund tracking the MerQube MicroSectors U.S. Travel Index, while QSML is a Small Cap Growth Equities fund tracking the WisdomTree US SmallCap Quality Growth Index - Benchmark TR Gross. Both are passively managed. Over the past year, FLYD returned -39.46% vs 25.42% for QSML. At a correlation of -0.72, they often move in opposite directions. FLYD charges 0.95%/yr vs 0.38%/yr for QSML.

Performance

FLYD vs. QSML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) and Wisdomtree U.S. Smallcap Quality Growth Fund (QSML). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLYD achieves a -28.20% return, which is significantly lower than QSML's 16.61% return.

FLYD

• 1D: -0.03%
• 1M: -12.10%
• 6M: -18.96%
• YTD: -28.20%
• 1Y: -39.46%
• 3Y*: -51.90%
• 5Y*: —
• 10Y*: —

QSML

• 1D: 0.00%
• 1M: 5.28%
• 6M: 10.87%
• YTD: 16.61%
• 1Y: 25.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FLYD vs. QSML - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs	-28.20%	-60.42%	-54.53%
QSML Wisdomtree U.S. Smallcap Quality Growth Fund	16.61%	5.49%	9.93%

Correlation

The correlation between FLYD and QSML 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 (All Time) Calculated using the full available price history since Jan 25, 2024	-0.72

The correlation between FLYD and QSML has been stable across timeframes, ranging from -0.74 to -0.72 - a consistent structural relationship.

FLYD vs. QSML - Sectors Allocation Comparison

Sectors	FLYD	QSML
Consumer Cyclical	51.1%	15.9%
Industrials	27.8%	17.7%
Technology	13.2%	20.1%
Communication Services	7.8%	3.8%
Real Estate	0.1%	0.3%
Basic Materials	-	3.1%
Consumer Defensive	-	7.0%
Energy	-	8.6%
Financial Services	-	13.8%
Healthcare	-	9.4%
Utilities	-	0.3%

Return for Risk

FLYD vs. QSML — Risk / Return Rank

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

FLYD

FLYD Risk / Return Rank: 5
FLYD Sharpe Ratio Rank: 5
FLYD Sortino Ratio Rank: 6
FLYD Omega Ratio Rank: 6
FLYD Calmar Ratio Rank: 4
FLYD Martin Ratio Rank: 2

QSML

QSML Risk / Return Rank: 50
QSML Sharpe Ratio Rank: 48
QSML Sortino Ratio Rank: 52
QSML Omega Ratio Rank: 44
QSML Calmar Ratio Rank: 55
QSML Martin Ratio Rank: 54

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.

FLYD vs. QSML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) and Wisdomtree U.S. Smallcap Quality Growth Fund (QSML). 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.

	FLYD	QSML	Difference
Sharpe ratio: Return per unit of total volatility	-0.49	1.34	-1.83
Sortino ratio: Return per unit of downside risk	-0.31	2.05	-2.35
Omega ratio: Gain probability vs. loss probability	0.96	1.23	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.66	2.20	-2.86
Martin ratio: Return relative to average drawdown	-1.34	7.36	-8.71

FLYD vs. QSML - Sharpe Ratio Comparison

The current FLYD Sharpe Ratio is -0.49, which is lower than the QSML Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of FLYD and QSML, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FLYD vs. QSML - Drawdown Comparison

The maximum FLYD drawdown since its inception was -98.49%, which is greater than QSML's maximum drawdown of -28.54%. Use the drawdown chart below to compare losses from any high point for FLYD and QSML.

Drawdown Indicators

	FLYD	QSML	Difference
Max Drawdown Largest peak-to-trough decline	-98.49%	-28.54%	-69.95%
Max Drawdown (1Y) Largest decline over 1 year	-56.11%	-10.72%	-45.39%
Max Drawdown (3Y) Largest decline over 3 years	-94.73%	—	—
Current Drawdown Current decline from peak	-98.34%	-0.68%	-97.66%
Average Drawdown Average peak-to-trough decline	-83.41%	-5.75%	-77.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.59%	3.22%	+24.37%

Volatility

FLYD vs. QSML - Volatility Comparison

MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) has a higher volatility of 26.20% compared to Wisdomtree U.S. Smallcap Quality Growth Fund (QSML) at 4.51%. This indicates that FLYD's price experiences larger fluctuations and is considered to be riskier than QSML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLYD	QSML	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.20%	4.51%	+21.69%
Volatility (6M) Calculated over the trailing 6-month period	63.46%	12.25%	+51.21%
Volatility (1Y) Calculated over the trailing 1-year period	76.00%	17.60%	+58.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.62%	20.69%	+62.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.62%	20.69%	+62.93%

FLYD vs. QSML - Expense Ratio Comparison

FLYD has a 0.95% expense ratio, which is higher than QSML's 0.38% expense ratio.

Dividends

FLYD vs. QSML - Dividend Comparison

FLYD has not paid dividends to shareholders, while QSML's dividend yield for the trailing twelve months is around 0.53%.

Position	TTM	2025	2024
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs	0.00%	0.00%	0.00%
QSML Wisdomtree U.S. Smallcap Quality Growth Fund	0.53%	0.62%	0.32%

Frequently Asked Questions

Can I hold both FLYD and QSML in my portfolio?

FLYD and QSML 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, FLYD or QSML?

FLYD has higher volatility (26.20%) compared to QSML (4.51%). In terms of maximum drawdown, FLYD dropped -98.49% vs QSML's -28.54%.

Which ETF is better, FLYD or QSML?

On 1-year performance, QSML leads with 25.42% vs -39.46% for FLYD. On fees, QSML is cheaper at 0.38% per year. On volatility, QSML has been the lower-risk option at 4.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLYD or QSML?

Over the 1-year period, QSML has performed better with a 25.42% return vs -39.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLYD or QSML?

QSML is cheaper with a 0.38% expense ratio, compared with 0.95% for FLYD.

Which ETF pays a higher dividend yield, FLYD or QSML?

QSML has the higher dividend yield at 0.53%, compared with 0.00% for FLYD.

What is the main difference between FLYD and QSML?

FLYD is categorized as Inverse Equities, while QSML is Small Cap Growth Equities. FLYD tracks MerQube MicroSectors U.S. Travel Index, while QSML tracks WisdomTree US SmallCap Quality Growth Index - Benchmark TR Gross. They also come from different issuers: REX and WisdomTree. Their fees differ too: 0.95% for FLYD and 0.38% for QSML.

Which has better risk-adjusted returns?

QSML currently has the higher Sharpe Ratio (1.34 vs -0.49), 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.