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QID vs. ONEQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QID vs. ONEQ

Last updated Jul 12, 2026
Documentation

QID (ProShares UltraShort QQQ) and ONEQ (Fidelity Nasdaq Composite Index ETF) are both exchange-traded funds - QID is a Leveraged Equities fund tracking the NASDAQ-100 Index (-200%), while ONEQ is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index. Both are passively managed. Over the past 10 years, QID returned -38.34%/yr vs 19.23%/yr for ONEQ. At a correlation of -0.96, they often move in opposite directions. QID charges 0.95%/yr vs 0.21%/yr for ONEQ.

Performance

QID vs. ONEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort QQQ (QID) and Fidelity Nasdaq Composite Index ETF (ONEQ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QID achieves a -28.70% return, which is significantly lower than ONEQ's 14.00% return. Over the past 10 years, QID has underperformed ONEQ with an annualized return of -38.34%, while ONEQ has yielded a comparatively higher 19.23% annualized return.

QID

1D
-0.64%
1M
-1.86%
6M
-25.87%
YTD
-28.70%
1Y
-41.01%
3Y*
-36.90%
5Y*
-29.74%
10Y*
-38.34%

ONEQ

1D
0.29%
1M
2.09%
6M
11.92%
YTD
14.00%
1Y
29.00%
3Y*
25.21%
5Y*
13.54%
10Y*
19.23%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QID vs. ONEQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QID
ProShares UltraShort QQQ		-28.70%-34.97%-34.06%-57.19%66.30%-44.93%-69.71%-49.57%-9.90%-44.00%
ONEQ
Fidelity Nasdaq Composite Index ETF		14.00%20.89%29.30%45.73%-32.12%22.11%44.87%38.01%-3.18%29.29%

Correlation

The correlation between QID and ONEQ is -0.97, 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

-0.97

Correlation (3Y)
Calculated over the trailing 3-year period

-0.98

Correlation (5Y)
Calculated over the trailing 5-year period

-0.98

Correlation (10Y)
Calculated over the trailing 10-year period

-0.98

Correlation (All Time)
Calculated using the full available price history since Jul 13, 2006

-0.96

The correlation between QID and ONEQ has been stable across timeframes, ranging from -0.98 to -0.96 - a consistent structural relationship.

QID vs. ONEQ - Sectors Allocation Comparison

Sectors
QID
ONEQ

Financial Services

97.7%
2.9%

Basic Materials

-

0.9%

Communication Services

-

15.4%

Consumer Cyclical

-

12.7%

Consumer Defensive

-

4.4%

Energy

-

0.5%

Healthcare

-

4.7%

Industrials

-

2.9%

Real Estate

-

0.6%

Technology

-

54.3%

Utilities

-

0.8%

Financial Services

QID
97.7%
ONEQ
2.9%

Basic Materials

QID

-

ONEQ
0.9%

Communication Services

QID

-

ONEQ
15.4%

Consumer Cyclical

QID

-

ONEQ
12.7%

Consumer Defensive

QID

-

ONEQ
4.4%

Energy

QID

-

ONEQ
0.5%

Healthcare

QID

-

ONEQ
4.7%

Industrials

QID

-

ONEQ
2.9%

Real Estate

QID

-

ONEQ
0.6%

Technology

QID

-

ONEQ
54.3%

Utilities

QID

-

ONEQ
0.8%

Compare stocks, funds, or ETFs

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

ProShares UltraShort QQQ

Fidelity Nasdaq Composite Index ETF

Often compared with QID:
QID vs. SQQQQID vs. PSQQID vs. QQQQID vs. TQQQQID vs. UVXYQID vs. RWMQID vs. TZA
Often compared with ONEQ:
ONEQ vs. QQQONEQ vs. FNCMXONEQ vs. VOOONEQ vs. ^NDXONEQ vs. ^IXICONEQ vs. QQQMONEQ vs. ^GSPC

Return for Risk

QID vs. ONEQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QID
QID Risk / Return Rank: 11
Overall Rank
QID Sharpe Ratio Rank: 11
Sharpe Ratio Rank
QID Sortino Ratio Rank: 11
Sortino Ratio Rank
QID Omega Ratio Rank: 11
Omega Ratio Rank
QID Calmar Ratio Rank: 11
Calmar Ratio Rank
QID Martin Ratio Rank: 00
Martin Ratio Rank
ONEQ
ONEQ Risk / Return Rank: 5959
Overall Rank
ONEQ Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
ONEQ Sortino Ratio Rank: 5858
Sortino Ratio Rank
ONEQ Omega Ratio Rank: 5959
Omega Ratio Rank
ONEQ Calmar Ratio Rank: 5757
Calmar Ratio Rank
ONEQ Martin Ratio Rank: 5959
Martin Ratio Rank
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.

QID vs. ONEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort QQQ (QID) and Fidelity Nasdaq Composite Index ETF (ONEQ). 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.

QIDONEQDifference
Sharpe ratioReturn per unit of total volatility
-1.10
1.64

-2.75

Sortino ratioReturn per unit of downside risk
-1.72
2.24

-3.96

Omega ratioGain probability vs. loss probability

0.81

1.29

-0.47

Calmar ratioReturn relative to maximum drawdown

-0.91

2.28

-3.20

Martin ratioReturn relative to average drawdown

-1.81

8.31

-10.12

QID vs. ONEQ - Sharpe Ratio Comparison

The current QID Sharpe Ratio is -1.10, which is lower than the ONEQ Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of QID and ONEQ, 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

QID vs. ONEQ - Drawdown Comparison

The maximum QID drawdown since its inception was -99.99%, which is greater than ONEQ's maximum drawdown of -55.09%. Use the drawdown chart below to compare losses from any high point for QID and ONEQ.

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Drawdown Indicators

QIDONEQDifference

Max Drawdown

Largest peak-to-trough decline

-99.99%

-55.09%

-44.90%

Max Drawdown (1Y)

Largest decline over 1 year

-44.65%

-12.64%

-32.01%

Max Drawdown (3Y)

Largest decline over 3 years

-79.50%

-24.09%

-55.41%

Max Drawdown (5Y)

Largest decline over 5 years

-88.72%

-35.23%

-53.49%

Max Drawdown (10Y)

Largest decline over 10 years

-99.25%

-35.23%

-64.02%

Current Drawdown

Current decline from peak

-99.99%

-2.69%

-97.30%

Average Drawdown

Average peak-to-trough decline

-87.05%

-7.94%

-79.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

22.54%

3.46%

+19.08%

Volatility

QID vs. ONEQ - Volatility Comparison

ProShares UltraShort QQQ (QID) has a higher volatility of 17.52% compared to Fidelity Nasdaq Composite Index ETF (ONEQ) at 6.91%. This indicates that QID's price experiences larger fluctuations and is considered to be riskier than ONEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QIDONEQDifference

Volatility (1M)

Calculated over the trailing 1-month period

17.52%

6.91%

+10.61%

Volatility (6M)

Calculated over the trailing 6-month period

30.45%

14.01%

+16.44%

Volatility (1Y)

Calculated over the trailing 1-year period

36.93%

17.58%

+19.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

45.55%

22.39%

+23.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

44.81%

21.77%

+23.04%

QID vs. ONEQ - Expense Ratio Comparison

QID has a 0.95% expense ratio, which is higher than ONEQ's 0.21% expense ratio.

Dividends

QID vs. ONEQ - Dividend Comparison

QID's dividend yield for the trailing twelve months is around 8.26%, more than ONEQ's 0.85% yield.

PositionTTM20252024202320222021202020192018201720162015
ONEQ
Fidelity Nasdaq Composite Index ETF		0.85%0.54%0.65%0.71%0.97%0.54%0.71%2.51%1.08%0.84%1.12%1.04%
QID
ProShares UltraShort QQQ		8.26%6.25%7.99%5.63%0.15%0.00%0.92%2.54%1.38%0.08%0.00%0.00%

Frequently Asked Questions

QID and ONEQ have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QID has higher volatility (17.52%) compared to ONEQ (6.91%). In terms of maximum drawdown, QID dropped -99.99% vs ONEQ's -55.09%.

On 10-year performance, ONEQ leads with 19.23% vs -38.34% for QID. On fees, ONEQ is cheaper at 0.21% per year. On volatility, ONEQ has been the lower-risk option at 6.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ONEQ has performed better with a 19.23% return vs -38.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ONEQ is cheaper with a 0.21% expense ratio, compared with 0.95% for QID.

QID has the higher dividend yield at 8.26%, compared with 0.85% for ONEQ.

QID is categorized as Leveraged Equities, while ONEQ is Large Cap Growth Equities. QID tracks NASDAQ-100 Index (-200%), while ONEQ tracks Nasdaq Composite Index. They also come from different issuers: ProShares and Fidelity. Their fees differ too: 0.95% for QID and 0.21% for ONEQ.

ONEQ currently has the higher Sharpe Ratio (1.64 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.

Portfolio Optimizer

Find the right allocation for QID and ONEQ

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

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