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QID vs. SPUU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QID vs. SPUU

Last updated Aug 3, 2026
Documentation

QID (ProShares UltraShort QQQ) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds - QID tracks the NASDAQ-100 Index (-200%) while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, QID returned -37.32%/yr vs 23.82%/yr for SPUU. Their -0.89 correlation means they have often moved in opposite directions in the past. QID charges 0.95%/yr vs 0.60%/yr for SPUU.

Performance

QID vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort QQQ (QID) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). 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 -21.02% return, which is significantly lower than SPUU's 16.72% return. Over the past 10 years, QID has underperformed SPUU with an annualized return of -37.32%, while SPUU has yielded a comparatively higher 23.82% annualized return.

QID

1D
-1.22%
1M
6.86%
6M
-19.38%
YTD
-21.02%
1Y
-35.07%
3Y*
-33.07%
5Y*
-27.97%
10Y*
-37.32%
ALL TIME*
-34.54%

SPUU

1D
1.52%
1M
0.24%
6M
14.02%
YTD
16.72%
1Y
38.14%
3Y*
31.33%
5Y*
17.73%
10Y*
23.82%
ALL TIME*
21.37%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

QID

ProShares UltraShort QQQ
$255.66M$222.38M$304.58M

SPUU

Direxion Daily S&P 500 Bull 2X ETF
$4.20M$4.55M$4.33M

QID vs. SPUU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QID
ProShares UltraShort QQQ		-21.02%-34.97%-34.06%-57.19%66.30%-44.93%-69.71%-49.57%-9.90%-44.00%
SPUU
Direxion Daily S&P 500 Bull 2X ETF		16.72%26.55%44.25%47.28%-38.72%61.27%21.85%66.84%-14.59%44.33%

Correlation

The correlation between QID and SPUU is -0.93, 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.

-0.93

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

-0.93

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

-0.94

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

-0.89

Correlation (All Time)
Calculated using the full available price history since Jun 6, 2014

-0.89

The correlation between QID and SPUU has been stable across timeframes, ranging from -0.94 to -0.89 - a consistent structural relationship.

QID vs. SPUU - Sectors Allocation Comparison

Sectors
QID
SPUU

Financial Services

64.8%
5.5%

Basic Materials

-

0.8%

Communication Services

-

4.2%

Consumer Cyclical

-

3.9%

Consumer Defensive

-

2.1%

Energy

-

1.5%

Healthcare

-

4.1%

Industrials

-

3.5%

Real Estate

-

0.9%

Technology

-

17.0%

Utilities

-

1.2%

Financial Services

QID
64.8%
SPUU
5.5%

Basic Materials

QID

-

SPUU
0.8%

Communication Services

QID

-

SPUU
4.2%

Consumer Cyclical

QID

-

SPUU
3.9%

Consumer Defensive

QID

-

SPUU
2.1%

Energy

QID

-

SPUU
1.5%

Healthcare

QID

-

SPUU
4.1%

Industrials

QID

-

SPUU
3.5%

Real Estate

QID

-

SPUU
0.9%

Technology

QID

-

SPUU
17.0%

Utilities

QID

-

SPUU
1.2%

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

Direxion Daily S&P 500 Bull 2X ETF

Often compared with QID:
QID vs. SQQQQID vs. PSQQID vs. QQQQID vs. TQQQQID vs. UVXYQID vs. RWMQID vs. TZA
Often compared with SPUU:
SPUU vs. SSOSPUU vs. SPYSPUU vs. SPXLSPUU vs. VOOSPUU vs. QLDSPUU vs. QQQSPUU vs. DDM

Return for Risk

QID vs. SPUU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
QID
QID Risk / Return Rank: 33
Overall Rank
QID Sharpe Ratio Rank: 22
Sharpe Ratio Rank
QID Sortino Ratio Rank: 33
Sortino Ratio Rank
QID Omega Ratio Rank: 33
Omega Ratio Rank
QID Calmar Ratio Rank: 33
Calmar Ratio Rank
QID Martin Ratio Rank: 11
Martin Ratio Rank
SPUU
SPUU Risk / Return Rank: 5454
Overall Rank
SPUU Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
SPUU Sortino Ratio Rank: 5151
Sortino Ratio Rank
SPUU Omega Ratio Rank: 5252
Omega Ratio Rank
SPUU Calmar Ratio Rank: 5252
Calmar Ratio Rank
SPUU Martin Ratio Rank: 6262
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.

QID vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort QQQ (QID) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). 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.

QIDSPUUDifference
Sharpe ratioReturn per unit of total volatility
-0.84
1.30

-2.14

Sortino ratioReturn per unit of downside risk
-1.16
1.80

-2.96

Omega ratioGain probability vs. loss probability

0.87

1.23

-0.36

Calmar ratioReturn relative to maximum drawdown

-0.73

1.85

-2.58

Martin ratioReturn relative to average drawdown

-1.34

7.47

-8.81

QID vs. SPUU - Sharpe Ratio Comparison

The current QID Sharpe Ratio is -0.84, which is lower than the SPUU Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of QID and SPUU, 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. SPUU - Drawdown Comparison

The maximum QID drawdown since its inception was -99.99%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for QID and SPUU.

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Drawdown Indicators

QIDSPUUDifference

Max Drawdown

Largest peak-to-trough decline

-99.99%

-59.35%

-40.64%

Max Drawdown (1Y)

Largest decline over 1 year

-44.65%

-18.19%

-26.46%

Max Drawdown (3Y)

Largest decline over 3 years

-79.50%

-35.18%

-44.32%

Max Drawdown (5Y)

Largest decline over 5 years

-88.72%

-46.59%

-42.13%

Max Drawdown (10Y)

Largest decline over 10 years

-99.21%

-59.35%

-39.86%

Current Drawdown

Current decline from peak

-99.99%

-3.83%

-96.16%

Average Drawdown

Average peak-to-trough decline

-87.09%

-9.44%

-77.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

24.20%

4.51%

+19.69%

Volatility

QID vs. SPUU - Volatility Comparison

ProShares UltraShort QQQ (QID) has a higher volatility of 13.93% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 7.10%. This indicates that QID's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QIDSPUUDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.93%

7.10%

+6.83%

Volatility (6M)

Calculated over the trailing 6-month period

32.16%

20.38%

+11.78%

Volatility (1Y)

Calculated over the trailing 1-year period

38.79%

25.88%

+12.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

45.80%

33.70%

+12.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

44.96%

35.79%

+9.17%

QID vs. SPUU - Expense Ratio Comparison

QID has a 0.95% expense ratio, which is higher than SPUU's 0.60% expense ratio.

Dividends

QID vs. SPUU - Dividend Comparison

QID's dividend yield for the trailing twelve months is around 7.46%, more than SPUU's 1.34% yield.

PositionTTM20252024202320222021202020192018201720162015
QID
ProShares UltraShort QQQ		7.46%6.25%7.99%5.63%0.15%0.00%0.92%2.54%1.38%0.08%0.00%0.00%
SPUU
Direxion Daily S&P 500 Bull 2X ETF		1.34%1.63%0.55%0.83%0.88%3.04%8.03%1.80%5.50%6.96%8.08%4.42%

Frequently Asked Questions

QID and SPUU have a correlation of -0.93, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QID has higher volatility (13.93%) compared to SPUU (7.10%). In terms of maximum drawdown, QID dropped -99.99% vs SPUU's -59.35%.

On 10-year performance, SPUU leads with 23.82% vs -37.32% for QID. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 7.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPUU has performed better with a 23.82% return vs -37.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPUU is cheaper with a 0.60% expense ratio, compared with 0.95% for QID.

QID has the higher dividend yield at 7.46%, compared with 1.34% for SPUU.

QID tracks NASDAQ-100 Index (-200%), while SPUU tracks S&P 500 Index (200% Daily). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for QID and 0.60% for SPUU.

SPUU currently has the higher Sharpe Ratio (1.30 vs -0.84), 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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