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QID vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QID vs. SPY

Last updated Jun 23, 2026

QID (ProShares UltraShort QQQ) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - QID is a Leveraged Equities fund tracking the NASDAQ-100 Index (-200%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, QID returned -39.47%/yr vs 15.70%/yr for SPY. At a correlation of -0.89, they often move in opposite directions. QID charges 0.95%/yr vs 0.09%/yr for SPY.

Performance

QID vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort QQQ (QID) and State Street SPDR S&P 500 ETF (SPY). 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 -31.93% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, QID has underperformed SPY with an annualized return of -39.47%, while SPY has yielded a comparatively higher 15.70% annualized return.

QID

1D
0.22%
1M
-6.88%
YTD
-31.93%
6M
-30.64%
1Y
-49.05%
3Y*
-38.43%
5Y*
-31.45%
10Y*
-39.47%

SPY

1D
-0.31%
1M
0.09%
YTD
9.74%
6M
9.27%
1Y
26.65%
3Y*
21.27%
5Y*
13.51%
10Y*
15.70%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QID vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QID
ProShares UltraShort QQQ		-31.93%-34.97%-34.06%-57.19%66.30%-44.93%-69.71%-49.57%-9.90%-44.00%
SPY
State Street SPDR S&P 500 ETF		9.74%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%

Correlation

The correlation between QID and SPY is -0.93, 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

-0.93

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

-0.93

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

-0.94

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

-0.91

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

-0.89

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

QID vs. SPY - Sectors Allocation Comparison

Sectors
QID
SPY

Financial Services

93.8%
11.1%

Basic Materials

-

1.7%

Communication Services

-

10.6%

Consumer Cyclical

-

9.9%

Consumer Defensive

-

4.5%

Energy

-

3.1%

Healthcare

-

8.3%

Industrials

-

7.8%

Real Estate

-

1.8%

Technology

-

39.0%

Utilities

-

2.1%

Financial Services

QID
93.8%
SPY
11.1%

Basic Materials

QID

-

SPY
1.7%

Communication Services

QID

-

SPY
10.6%

Consumer Cyclical

QID

-

SPY
9.9%

Consumer Defensive

QID

-

SPY
4.5%

Energy

QID

-

SPY
3.1%

Healthcare

QID

-

SPY
8.3%

Industrials

QID

-

SPY
7.8%

Real Estate

QID

-

SPY
1.8%

Technology

QID

-

SPY
39.0%

Utilities

QID

-

SPY
2.1%

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

State Street SPDR S&P 500 ETF

Often compared with QID:
QID vs. SQQQQID vs. PSQQID vs. QQQQID vs. TQQQQID vs. UVXYQID vs. RWMQID vs. TZA
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

QID vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QID
QID Risk / Return Rank: 00
Overall Rank
QID Sharpe Ratio Rank: 00
Sharpe Ratio Rank
QID Sortino Ratio Rank: 00
Sortino Ratio Rank
QID Omega Ratio Rank: 00
Omega Ratio Rank
QID Calmar Ratio Rank: 00
Calmar Ratio Rank
QID Martin Ratio Rank: 00
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 6868
Overall Rank
SPY Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6666
Sortino Ratio Rank
SPY Omega Ratio Rank: 6868
Omega Ratio Rank
SPY Calmar Ratio Rank: 6363
Calmar Ratio Rank
SPY Martin Ratio Rank: 7474
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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort QQQ (QID) and State Street SPDR S&P 500 ETF (SPY). 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.

QIDSPYDifference
Sharpe ratioReturn per unit of total volatility
-1.40
2.16

-3.56

Sortino ratioReturn per unit of downside risk
-2.37
2.91

-5.28

Omega ratioGain probability vs. loss probability

0.75

1.39

-0.65

Calmar ratioReturn relative to maximum drawdown

-1.01

3.01

-4.03

Martin ratioReturn relative to average drawdown

-1.94

13.54

-15.48

QID vs. SPY - Sharpe Ratio Comparison

The current QID Sharpe Ratio is -1.40, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of QID and SPY, 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. SPY - Drawdown Comparison

The maximum QID drawdown since its inception was -99.99%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for QID and SPY.

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Drawdown Indicators

QIDSPYDifference

Max Drawdown

Largest peak-to-trough decline

-99.99%

-55.19%

-44.80%

Max Drawdown (1Y)

Largest decline over 1 year

-48.52%

-8.88%

-39.64%

Max Drawdown (3Y)

Largest decline over 3 years

-79.50%

-18.76%

-60.74%

Max Drawdown (5Y)

Largest decline over 5 years

-88.72%

-24.50%

-64.22%

Max Drawdown (10Y)

Largest decline over 10 years

-99.37%

-33.72%

-65.65%

Current Drawdown

Current decline from peak

-99.99%

-1.75%

-98.24%

Average Drawdown

Average peak-to-trough decline

-87.02%

-9.04%

-77.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

26.66%

1.97%

+24.69%

Volatility

QID vs. SPY - Volatility Comparison

ProShares UltraShort QQQ (QID) has a higher volatility of 16.52% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that QID's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QIDSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

16.52%

4.64%

+11.88%

Volatility (6M)

Calculated over the trailing 6-month period

28.23%

9.75%

+18.48%

Volatility (1Y)

Calculated over the trailing 1-year period

35.23%

12.43%

+22.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

45.26%

17.14%

+28.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

44.81%

17.99%

+26.82%

QID vs. SPY - Expense Ratio Comparison

QID has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

QID vs. SPY - Dividend Comparison

QID's dividend yield for the trailing twelve months is around 7.63%, more than SPY's 1.01% yield.

PositionTTM20252024202320222021202020192018201720162015
QID
ProShares UltraShort QQQ		7.63%6.25%7.99%5.63%0.15%0.00%0.92%2.54%1.38%0.08%0.00%0.00%
SPY
State Street SPDR S&P 500 ETF		1.01%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%

Frequently Asked Questions

QID and SPY 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 (16.52%) compared to SPY (4.64%). In terms of maximum drawdown, QID dropped -99.99% vs SPY's -55.19%.

On 10-year performance, SPY leads with 15.70% vs -39.47% for QID. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPY has performed better with a 15.70% return vs -39.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for QID.

QID has the higher dividend yield at 7.63%, compared with 1.01% for SPY.

QID is categorized as Leveraged Equities, while SPY is S&P 500. QID tracks NASDAQ-100 Index (-200%), while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for QID and 0.09% for SPY.

SPY currently has the higher Sharpe Ratio (2.16 vs -1.40), 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

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