QID vs. SPY

Last updated Aug 3, 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 -37.32%/yr vs 15.07%/yr for SPY. Their -0.89 correlation means they have often moved in opposite directions in the past. 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.

Returns By Period

In the year-to-date period, QID achieves a -21.02% return, which is significantly lower than SPY's 10.13% return. Over the past 10 years, QID has underperformed SPY with an annualized return of -37.32%, while SPY has yielded a comparatively higher 15.07% 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%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QID ProShares UltraShort QQQ	$255.66M	$222.38M	$304.58M
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

QID vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QID ProShares UltraShort QQQ	-21.02%	-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	10.13%	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 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.	-0.91
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	64.8%	12.5%
Basic Materials	-	1.9%
Communication Services	-	9.7%
Consumer Cyclical	-	8.9%
Consumer Defensive	-	4.8%
Energy	-	3.4%
Healthcare	-	9.4%
Industrials	-	7.6%
Real Estate	-	2.0%
Technology	-	36.9%
Utilities	-	2.6%

Return for Risk

QID vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QID

QID Risk / Return Rank: 3
QID Sharpe Ratio Rank: 2
QID Sortino Ratio Rank: 3
QID Omega Ratio Rank: 3
QID Calmar Ratio Rank: 3
QID Martin Ratio Rank: 1

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

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. 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.

	QID	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	1.52	-2.36
Sortino ratio: Return per unit of downside risk	-1.16	2.11	-3.27
Omega ratio: Gain probability vs. loss probability	0.87	1.27	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.73	2.20	-2.93
Martin ratio: Return relative to average drawdown	-1.34	9.40	-10.74

QID vs. SPY - Sharpe Ratio Comparison

The current QID Sharpe Ratio is -0.84, which is lower than the SPY Sharpe Ratio of 1.52. 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.

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.

Drawdown Indicators

	QID	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-55.19%	-44.80%
Max Drawdown (1Y) Largest decline over 1 year	-44.65%	-8.88%	-35.77%
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	-99.21%	-33.72%	-65.49%
Current Drawdown Current decline from peak	-99.99%	-1.40%	-98.59%
Average Drawdown Average peak-to-trough decline	-87.09%	-9.01%	-78.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.20%	2.08%	+22.12%

Volatility

QID vs. SPY - Volatility Comparison

ProShares UltraShort QQQ (QID) has a higher volatility of 13.93% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. 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.

Volatility by Period

	QID	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.93%	3.58%	+10.35%
Volatility (6M) Calculated over the trailing 6-month period	32.16%	10.14%	+22.02%
Volatility (1Y) Calculated over the trailing 1-year period	38.79%	12.89%	+25.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.80%	17.18%	+28.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.96%	17.95%	+27.01%

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 7.46%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
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

Can I hold both QID and SPY in my portfolio?

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.

Which is riskier, QID or SPY?

QID has higher volatility (13.93%) compared to SPY (3.58%). In terms of maximum drawdown, QID dropped -99.99% vs SPY's -55.19%.

Which ETF is better, QID or SPY?

On 10-year performance, SPY leads with 15.07% vs -37.32% for QID. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QID or SPY?

Over the 10-year period, SPY has performed better with a 15.07% return vs -37.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QID or SPY?

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

Which ETF pays a higher dividend yield, QID or SPY?

QID has the higher dividend yield at 7.46%, compared with 1.01% for SPY.

What is the main difference between QID and 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.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 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.