QID vs. TZA
QID (ProShares UltraShort QQQ) and TZA (Direxion Daily Small Cap Bear 3X Shares) are both Leveraged Equities funds - QID tracks the NASDAQ-100 Index (-200%) while TZA tracks the Russell 2000 Index (-300%). Both are passively managed. Over the past 10 years, QID returned -39.47%/yr vs -44.28%/yr for TZA. A 0.75 correlation means they provide meaningful diversification when combined. QID charges 0.95%/yr vs 1.11%/yr for TZA.
Performance
QID vs. TZA - Performance Comparison
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Returns By Period
In the year-to-date period, QID achieves a -31.93% return, which is significantly higher than TZA's -47.43% return. Over the past 10 years, QID has outperformed TZA with an annualized return of -39.47%, while TZA has yielded a comparatively lower -44.28% 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%
TZA
- 1D
- -2.74%
- 1M
- -14.44%
- YTD
- -47.43%
- 6M
- -42.41%
- 1Y
- -69.35%
- 3Y*
- -47.24%
- 5Y*
- -31.37%
- 10Y*
- -44.28%
QID vs. TZA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QID ProShares UltraShort QQQ | -31.93% | -34.97% | -34.06% | -57.19% | 66.30% | -44.93% | -69.71% | -49.57% | -9.90% | -44.00% |
TZA Direxion Daily Small Cap Bear 3X Shares | -47.43% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
Correlation
The correlation between QID and TZA is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | 0.75 |
The correlation between QID and TZA has been stable across timeframes, ranging from 0.66 to 0.75 - a consistent structural relationship.
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Return for Risk
QID vs. TZA — Risk / Return Rank
QID
TZA
QID vs. TZA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort QQQ (QID) and Direxion Daily Small Cap Bear 3X Shares (TZA). 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 | TZA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.76 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -1.02 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.94 | -1.60 | -0.34 |
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Drawdowns
QID vs. TZA - Drawdown Comparison
The maximum QID drawdown since its inception was -99.99%, roughly equal to the maximum TZA drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for QID and TZA.
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Drawdown Indicators
| QID | TZA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -100.00% | +0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -48.52% | -68.23% | +19.71% |
Max Drawdown (3Y)Largest decline over 3 years | -79.50% | -89.28% | +9.78% |
Max Drawdown (5Y)Largest decline over 5 years | -88.72% | -91.56% | +2.84% |
Max Drawdown (10Y)Largest decline over 10 years | -99.37% | -99.74% | +0.37% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -87.02% | -97.99% | +10.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.66% | 45.01% | -18.35% |
Volatility
QID vs. TZA - Volatility Comparison
The current volatility for ProShares UltraShort QQQ (QID) is 16.52%, while Direxion Daily Small Cap Bear 3X Shares (TZA) has a volatility of 19.05%. This indicates that QID experiences smaller price fluctuations and is considered to be less risky than TZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QID | TZA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.52% | 19.05% | -2.53% |
Volatility (6M)Calculated over the trailing 6-month period | 28.23% | 42.78% | -14.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.23% | 58.69% | -23.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.26% | 67.66% | -22.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.81% | 69.07% | -24.26% |
QID vs. TZA - Expense Ratio Comparison
QID has a 0.95% expense ratio, which is lower than TZA's 1.11% expense ratio.
Dividends
QID vs. TZA - Dividend Comparison
QID's dividend yield for the trailing twelve months is around 7.63%, more than TZA's 5.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
QID ProShares UltraShort QQQ | 7.63% | 6.25% | 7.99% | 5.63% | 0.15% | 0.00% | 0.92% | 2.54% | 1.38% | 0.08% |
TZA Direxion Daily Small Cap Bear 3X Shares | 5.46% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% | 0.00% |
Frequently Asked Questions
QID and TZA have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TZA has higher volatility (19.05%) compared to QID (16.52%). In terms of maximum drawdown, QID dropped -99.99% vs TZA's -100.00%.
On 10-year performance, QID leads with -39.47% vs -44.28% for TZA. On fees, QID is cheaper at 0.95% per year. On volatility, QID has been the lower-risk option at 16.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QID has performed better with a -39.47% return vs -44.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QID is cheaper with a 0.95% expense ratio, compared with 1.11% for TZA.
QID has the higher dividend yield at 7.63%, compared with 5.46% for TZA.
QID tracks NASDAQ-100 Index (-200%), while TZA tracks Russell 2000 Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for QID and 1.11% for TZA.
TZA currently has the higher Sharpe Ratio (-1.19 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.
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