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 -37.32%/yr vs -42.58%/yr for TZA. Their 0.75 correlation means they have sometimes moved together and sometimes differently. 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 -21.02% return, which is significantly higher than TZA's -43.24% return. Over the past 10 years, QID has outperformed TZA with an annualized return of -37.32%, while TZA has yielded a comparatively lower -42.58% 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%
TZA
- 1D
- 1.46%
- 1M
- 6.63%
- 6M
- -33.61%
- YTD
- -43.24%
- 1Y
- -63.97%
- 3Y*
- -40.66%
- 5Y*
- -31.37%
- 10Y*
- -42.58%
- ALL TIME*
- -49.66%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $255.66M | $222.38M | $304.58M | |
| $153.79M | $463.04M | $1.03B |
QID vs. TZA - 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% |
TZA Direxion Daily Small Cap Bear 3X Shares | -43.24% | -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 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.71 |
Correlation (3Y) Balances recent behavior with more history. | 0.66 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.73 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.65 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.80 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | -0.92 | +0.19 |
| Martin ratioReturn relative to average drawdown | -1.34 | -1.34 | -0.01 |
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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 | -44.65% | -67.34% | +22.69% |
Max Drawdown (3Y)Largest decline over 3 years | -79.50% | -89.50% | +10.00% |
Max Drawdown (5Y)Largest decline over 5 years | -88.72% | -91.74% | +3.02% |
Max Drawdown (10Y)Largest decline over 10 years | -99.21% | -99.67% | +0.46% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -87.09% | -98.00% | +10.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.20% | 46.18% | -21.98% |
Volatility
QID vs. TZA - Volatility Comparison
ProShares UltraShort QQQ (QID) has a higher volatility of 13.93% compared to Direxion Daily Small Cap Bear 3X Shares (TZA) at 11.25%. This indicates that QID's price experiences larger fluctuations and is considered to be riskier 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 | 13.93% | 11.25% | +2.68% |
Volatility (6M)Calculated over the trailing 6-month period | 32.16% | 42.35% | -10.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.79% | 57.73% | -18.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.80% | 67.27% | -21.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.96% | 68.83% | -23.87% |
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 7.46%, more than TZA's 4.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
QID ProShares UltraShort QQQ | 7.46% | 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 | 4.67% | 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 0.71, 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 TZA (11.25%). In terms of maximum drawdown, QID dropped -99.99% vs TZA's -100.00%.
On 10-year performance, QID leads with -37.32% vs -42.58% for TZA. On fees, QID is cheaper at 0.95% per year. On volatility, TZA has been the lower-risk option at 11.25%. 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 -37.32% return vs -42.58%. 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 7.46%, compared with 4.67% 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.
QID currently has the higher Sharpe Ratio (-0.84 vs -1.07), 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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