QID vs. ULE
QID (ProShares UltraShort QQQ) and ULE (ProShares Ultra Euro) are both exchange-traded funds - QID is a Leveraged Equities fund tracking the NASDAQ-100 Index (-200%), while ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, QID returned -39.47%/yr vs -2.44%/yr for ULE. At a correlation of -0.18, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
QID vs. ULE - Performance Comparison
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Returns By Period
In the year-to-date period, QID achieves a -31.93% return, which is significantly lower than ULE's -5.86% return. Over the past 10 years, QID has underperformed ULE with an annualized return of -39.47%, while ULE has yielded a comparatively higher -2.44% 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%
ULE
- 1D
- -0.36%
- 1M
- -2.95%
- YTD
- -5.86%
- 6M
- -6.24%
- 1Y
- -3.43%
- 3Y*
- 2.41%
- 5Y*
- -3.57%
- 10Y*
- -2.44%
QID vs. ULE - 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% |
ULE ProShares Ultra Euro | -5.86% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
Correlation
The correlation between QID and ULE is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.18 |
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Return for Risk
QID vs. ULE — Risk / Return Rank
QID
ULE
QID vs. ULE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort QQQ (QID) and ProShares Ultra Euro (ULE). 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 | ULE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.14 | ||
| Sortino ratioReturn per unit of downside risk | -2.08 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.97 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -0.33 | -0.68 |
| Martin ratioReturn relative to average drawdown | -1.94 | -0.67 | -1.27 |
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Drawdowns
QID vs. ULE - Drawdown Comparison
The maximum QID drawdown since its inception was -99.99%, which is greater than ULE's maximum drawdown of -72.74%. Use the drawdown chart below to compare losses from any high point for QID and ULE.
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Drawdown Indicators
| QID | ULE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -72.74% | -27.25% |
Max Drawdown (1Y)Largest decline over 1 year | -48.52% | -10.48% | -38.04% |
Max Drawdown (3Y)Largest decline over 3 years | -79.50% | -17.44% | -62.06% |
Max Drawdown (5Y)Largest decline over 5 years | -88.72% | -38.16% | -50.56% |
Max Drawdown (10Y)Largest decline over 10 years | -99.37% | -51.30% | -48.07% |
Current DrawdownCurrent decline from peak | -99.99% | -63.25% | -36.74% |
Average DrawdownAverage peak-to-trough decline | -87.02% | -46.09% | -40.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.66% | 5.16% | +21.50% |
Volatility
QID vs. ULE - Volatility Comparison
ProShares UltraShort QQQ (QID) has a higher volatility of 16.52% compared to ProShares Ultra Euro (ULE) at 2.65%. This indicates that QID's price experiences larger fluctuations and is considered to be riskier than ULE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QID | ULE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.52% | 2.65% | +13.87% |
Volatility (6M)Calculated over the trailing 6-month period | 28.23% | 8.95% | +19.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.23% | 13.14% | +22.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.26% | 16.09% | +29.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.81% | 15.21% | +29.60% |
QID vs. ULE - Expense Ratio Comparison
Both QID and ULE have an expense ratio of 0.95%.
Dividends
QID vs. ULE - Dividend Comparison
QID's dividend yield for the trailing twelve months is around 7.63%, while ULE has not paid dividends to shareholders.
| 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% |
ULE ProShares Ultra Euro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QID and ULE have a correlation of -0.22, 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 ULE (2.65%). In terms of maximum drawdown, QID dropped -99.99% vs ULE's -72.74%.
On 10-year performance, ULE leads with -2.44% vs -39.47% for QID. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ULE has performed better with a -2.44% return vs -39.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QID and ULE have the same expense ratio: 0.95% per year.
QID has the higher dividend yield at 7.63%, compared with 0.00% for ULE.
QID is categorized as Leveraged Equities, while ULE is Leveraged Currency. QID tracks NASDAQ-100 Index (-200%), while ULE tracks USD/EUR Exchange Rate (-200%).
ULE currently has the higher Sharpe Ratio (-0.26 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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