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QID vs. UPRO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QID vs. UPRO

Last updated Aug 3, 2026
Documentation

QID (ProShares UltraShort QQQ) and UPRO (ProShares UltraPro S&P 500) are both Leveraged Equities funds from ProShares - QID tracks the NASDAQ-100 Index (-200%) while UPRO tracks the S&P 500. Both are passively managed. Over the past 10 years, QID returned -37.32%/yr vs 28.48%/yr for UPRO. Their -0.90 correlation means they have often moved in opposite directions in the past. QID charges 0.95%/yr vs 0.89%/yr for UPRO.

Performance

QID vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort QQQ (QID) and ProShares UltraPro S&P 500 (UPRO). 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 -21.02% return, which is significantly lower than UPRO's 21.72% return. Over the past 10 years, QID has underperformed UPRO with an annualized return of -37.32%, while UPRO has yielded a comparatively higher 28.48% 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%

UPRO

1D
1.97%
1M
-0.35%
6M
17.81%
YTD
21.72%
1Y
53.86%
3Y*
41.29%
5Y*
19.17%
10Y*
28.48%
ALL TIME*
33.11%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

QID

ProShares UltraShort QQQ
$255.66M$222.38M$304.58M

UPRO

ProShares UltraPro S&P 500
$288.84M$293.51M$361.12M

QID vs. UPRO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QID
ProShares UltraShort QQQ		-21.02%-34.97%-34.06%-57.19%66.30%-44.93%-69.71%-49.57%-9.90%-44.00%
UPRO
ProShares UltraPro S&P 500		21.72%31.88%63.57%68.53%-56.84%98.64%10.09%102.30%-25.11%71.37%

Correlation

The correlation between QID and UPRO 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 Jun 25, 2009

-0.90

The correlation between QID and UPRO has been stable across timeframes, ranging from -0.94 to -0.90 - a consistent structural relationship.

QID vs. UPRO - Sectors Allocation Comparison

Sectors
QID
UPRO

Financial Services

64.8%
11.6%

Basic Materials

-

1.7%

Communication Services

-

9.9%

Consumer Cyclical

-

9.5%

Consumer Defensive

-

4.5%

Energy

-

3.0%

Healthcare

-

8.9%

Industrials

-

8.4%

Real Estate

-

1.8%

Technology

-

38.5%

Utilities

-

2.2%

Financial Services

QID
64.8%
UPRO
11.6%

Basic Materials

QID

-

UPRO
1.7%

Communication Services

QID

-

UPRO
9.9%

Consumer Cyclical

QID

-

UPRO
9.5%

Consumer Defensive

QID

-

UPRO
4.5%

Energy

QID

-

UPRO
3.0%

Healthcare

QID

-

UPRO
8.9%

Industrials

QID

-

UPRO
8.4%

Real Estate

QID

-

UPRO
1.8%

Technology

QID

-

UPRO
38.5%

Utilities

QID

-

UPRO
2.2%

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

ProShares UltraPro S&P 500

Often compared with QID:
QID vs. SQQQQID vs. PSQQID vs. QQQQID vs. TQQQQID vs. UVXYQID vs. RWMQID vs. TZA
Often compared with UPRO:
UPRO vs. SPYUPRO vs. TQQQUPRO vs. SPXLUPRO vs. SSOUPRO vs. VOOUPRO vs. QLDUPRO vs. TMF

Return for Risk

QID vs. UPRO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
QID
QID Risk / Return Rank: 33
Overall Rank
QID Sharpe Ratio Rank: 22
Sharpe Ratio Rank
QID Sortino Ratio Rank: 33
Sortino Ratio Rank
QID Omega Ratio Rank: 33
Omega Ratio Rank
QID Calmar Ratio Rank: 33
Calmar Ratio Rank
QID Martin Ratio Rank: 11
Martin Ratio Rank
UPRO
UPRO Risk / Return Rank: 5050
Overall Rank
UPRO Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
UPRO Sortino Ratio Rank: 4848
Sortino Ratio Rank
UPRO Omega Ratio Rank: 4848
Omega Ratio Rank
UPRO Calmar Ratio Rank: 4949
Calmar Ratio Rank
UPRO Martin Ratio Rank: 5656
Martin Ratio Rank
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. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort QQQ (QID) and ProShares UltraPro S&P 500 (UPRO). 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.

QIDUPRODifference
Sharpe ratioReturn per unit of total volatility
-0.84
1.21

-2.05

Sortino ratioReturn per unit of downside risk
-1.16
1.70

-2.86

Omega ratioGain probability vs. loss probability

0.87

1.22

-0.34

Calmar ratioReturn relative to maximum drawdown

-0.73

1.73

-2.46

Martin ratioReturn relative to average drawdown

-1.34

6.63

-7.97

QID vs. UPRO - Sharpe Ratio Comparison

The current QID Sharpe Ratio is -0.84, which is lower than the UPRO Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of QID and UPRO, 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. UPRO - Drawdown Comparison

The maximum QID drawdown since its inception was -99.99%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for QID and UPRO.

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Drawdown Indicators

QIDUPRODifference

Max Drawdown

Largest peak-to-trough decline

-99.99%

-76.82%

-23.17%

Max Drawdown (1Y)

Largest decline over 1 year

-44.65%

-26.78%

-17.87%

Max Drawdown (3Y)

Largest decline over 3 years

-79.50%

-48.87%

-30.63%

Max Drawdown (5Y)

Largest decline over 5 years

-88.72%

-63.94%

-24.78%

Max Drawdown (10Y)

Largest decline over 10 years

-99.21%

-76.82%

-22.39%

Current Drawdown

Current decline from peak

-99.99%

-6.81%

-93.18%

Average Drawdown

Average peak-to-trough decline

-87.09%

-14.35%

-72.74%

Ulcer Index

Depth and duration of drawdowns from previous peaks

24.20%

7.00%

+17.20%

Volatility

QID vs. UPRO - Volatility Comparison

ProShares UltraShort QQQ (QID) has a higher volatility of 13.93% compared to ProShares UltraPro S&P 500 (UPRO) at 10.69%. This indicates that QID's price experiences larger fluctuations and is considered to be riskier than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QIDUPRODifference

Volatility (1M)

Calculated over the trailing 1-month period

13.93%

10.69%

+3.24%

Volatility (6M)

Calculated over the trailing 6-month period

32.16%

30.36%

+1.80%

Volatility (1Y)

Calculated over the trailing 1-year period

38.79%

38.51%

+0.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

45.80%

50.70%

-4.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

44.96%

53.78%

-8.82%

QID vs. UPRO - Expense Ratio Comparison

QID has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.

Dividends

QID vs. UPRO - Dividend Comparison

QID's dividend yield for the trailing twelve months is around 7.46%, more than UPRO's 0.77% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
UPRO
ProShares UltraPro S&P 500		0.77%0.84%0.93%0.74%0.52%0.06%0.11%0.41%0.63%0.00%0.12%0.34%

Frequently Asked Questions

QID and UPRO 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 (13.93%) compared to UPRO (10.69%). In terms of maximum drawdown, QID dropped -99.99% vs UPRO's -76.82%.

On 10-year performance, UPRO leads with 28.48% vs -37.32% for QID. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 10.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, UPRO has performed better with a 28.48% return vs -37.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for QID.

QID has the higher dividend yield at 7.46%, compared with 0.77% for UPRO.

QID tracks NASDAQ-100 Index (-200%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for QID and 0.89% for UPRO.

UPRO currently has the higher Sharpe Ratio (1.21 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.

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