QID vs. UPRO

Last updated Jul 12, 2026

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 -38.34%/yr vs 29.10%/yr for UPRO. At a correlation of -0.90, they often move in opposite directions. 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.

Returns By Period

In the year-to-date period, QID achieves a -28.70% return, which is significantly lower than UPRO's 26.83% return. Over the past 10 years, QID has underperformed UPRO with an annualized return of -38.34%, while UPRO has yielded a comparatively higher 29.10% annualized return.

QID

• 1D: -0.64%
• 1M: -0.57%
• 6M: -25.87%
• YTD: -28.70%
• 1Y: -41.01%
• 3Y*: -36.90%
• 5Y*: -29.74%
• 10Y*: -38.34%

UPRO

• 1D: 1.23%
• 1M: 5.07%
• 6M: 20.68%
• YTD: 26.83%
• 1Y: 57.69%
• 3Y*: 47.32%
• 5Y*: 20.56%
• 10Y*: 29.10%

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

QID vs. UPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QID ProShares UltraShort QQQ	-28.70%	-34.97%	-34.06%	-57.19%	66.30%	-44.93%	-69.71%	-49.57%	-9.90%	-44.00%
UPRO ProShares UltraPro S&P 500	26.83%	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 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	-0.93
Correlation (3Y) Calculated over the trailing 3-year period	-0.93
Correlation (5Y) Calculated over the trailing 5-year period	-0.94
Correlation (10Y) Calculated over the trailing 10-year period	-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	97.7%	11.1%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Healthcare	-	8.3%
Industrials	-	7.8%
Real Estate	-	1.8%
Technology	-	39.1%
Utilities	-	2.1%

Return for Risk

QID vs. UPRO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

QID

QID Risk / Return Rank: 1
QID Sharpe Ratio Rank: 1
QID Sortino Ratio Rank: 1
QID Omega Ratio Rank: 1
QID Calmar Ratio Rank: 1
QID Martin Ratio Rank: 0

UPRO

UPRO Risk / Return Rank: 53
UPRO Sharpe Ratio Rank: 55
UPRO Sortino Ratio Rank: 50
UPRO Omega Ratio Rank: 50
UPRO Calmar Ratio Rank: 52
UPRO Martin Ratio Rank: 59

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	QID	UPRO	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	1.50	-2.60
Sortino ratio: Return per unit of downside risk	-1.72	1.99	-3.71
Omega ratio: Gain probability vs. loss probability	0.81	1.26	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.91	2.10	-3.01
Martin ratio: Return relative to average drawdown	-1.81	8.29	-10.09

QID vs. UPRO - Sharpe Ratio Comparison

The current QID Sharpe Ratio is -1.10, which is lower than the UPRO Sharpe Ratio of 1.50. 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.

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.

Drawdown Indicators

	QID	UPRO	Difference
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	-99.25%	-76.82%	-22.43%
Current Drawdown Current decline from peak	-99.99%	-2.91%	-97.08%
Average Drawdown Average peak-to-trough decline	-87.05%	-14.37%	-72.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.54%	6.76%	+15.78%

Volatility

QID vs. UPRO - Volatility Comparison

ProShares UltraShort QQQ (QID) has a higher volatility of 17.52% compared to ProShares UltraPro S&P 500 (UPRO) at 13.43%. 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.

Volatility by Period

	QID	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.52%	13.43%	+4.09%
Volatility (6M) Calculated over the trailing 6-month period	30.45%	29.89%	+0.56%
Volatility (1Y) Calculated over the trailing 1-year period	36.93%	37.50%	-0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.55%	50.65%	-5.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.81%	53.70%	-8.89%

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 8.26%, more than UPRO's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QID ProShares UltraShort QQQ	8.26%	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	0.74%	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

Can I hold both QID and UPRO in my portfolio?

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.

Which is riskier, QID or UPRO?

QID has higher volatility (17.52%) compared to UPRO (13.43%). In terms of maximum drawdown, QID dropped -99.99% vs UPRO's -76.82%.

Which ETF is better, QID or UPRO?

On 10-year performance, UPRO leads with 29.10% vs -38.34% for QID. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 13.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QID or UPRO?

Over the 10-year period, UPRO has performed better with a 29.10% return vs -38.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QID or UPRO?

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

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

QID has the higher dividend yield at 8.26%, compared with 0.74% for UPRO.

What is the main difference between QID and 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.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (1.50 vs -1.10), 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.