QID vs. USD

Last updated Aug 3, 2026

QID (ProShares UltraShort QQQ) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - QID tracks the NASDAQ-100 Index (-200%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, QID returned -37.32%/yr vs 54.19%/yr for USD. Their -0.83 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

QID vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort QQQ (QID) and ProShares Ultra Semiconductors (USD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QID achieves a -21.02% return, which is significantly lower than USD's 50.25% return. Over the past 10 years, QID has underperformed USD with an annualized return of -37.32%, while USD has yielded a comparatively higher 54.19% 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%

USD

• 1D: 1.44%
• 1M: -10.08%
• 6M: 34.80%
• YTD: 50.25%
• 1Y: 92.29%
• 3Y*: 87.71%
• 5Y*: 55.02%
• 10Y*: 54.19%
• ALL TIME*: 28.07%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QID ProShares UltraShort QQQ	$255.66M	$222.38M	$304.58M
USD ProShares Ultra Semiconductors	$68.86M	$72.62M	$95.81M

QID vs. USD - 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%
USD ProShares Ultra Semiconductors	50.25%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between QID and USD is -0.84, 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.	-0.84
Correlation (3Y) Balances recent behavior with more history.	-0.84
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.87
Correlation (10Y) Provides a long-term view across more market conditions.	-0.84
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	-0.83

The correlation between QID and USD has been stable across timeframes, ranging from -0.87 to -0.83 - a consistent structural relationship.

QID vs. USD - Sectors Allocation Comparison

Sectors	QID	USD
Financial Services	64.8%	32.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	32.6%
Utilities	-	-

Return for Risk

QID vs. USD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QID

QID Risk / Return Rank: 3
QID Sharpe Ratio Rank: 2
QID Sortino Ratio Rank: 3
QID Omega Ratio Rank: 3
QID Calmar Ratio Rank: 3
QID Martin Ratio Rank: 1

USD

USD Risk / Return Rank: 52
USD Sharpe Ratio Rank: 47
USD Sortino Ratio Rank: 49
USD Omega Ratio Rank: 49
USD Calmar Ratio Rank: 62
USD Martin Ratio Rank: 53

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. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort QQQ (QID) and ProShares Ultra Semiconductors (USD). 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	USD	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	1.15	-1.99
Sortino ratio: Return per unit of downside risk	-1.16	1.73	-2.88
Omega ratio: Gain probability vs. loss probability	0.87	1.22	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.73	2.16	-2.89
Martin ratio: Return relative to average drawdown	-1.34	6.21	-7.56

QID vs. USD - Sharpe Ratio Comparison

The current QID Sharpe Ratio is -0.84, which is lower than the USD Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of QID and USD, 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. USD - Drawdown Comparison

The maximum QID drawdown since its inception was -99.99%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for QID and USD.

Drawdown Indicators

	QID	USD	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-88.63%	-11.36%
Max Drawdown (1Y) Largest decline over 1 year	-44.65%	-39.33%	-5.32%
Max Drawdown (3Y) Largest decline over 3 years	-79.50%	-64.46%	-15.04%
Max Drawdown (5Y) Largest decline over 5 years	-88.72%	-77.85%	-10.87%
Max Drawdown (10Y) Largest decline over 10 years	-99.21%	-77.85%	-21.36%
Current Drawdown Current decline from peak	-99.99%	-30.59%	-69.40%
Average Drawdown Average peak-to-trough decline	-87.09%	-32.23%	-54.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.20%	13.62%	+10.58%

Volatility

QID vs. USD - Volatility Comparison

The current volatility for ProShares UltraShort QQQ (QID) is 13.93%, while ProShares Ultra Semiconductors (USD) has a volatility of 28.19%. This indicates that QID experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QID	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.93%	28.19%	-14.26%
Volatility (6M) Calculated over the trailing 6-month period	32.16%	61.13%	-28.97%
Volatility (1Y) Calculated over the trailing 1-year period	38.79%	73.80%	-35.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.80%	78.73%	-32.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.96%	70.38%	-25.42%

QID vs. USD - Expense Ratio Comparison

Both QID and USD have an expense ratio of 0.95%.

Dividends

QID vs. USD - Dividend Comparison

QID's dividend yield for the trailing twelve months is around 7.46%, more than USD's 0.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
USD ProShares Ultra Semiconductors	0.39%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both QID and USD in my portfolio?

QID and USD have a correlation of -0.84, 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 USD?

USD has higher volatility (28.19%) compared to QID (13.93%). In terms of maximum drawdown, QID dropped -99.99% vs USD's -88.63%.

Which ETF is better, QID or USD?

On 10-year performance, USD leads with 54.19% vs -37.32% for QID. Both ETFs have the same 0.95% expense ratio. On volatility, QID has been the lower-risk option at 13.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QID or USD?

Over the 10-year period, USD has performed better with a 54.19% return vs -37.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QID or USD?

QID and USD have the same expense ratio: 0.95% per year.

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

QID has the higher dividend yield at 7.46%, compared with 0.39% for USD.

What is the main difference between QID and USD?

QID tracks NASDAQ-100 Index (-200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (1.15 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.