QLD vs. SMH

Last updated Jun 4, 2026

QLD (ProShares Ultra QQQ) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%), while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, QLD returned 36.10%/yr vs 37.68%/yr for SMH. Their correlation of 0.82 suggests significant overlap in exposure. QLD charges 0.95%/yr vs 0.35%/yr for SMH.

Performance

QLD vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ (QLD) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QLD achieves a 42.06% return, which is significantly lower than SMH's 77.13% return. Both investments have delivered pretty close results over the past 10 years, with QLD having a 36.10% annualized return and SMH not far ahead at 37.68%.

QLD

• 1D: -0.53%
• 1M: 21.54%
• YTD: 42.06%
• 6M: 37.45%
• 1Y: 85.49%
• 3Y*: 50.15%
• 5Y*: 25.75%
• 10Y*: 36.10%

SMH

• 1D: 0.90%
• 1M: 25.87%
• YTD: 77.13%
• 6M: 75.61%
• 1Y: 157.20%
• 3Y*: 64.17%
• 5Y*: 39.21%
• 10Y*: 37.68%

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

QLD vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QLD ProShares Ultra QQQ	42.06%	30.36%	42.82%	117.72%	-60.52%	54.67%	88.90%	81.69%	-8.31%	70.34%
SMH VanEck Semiconductor ETF	77.13%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between QLD and SMH is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	0.82

The correlation between QLD and SMH has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

QLD vs. SMH - Sectors Allocation Comparison

Sectors	QLD	SMH
Technology	53.8%	100.0%
Communication Services	15.8%	-
Consumer Cyclical	12.3%	-
Consumer Defensive	7.7%	-
Healthcare	4.2%	-
Industrials	2.8%	-
Utilities	1.4%	-
Basic Materials	1.1%	-
Energy	0.6%	-
Financial Services	0.2%	-
Real Estate	0.1%	-

Return for Risk

QLD vs. SMH — Risk / Return Rank

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

QLD

QLD Risk / Return Rank: 69
QLD Sharpe Ratio Rank: 81
QLD Sortino Ratio Rank: 67
QLD Omega Ratio Rank: 67
QLD Calmar Ratio Rank: 67
QLD Martin Ratio Rank: 64

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 98
SMH Sortino Ratio Rank: 95
SMH Omega Ratio Rank: 95
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

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.

QLD vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ (QLD) and VanEck Semiconductor ETF (SMH). 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.

	QLD	SMH	Difference
Sharpe ratio: Return per unit of total volatility	2.70	5.19	-2.49
Sortino ratio: Return per unit of downside risk	3.16	5.22	-2.06
Omega ratio: Gain probability vs. loss probability	1.41	1.72	-0.31
Calmar ratio: Return relative to maximum drawdown	3.42	10.59	-7.17
Martin ratio: Return relative to average drawdown	11.92	40.63	-28.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QLD vs. SMH - Sharpe Ratio Comparison

The current QLD Sharpe Ratio is 2.70, which is lower than the SMH Sharpe Ratio of 5.19. The chart below compares the historical Sharpe Ratios of QLD and SMH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QLD	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.70	5.19	-2.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	1.13	-0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	1.16	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.34	+0.26

Drawdowns

QLD vs. SMH - Drawdown Comparison

The maximum QLD drawdown since its inception was -83.13%, roughly equal to the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for QLD and SMH.

Drawdown Indicators

	QLD	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-83.13%	-84.96%	+1.83%
Max Drawdown (1Y) Largest decline over 1 year	-25.13%	-14.93%	-10.20%
Max Drawdown (3Y) Largest decline over 3 years	-42.29%	-35.74%	-6.55%
Max Drawdown (5Y) Largest decline over 5 years	-63.68%	-45.30%	-18.38%
Max Drawdown (10Y) Largest decline over 10 years	-63.68%	-45.30%	-18.38%
Current Drawdown Current decline from peak	-0.53%	0.00%	-0.53%
Average Drawdown Average peak-to-trough decline	-18.17%	-41.09%	+22.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.20%	3.89%	+3.31%

Volatility

QLD vs. SMH - Volatility Comparison

The current volatility for ProShares Ultra QQQ (QLD) is 8.90%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.47%. This indicates that QLD experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLD	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.90%	11.47%	-2.57%
Volatility (6M) Calculated over the trailing 6-month period	24.08%	24.29%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	31.85%	30.56%	+1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.74%	35.01%	+9.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.56%	32.57%	+11.99%

QLD vs. SMH - Expense Ratio Comparison

QLD has a 0.95% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

QLD vs. SMH - Dividend Comparison

QLD's dividend yield for the trailing twelve months is around 0.12%, less than SMH's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QLD ProShares Ultra QQQ	0.12%	0.17%	0.25%	0.33%	0.31%	0.00%	0.00%	0.13%	0.06%	0.02%	0.21%	0.11%
SMH VanEck Semiconductor ETF	0.17%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%

Frequently Asked Questions

Can I hold both QLD and SMH in my portfolio?

QLD and SMH have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QLD or SMH?

SMH has higher volatility (11.47%) compared to QLD (8.90%). In terms of maximum drawdown, QLD dropped -83.13% vs SMH's -84.96%.

Which ETF is better, QLD or SMH?

On 10-year performance, SMH leads with 37.68% vs 36.10% for QLD. On fees, SMH is cheaper at 0.35% per year. On volatility, QLD has been the lower-risk option at 8.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLD or SMH?

Over the 10-year period, SMH has performed better with a 37.68% return vs 36.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLD or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.95% for QLD.

Which ETF pays a higher dividend yield, QLD or SMH?

SMH has the higher dividend yield at 0.17%, compared with 0.12% for QLD.

What is the main difference between QLD and SMH?

QLD is categorized as Leveraged Equities, while SMH is Semiconductors. QLD tracks NASDAQ-100 Index (200%), while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: ProShares and VanEck. Their fees differ too: 0.95% for QLD and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (5.19 vs 2.70), 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.