QLD vs. SMH
Compare and contrast key facts about ProShares Ultra QQQ (QLD) and VanEck Semiconductor ETF (SMH).
QLD and SMH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QLD is a passively managed fund by ProShares that tracks the performance of the NASDAQ-100 Index (200%). It was launched on Jun 21, 2006. SMH is a passively managed fund by VanEck that tracks the performance of the MVIS US Listed Semiconductor 25 Index. It was launched on Dec 20, 2011. Both QLD and SMH are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
QLD vs. SMH - Performance Comparison
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QLD vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | -11.23% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
SMH VanEck Semiconductor ETF | 8.84% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
Returns By Period
In the year-to-date period, QLD achieves a -11.23% return, which is significantly lower than SMH's 8.84% return. Over the past 10 years, QLD has underperformed SMH with an annualized return of 29.71%, while SMH has yielded a comparatively higher 31.58% annualized return.
QLD
- 1D
- 2.44%
- 1M
- -8.26%
- YTD
- -11.23%
- 6M
- -9.73%
- 1Y
- 38.72%
- 3Y*
- 36.50%
- 5Y*
- 15.83%
- 10Y*
- 29.71%
SMH
- 1D
- 2.24%
- 1M
- -3.55%
- YTD
- 8.84%
- 6M
- 17.83%
- 1Y
- 85.04%
- 3Y*
- 44.53%
- 5Y*
- 26.15%
- 10Y*
- 31.58%
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QLD vs. SMH - Expense Ratio Comparison
QLD has a 0.95% expense ratio, which is higher than SMH's 0.35% expense ratio.
Return for Risk
QLD vs. SMH — Risk / Return Rank
QLD
SMH
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 ratioReturn per unit of total volatility | 0.87 | 2.32 | -1.45 |
Sortino ratioReturn per unit of downside risk | 1.46 | 2.92 | -1.46 |
Omega ratioGain probability vs. loss probability | 1.21 | 1.41 | -0.21 |
Calmar ratioReturn relative to maximum drawdown | 1.63 | 5.39 | -3.76 |
Martin ratioReturn relative to average drawdown | 5.27 | 19.22 | -13.95 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| QLD | SMH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.87 | 2.32 | -1.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | 0.76 | -0.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.67 | 0.98 | -0.31 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.28 | +0.25 |
Correlation
The correlation between QLD and SMH is 0.82, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
QLD vs. SMH - Dividend Comparison
QLD's dividend yield for the trailing twelve months is around 0.19%, less than SMH's 0.28% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 0.19% | 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 | 0.28% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
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.
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Drawdown Indicators
| QLD | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.13% | -84.96% | +1.83% |
Max Drawdown (1Y)Largest decline over 1 year | -25.13% | -15.95% | -9.18% |
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 DrawdownCurrent decline from peak | -18.15% | -8.02% | -10.13% |
Average DrawdownAverage peak-to-trough decline | -18.30% | -41.35% | +23.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.75% | 4.47% | +3.28% |
Volatility
QLD vs. SMH - Volatility Comparison
ProShares Ultra QQQ (QLD) has a higher volatility of 13.16% compared to VanEck Semiconductor ETF (SMH) at 11.74%. This indicates that QLD's price experiences larger fluctuations and is considered to be riskier than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QLD | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.16% | 11.74% | +1.42% |
Volatility (6M)Calculated over the trailing 6-month period | 25.67% | 24.02% | +1.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.97% | 36.88% | +8.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.76% | 34.68% | +10.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.47% | 32.29% | +12.18% |