QQDN vs. MSFD

Last updated Jul 12, 2026

QQDN (ProShares UltraShort QQQ Mega) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both Inverse Equities funds - QQDN tracks the Nasdaq-100 Mega Index while MSFD tracks the Microsoft Corporation (-100%). Both are passively managed. Over the past year, QQDN returned -34.59% vs 27.78% for MSFD. A 0.56 correlation means they provide meaningful diversification when combined. QQDN charges 0.95%/yr vs 1.06%/yr for MSFD.

Performance

QQDN vs. MSFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort QQQ Mega (QQDN) and Direxion Daily MSFT Bear 1X Shares (MSFD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQDN achieves a -11.94% return, which is significantly lower than MSFD's 21.66% return.

QQDN

• 1D: -1.18%
• 1M: -4.79%
• 6M: -11.62%
• YTD: -11.94%
• 1Y: -34.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSFD

• 1D: -0.21%
• 1M: 0.72%
• 6M: 20.50%
• YTD: 21.66%
• 1Y: 27.78%
• 3Y*: -4.53%
• 5Y*: —
• 10Y*: —

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

QQDN vs. MSFD - Yearly Performance Comparison

	2026 (YTD)	2025
QQDN ProShares UltraShort QQQ Mega	-11.94%	-34.51%
MSFD Direxion Daily MSFT Bear 1X Shares	21.66%	-0.83%

Correlation

The correlation between QQDN and MSFD is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	0.56

The correlation between QQDN and MSFD has been stable across timeframes, ranging from 0.55 to 0.56 - a consistent structural relationship.

Return for Risk

QQDN vs. MSFD — Risk / Return Rank

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

QQDN

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

MSFD

MSFD Risk / Return Rank: 34
MSFD Sharpe Ratio Rank: 34
MSFD Sortino Ratio Rank: 37
MSFD Omega Ratio Rank: 37
MSFD Calmar Ratio Rank: 29
MSFD Martin Ratio Rank: 32

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.

QQDN vs. MSFD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort QQQ Mega (QQDN) and Direxion Daily MSFT Bear 1X Shares (MSFD). 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.

	QQDN	MSFD	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	1.01	-1.88
Sortino ratio: Return per unit of downside risk	-1.22	1.60	-2.82
Omega ratio: Gain probability vs. loss probability	0.87	1.20	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.80	1.18	-1.98
Martin ratio: Return relative to average drawdown	-1.40	3.80	-5.21

QQDN vs. MSFD - Sharpe Ratio Comparison

The current QQDN Sharpe Ratio is -0.87, which is lower than the MSFD Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of QQDN and MSFD, 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

QQDN vs. MSFD - Drawdown Comparison

The maximum QQDN drawdown since its inception was -50.19%, smaller than the maximum MSFD drawdown of -59.90%. Use the drawdown chart below to compare losses from any high point for QQDN and MSFD.

Drawdown Indicators

	QQDN	MSFD	Difference
Max Drawdown Largest peak-to-trough decline	-50.19%	-59.90%	+9.71%
Max Drawdown (1Y) Largest decline over 1 year	-43.68%	-23.25%	-20.43%
Max Drawdown (3Y) Largest decline over 3 years	—	-40.50%	—
Current Drawdown Current decline from peak	-43.46%	-45.13%	+1.67%
Average Drawdown Average peak-to-trough decline	-31.01%	-41.64%	+10.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.15%	7.21%	+17.94%

Volatility

QQDN vs. MSFD - Volatility Comparison

ProShares UltraShort QQQ Mega (QQDN) has a higher volatility of 14.19% compared to Direxion Daily MSFT Bear 1X Shares (MSFD) at 10.50%. This indicates that QQDN's price experiences larger fluctuations and is considered to be riskier than MSFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQDN	MSFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.19%	10.50%	+3.69%
Volatility (6M) Calculated over the trailing 6-month period	31.46%	23.94%	+7.52%
Volatility (1Y) Calculated over the trailing 1-year period	40.32%	27.24%	+13.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.82%	26.40%	+13.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.82%	26.40%	+13.42%

QQDN vs. MSFD - Expense Ratio Comparison

QQDN has a 0.95% expense ratio, which is lower than MSFD's 1.06% expense ratio.

Dividends

QQDN vs. MSFD - Dividend Comparison

QQDN's dividend yield for the trailing twelve months is around 5.59%, more than MSFD's 3.25% yield.

Position	TTM	2025	2024	2023	2022
MSFD Direxion Daily MSFT Bear 1X Shares	3.25%	3.33%	4.46%	4.43%	0.74%
QQDN ProShares UltraShort QQQ Mega	5.59%	3.42%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQDN and MSFD in my portfolio?

QQDN and MSFD have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQDN or MSFD?

QQDN has higher volatility (14.19%) compared to MSFD (10.50%). In terms of maximum drawdown, QQDN dropped -50.19% vs MSFD's -59.90%.

Which ETF is better, QQDN or MSFD?

On 1-year performance, MSFD leads with 27.78% vs -34.59% for QQDN. On fees, QQDN is cheaper at 0.95% per year. On volatility, MSFD has been the lower-risk option at 10.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQDN or MSFD?

Over the 1-year period, MSFD has performed better with a 27.78% return vs -34.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQDN or MSFD?

QQDN is cheaper with a 0.95% expense ratio, compared with 1.06% for MSFD.

Which ETF pays a higher dividend yield, QQDN or MSFD?

QQDN has the higher dividend yield at 5.59%, compared with 3.25% for MSFD.

What is the main difference between QQDN and MSFD?

QQDN tracks Nasdaq-100 Mega Index, while MSFD tracks Microsoft Corporation (-100%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for QQDN and 1.06% for MSFD.

Which has better risk-adjusted returns?

MSFD currently has the higher Sharpe Ratio (1.01 vs -0.87), 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.