QQDN vs. SMST

Last updated Jul 12, 2026

QQDN (ProShares UltraShort QQQ Mega) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both Inverse Equities funds. QQDN is passively managed, while SMST is actively managed. Over the past year, QQDN returned -34.59% vs 223.04% for SMST. At a 0.46 correlation, their price movements are largely independent. QQDN charges 0.95%/yr vs 1.29%/yr for SMST.

Performance

QQDN vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort QQQ Mega (QQDN) and Defiance Daily Target 2X Short MSTR ETF (SMST). 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 higher than SMST's -31.56% return.

QQDN

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

SMST

• 1D: -1.67%
• 1M: 37.17%
• 6M: -24.18%
• YTD: -31.56%
• 1Y: 223.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQDN vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
QQDN ProShares UltraShort QQQ Mega	-11.94%	-34.51%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.56%	247.70%

Correlation

The correlation between QQDN and SMST is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	0.46

Return for Risk

QQDN vs. SMST — 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

SMST

SMST Risk / Return Rank: 53
SMST Sharpe Ratio Rank: 49
SMST Sortino Ratio Rank: 58
SMST Omega Ratio Rank: 58
SMST Calmar Ratio Rank: 60
SMST Martin Ratio Rank: 38

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. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort QQQ Mega (QQDN) and Defiance Daily Target 2X Short MSTR ETF (SMST). 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	SMST	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	1.37	-2.24
Sortino ratio: Return per unit of downside risk	-1.22	2.22	-3.44
Omega ratio: Gain probability vs. loss probability	0.87	1.29	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.80	2.39	-3.20
Martin ratio: Return relative to average drawdown	-1.40	4.64	-6.04

QQDN vs. SMST - Sharpe Ratio Comparison

The current QQDN Sharpe Ratio is -0.87, which is lower than the SMST Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of QQDN and SMST, 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. SMST - Drawdown Comparison

The maximum QQDN drawdown since its inception was -50.19%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for QQDN and SMST.

Drawdown Indicators

	QQDN	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-50.19%	-99.25%	+49.06%
Max Drawdown (1Y) Largest decline over 1 year	-43.68%	-85.39%	+41.71%
Current Drawdown Current decline from peak	-43.46%	-97.31%	+53.85%
Average Drawdown Average peak-to-trough decline	-31.01%	-90.88%	+59.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.15%	43.98%	-18.83%

Volatility

QQDN vs. SMST - Volatility Comparison

The current volatility for ProShares UltraShort QQQ Mega (QQDN) is 14.19%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.47%. This indicates that QQDN experiences smaller price fluctuations and is considered to be less risky than SMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQDN	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.19%	56.47%	-42.28%
Volatility (6M) Calculated over the trailing 6-month period	31.46%	135.94%	-104.48%
Volatility (1Y) Calculated over the trailing 1-year period	40.32%	149.09%	-108.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.82%	167.87%	-128.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.82%	167.87%	-128.05%

QQDN vs. SMST - Expense Ratio Comparison

QQDN has a 0.95% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

QQDN vs. SMST - Dividend Comparison

QQDN's dividend yield for the trailing twelve months is around 5.59%, while SMST has not paid dividends to shareholders.

Position	TTM	2025
QQDN ProShares UltraShort QQQ Mega	5.59%	3.42%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQDN and SMST in my portfolio?

QQDN and SMST have a correlation of 0.46, 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 SMST?

SMST has higher volatility (56.47%) compared to QQDN (14.19%). In terms of maximum drawdown, QQDN dropped -50.19% vs SMST's -99.25%.

Which ETF is better, QQDN or SMST?

On 1-year performance, SMST leads with 223.04% vs -34.59% for QQDN. On fees, QQDN is cheaper at 0.95% per year. On volatility, QQDN has been the lower-risk option at 14.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQDN or SMST?

Over the 1-year period, SMST has performed better with a 223.04% 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 SMST?

QQDN is cheaper with a 0.95% expense ratio, compared with 1.29% for SMST.

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

QQDN has the higher dividend yield at 5.59%, compared with 0.00% for SMST.

What is the main difference between QQDN and SMST?

They also come from different issuers: ProShares and Defiance. Their fees differ too: 0.95% for QQDN and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.37 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.