QQDN vs. USD

Last updated Jul 12, 2026

QQDN (ProShares UltraShort QQQ Mega) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - QQDN is a Inverse Equities fund tracking the Nasdaq-100 Mega Index, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past year, QQDN returned -34.59% vs 147.75% for USD. At a correlation of -0.77, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

QQDN vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort QQQ Mega (QQDN) 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, QQDN achieves a -11.94% return, which is significantly lower than USD's 85.14% return.

QQDN

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

USD

• 1D: 3.09%
• 1M: 1.14%
• 6M: 76.15%
• YTD: 85.14%
• 1Y: 147.75%
• 3Y*: 110.61%
• 5Y*: 62.46%
• 10Y*: 58.67%

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

QQDN vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025
QQDN ProShares UltraShort QQQ Mega	-11.94%	-34.51%
USD ProShares Ultra Semiconductors	85.14%	68.17%

Correlation

The correlation between QQDN and USD is -0.76, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.76
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	-0.77

The correlation between QQDN and USD has been stable across timeframes, ranging from -0.77 to -0.76 - a consistent structural relationship.

Return for Risk

QQDN vs. USD — 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

USD

USD Risk / Return Rank: 78
USD Sharpe Ratio Rank: 84
USD Sortino Ratio Rank: 65
USD Omega Ratio Rank: 68
USD Calmar Ratio Rank: 91
USD Martin Ratio Rank: 80

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. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort QQQ Mega (QQDN) 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.

	QQDN	USD	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	2.14	-3.01
Sortino ratio: Return per unit of downside risk	-1.22	2.40	-3.62
Omega ratio: Gain probability vs. loss probability	0.87	1.32	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.80	4.70	-5.51
Martin ratio: Return relative to average drawdown	-1.40	12.39	-13.79

QQDN vs. USD - Sharpe Ratio Comparison

The current QQDN Sharpe Ratio is -0.87, which is lower than the USD Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of QQDN 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

QQDN vs. USD - Drawdown Comparison

The maximum QQDN drawdown since its inception was -50.19%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for QQDN and USD.

Drawdown Indicators

	QQDN	USD	Difference
Max Drawdown Largest peak-to-trough decline	-50.19%	-88.63%	+38.44%
Max Drawdown (1Y) Largest decline over 1 year	-43.68%	-31.80%	-11.88%
Max Drawdown (3Y) Largest decline over 3 years	—	-64.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-77.85%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-77.85%	—
Current Drawdown Current decline from peak	-43.46%	-14.47%	-28.99%
Average Drawdown Average peak-to-trough decline	-31.01%	-32.26%	+1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.15%	12.05%	+13.10%

Volatility

QQDN vs. USD - Volatility Comparison

The current volatility for ProShares UltraShort QQQ Mega (QQDN) is 14.19%, while ProShares Ultra Semiconductors (USD) has a volatility of 32.27%. This indicates that QQDN 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

	QQDN	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.19%	32.27%	-18.08%
Volatility (6M) Calculated over the trailing 6-month period	31.46%	57.13%	-25.67%
Volatility (1Y) Calculated over the trailing 1-year period	40.32%	69.99%	-29.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.82%	78.11%	-38.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.82%	69.98%	-30.16%

QQDN vs. USD - Expense Ratio Comparison

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

Dividends

QQDN vs. USD - Dividend Comparison

QQDN's dividend yield for the trailing twelve months is around 5.59%, more than USD's 0.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQDN ProShares UltraShort QQQ Mega	5.59%	3.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USD ProShares Ultra Semiconductors	0.31%	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 QQDN and USD in my portfolio?

QQDN and USD have a correlation of -0.76, 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 USD?

USD has higher volatility (32.27%) compared to QQDN (14.19%). In terms of maximum drawdown, QQDN dropped -50.19% vs USD's -88.63%.

Which ETF is better, QQDN or USD?

On 1-year performance, USD leads with 147.75% vs -34.59% for QQDN. Both ETFs have the same 0.95% expense ratio. 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 USD?

Over the 1-year period, USD has performed better with a 147.75% 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 USD?

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

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

QQDN has the higher dividend yield at 5.59%, compared with 0.31% for USD.

What is the main difference between QQDN and USD?

QQDN is categorized as Inverse Equities, while USD is Leveraged Equities. QQDN tracks Nasdaq-100 Mega Index, while USD tracks Dow Jones U.S. Semiconductors Index (200%).

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (2.14 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.