QQH vs. USD

Last updated Jun 3, 2026

QQH (HCM Defender 100 Index ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - QQH is a Technology Equities fund tracking the HCM Defender 100 Index, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 5 years, QQH returned 15.75%/yr vs 71.52%/yr for USD. Their correlation of 0.80 suggests significant overlap in exposure. QQH charges 1.14%/yr vs 0.95%/yr for USD.

Performance

QQH vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HCM Defender 100 Index ETF (QQH) 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, QQH achieves a 15.43% return, which is significantly lower than USD's 116.46% return.

QQH

• 1D: 0.62%
• 1M: 14.44%
• YTD: 15.43%
• 6M: 13.16%
• 1Y: 42.37%
• 3Y*: 26.29%
• 5Y*: 15.75%
• 10Y*: —

USD

• 1D: 4.76%
• 1M: 45.27%
• YTD: 116.46%
• 6M: 113.25%
• 1Y: 300.04%
• 3Y*: 128.54%
• 5Y*: 71.52%
• 10Y*: 62.35%

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

QQH vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
QQH HCM Defender 100 Index ETF	15.43%	15.66%	33.64%	48.05%	-39.60%	37.52%	41.71%	15.13%
USD ProShares Ultra Semiconductors	116.46%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	38.52%

Correlation

The correlation between QQH and USD is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Oct 11, 2019	0.80

The correlation between QQH and USD has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.

QQH vs. USD - Sectors Allocation Comparison

Sectors	QQH	USD
Technology	56.6%	27.4%
Communication Services	14.9%	-
Consumer Cyclical	13.6%	-
Consumer Defensive	6.3%	-
Healthcare	3.5%	-
Industrials	2.2%	-
Utilities	1.2%	-
Basic Materials	1.0%	-
Energy	0.5%	0.0%
Financial Services	0.2%	27.8%
Real Estate	0.0%	-

Return for Risk

QQH vs. USD — Risk / Return Rank

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

QQH

QQH Risk / Return Rank: 54
QQH Sharpe Ratio Rank: 61
QQH Sortino Ratio Rank: 54
QQH Omega Ratio Rank: 55
QQH Calmar Ratio Rank: 54
QQH Martin Ratio Rank: 44

USD

USD Risk / Return Rank: 92
USD Sharpe Ratio Rank: 97
USD Sortino Ratio Rank: 87
USD Omega Ratio Rank: 86
USD Calmar Ratio Rank: 96
USD Martin Ratio Rank: 95

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.

QQH vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HCM Defender 100 Index ETF (QQH) 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.

	QQH	USD	Difference
Sharpe ratio Return per unit of total volatility	2.07	4.94	-2.87
Sortino ratio Return per unit of downside risk	2.64	3.98	-1.34
Omega ratio Gain probability vs. loss probability	1.34	1.54	-0.20
Calmar ratio Return relative to maximum drawdown	2.70	9.93	-7.22
Martin ratio Return relative to average drawdown	7.37	28.78	-21.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQH vs. USD - Sharpe Ratio Comparison

The current QQH Sharpe Ratio is 2.07, which is lower than the USD Sharpe Ratio of 4.94. The chart below compares the historical Sharpe Ratios of QQH 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.

Sharpe Ratios by Period

	QQH	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	4.94	-2.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.94	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.49	+0.37

Drawdowns

QQH vs. USD - Drawdown Comparison

The maximum QQH drawdown since its inception was -41.87%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for QQH and USD.

Drawdown Indicators

	QQH	USD	Difference
Max Drawdown Largest peak-to-trough decline	-41.87%	-88.63%	+46.76%
Max Drawdown (1Y) Largest decline over 1 year	-16.18%	-31.80%	+15.62%
Max Drawdown (3Y) Largest decline over 3 years	-24.84%	-64.46%	+39.62%
Max Drawdown (5Y) Largest decline over 5 years	-41.87%	-77.85%	+35.98%
Max Drawdown (10Y) Largest decline over 10 years	—	-77.85%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-12.94%	-32.36%	+19.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.93%	10.97%	-5.04%

Volatility

QQH vs. USD - Volatility Comparison

The current volatility for HCM Defender 100 Index ETF (QQH) is 5.99%, while ProShares Ultra Semiconductors (USD) has a volatility of 20.29%. This indicates that QQH 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

	QQH	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.99%	20.29%	-14.30%
Volatility (6M) Calculated over the trailing 6-month period	14.46%	46.37%	-31.91%
Volatility (1Y) Calculated over the trailing 1-year period	20.57%	61.29%	-40.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.52%	76.56%	-55.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.73%	69.24%	-44.51%

QQH vs. USD - Expense Ratio Comparison

QQH has a 1.14% expense ratio, which is higher than USD's 0.95% expense ratio.

Dividends

QQH vs. USD - Dividend Comparison

QQH's dividend yield for the trailing twelve months is around 0.18%, less than USD's 0.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQH HCM Defender 100 Index ETF	0.18%	0.21%	0.24%	0.27%	0.00%	0.00%	0.00%	0.21%	0.00%	0.00%	0.00%	0.00%
USD ProShares Ultra Semiconductors	0.21%	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 QQH and USD in my portfolio?

QQH and USD have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQH or USD?

USD has higher volatility (20.29%) compared to QQH (5.99%). In terms of maximum drawdown, QQH dropped -41.87% vs USD's -88.63%.

Which ETF is better, QQH or USD?

On 5-year performance, USD leads with 71.52% vs 15.75% for QQH. On fees, USD is cheaper at 0.95% per year. On volatility, QQH has been the lower-risk option at 5.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQH or USD?

Over the 5-year period, USD has performed better with a 71.52% return vs 15.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQH or USD?

USD is cheaper with a 0.95% expense ratio, compared with 1.14% for QQH.

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

USD has the higher dividend yield at 0.21%, compared with 0.18% for QQH.

What is the main difference between QQH and USD?

QQH is categorized as Technology Equities, while USD is Leveraged Equities. QQH tracks HCM Defender 100 Index, while USD tracks Dow Jones U.S. Semiconductors Index (200%). They also come from different issuers: Howard Capital Management and ProShares. Their fees differ too: 1.14% for QQH and 0.95% for USD.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.94 vs 2.07), 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.