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QQQ vs. USD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QQQ vs. USD

Last updated Jun 14, 2026

QQQ (Invesco QQQ ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - QQQ is a Nasdaq-100 fund tracking the NASDAQ-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 10 years, QQQ returned 21.79%/yr vs 60.21%/yr for USD. Their correlation of 0.83 suggests significant overlap in exposure. QQQ charges 0.18%/yr vs 0.95%/yr for USD.

Performance

QQQ vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco QQQ ETF (QQQ) and ProShares Ultra Semiconductors (USD). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, QQQ achieves a 17.57% return, which is significantly lower than USD's 86.87% return. Over the past 10 years, QQQ has underperformed USD with an annualized return of 21.79%, while USD has yielded a comparatively higher 60.21% annualized return.

QQQ

1D
0.59%
1M
1.75%
YTD
17.57%
6M
17.85%
1Y
37.55%
3Y*
26.43%
5Y*
16.85%
10Y*
21.79%

USD

1D
2.08%
1M
2.49%
YTD
86.87%
6M
97.77%
1Y
222.89%
3Y*
111.11%
5Y*
65.02%
10Y*
60.21%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QQQ vs. USD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QQQ
Invesco QQQ ETF		17.57%20.77%25.58%54.86%-32.58%27.42%48.62%38.96%-0.13%32.66%
USD
ProShares Ultra Semiconductors		86.87%62.08%139.64%228.79%-68.57%104.27%68.16%110.37%-26.88%81.72%

Correlation

The correlation between QQQ and USD is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.81

Correlation (3Y)
Calculated over the trailing 3-year period

0.84

Correlation (5Y)
Calculated over the trailing 5-year period

0.87

Correlation (10Y)
Calculated over the trailing 10-year period

0.84

Correlation (All Time)
Calculated using the full available price history since Feb 1, 2007

0.83

The correlation between QQQ and USD has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.

QQQ vs. USD - Sectors Allocation Comparison

Sectors
QQQ
USD

Technology

58.7%
29.1%

Communication Services

14.3%

-

Consumer Cyclical

11.4%

-

Consumer Defensive

6.4%

-

Healthcare

3.7%

-

Industrials

2.6%

-

Utilities

1.2%

-

Basic Materials

1.0%

-

Energy

0.5%
0.0%

Financial Services

0.2%
32.1%

Real Estate

0.1%

-

Technology

QQQ
58.7%
USD
29.1%

Communication Services

QQQ
14.3%
USD

-

Consumer Cyclical

QQQ
11.4%
USD

-

Consumer Defensive

QQQ
6.4%
USD

-

Healthcare

QQQ
3.7%
USD

-

Industrials

QQQ
2.6%
USD

-

Utilities

QQQ
1.2%
USD

-

Basic Materials

QQQ
1.0%
USD

-

Energy

QQQ
0.5%
USD
0.0%

Financial Services

QQQ
0.2%
USD
32.1%

Real Estate

QQQ
0.1%
USD

-

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Invesco QQQ ETF

ProShares Ultra Semiconductors

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Return for Risk

QQQ vs. USD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QQQ
QQQ Risk / Return Rank: 7171
Overall Rank
QQQ Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
QQQ Sortino Ratio Rank: 7070
Sortino Ratio Rank
QQQ Omega Ratio Rank: 7373
Omega Ratio Rank
QQQ Calmar Ratio Rank: 6969
Calmar Ratio Rank
QQQ Martin Ratio Rank: 7070
Martin Ratio Rank
USD
USD Risk / Return Rank: 8888
Overall Rank
USD Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
USD Sortino Ratio Rank: 7979
Sortino Ratio Rank
USD Omega Ratio Rank: 8181
Omega Ratio Rank
USD Calmar Ratio Rank: 9595
Calmar Ratio Rank
USD Martin Ratio Rank: 9191
Martin Ratio Rank
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.

QQQ vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco QQQ ETF (QQQ) 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.

QQQUSDDifference
Sharpe ratioReturn per unit of total volatility
2.09
3.20

-1.11

Sortino ratioReturn per unit of downside risk
2.73
3.05

-0.32

Omega ratioGain probability vs. loss probability

1.37

1.41

-0.05

Calmar ratioReturn relative to maximum drawdown

3.01

6.58

-3.57

Martin ratioReturn relative to average drawdown

11.22

18.43

-7.20

QQQ vs. USD - Sharpe Ratio Comparison

The current QQQ Sharpe Ratio is 2.09, which is lower than the USD Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of QQQ 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.

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Drawdowns

QQQ vs. USD - Drawdown Comparison

The maximum QQQ drawdown since its inception was -82.97%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for QQQ and USD.

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Drawdown Indicators

QQQUSDDifference

Max Drawdown

Largest peak-to-trough decline

-82.97%

-88.63%

+5.66%

Max Drawdown (1Y)

Largest decline over 1 year

-11.96%

-31.80%

+19.84%

Max Drawdown (3Y)

Largest decline over 3 years

-22.77%

-64.46%

+41.69%

Max Drawdown (5Y)

Largest decline over 5 years

-35.12%

-77.85%

+42.73%

Max Drawdown (10Y)

Largest decline over 10 years

-35.12%

-77.85%

+42.73%

Current Drawdown

Current decline from peak

-3.33%

-13.67%

+10.34%

Average Drawdown

Average peak-to-trough decline

-32.75%

-32.32%

-0.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.20%

11.34%

-8.14%

Volatility

QQQ vs. USD - Volatility Comparison

The current volatility for Invesco QQQ ETF (QQQ) is 7.56%, while ProShares Ultra Semiconductors (USD) has a volatility of 29.56%. This indicates that QQQ 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.

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Volatility by Period

QQQUSDDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.56%

29.56%

-22.00%

Volatility (6M)

Calculated over the trailing 6-month period

13.81%

52.44%

-38.63%

Volatility (1Y)

Calculated over the trailing 1-year period

17.19%

65.34%

-48.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.55%

77.19%

-54.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.38%

69.61%

-47.23%

QQQ vs. USD - Expense Ratio Comparison

QQQ has a 0.18% expense ratio, which is lower than USD's 0.95% expense ratio.

Dividends

QQQ vs. USD - Dividend Comparison

QQQ's dividend yield for the trailing twelve months is around 0.39%, more than USD's 0.25% yield.

PositionTTM20252024202320222021202020192018201720162015
QQQ
Invesco QQQ ETF		0.39%0.45%0.56%0.62%0.80%0.43%0.55%0.74%0.91%0.84%1.06%0.99%
USD
ProShares Ultra Semiconductors		0.25%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

QQQ and USD have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USD has higher volatility (29.56%) compared to QQQ (7.56%). In terms of maximum drawdown, QQQ dropped -82.97% vs USD's -88.63%.

On 10-year performance, USD leads with 60.21% vs 21.79% for QQQ. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 7.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, USD has performed better with a 60.21% return vs 21.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QQQ is cheaper with a 0.18% expense ratio, compared with 0.95% for USD.

QQQ has the higher dividend yield at 0.39%, compared with 0.25% for USD.

QQQ is categorized as Nasdaq-100, while USD is Leveraged Equities. QQQ tracks NASDAQ-100 Index, while USD tracks Dow Jones U.S. Semiconductors Index (200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.18% for QQQ and 0.95% for USD.

USD currently has the higher Sharpe Ratio (3.20 vs 2.09), 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.

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