REW vs. QLD
REW (ProShares UltraShort Technology) and QLD (ProShares Ultra QQQ) are both Leveraged Equities funds from ProShares - REW tracks the Dow Jones U.S. Technology Index (-200%) while QLD tracks the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, REW returned -45.16%/yr vs 36.10%/yr for QLD. At a correlation of -0.93, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
REW vs. QLD - Performance Comparison
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Returns By Period
In the year-to-date period, REW achieves a -48.44% return, which is significantly lower than QLD's 42.06% return. Over the past 10 years, REW has underperformed QLD with an annualized return of -45.16%, while QLD has yielded a comparatively higher 36.10% annualized return.
REW
- 1D
- 2.13%
- 1M
- -32.71%
- YTD
- -48.44%
- 6M
- -47.77%
- 1Y
- -65.29%
- 3Y*
- -47.19%
- 5Y*
- -40.21%
- 10Y*
- -45.16%
QLD
- 1D
- -0.53%
- 1M
- 21.54%
- YTD
- 42.06%
- 6M
- 37.45%
- 1Y
- 85.49%
- 3Y*
- 50.15%
- 5Y*
- 25.75%
- 10Y*
- 36.10%
REW vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | -48.44% | -43.15% | -33.70% | -61.35% | 65.72% | -53.61% | -71.34% | -56.83% | -10.02% | -49.11% |
QLD ProShares Ultra QQQ | 42.06% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
Correlation
The correlation between REW and QLD is -0.93, 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 | -0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.95 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2007 | -0.93 |
The correlation between REW and QLD has been stable across timeframes, ranging from -0.96 to -0.93 - a consistent structural relationship.
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Return for Risk
REW vs. QLD — Risk / Return Rank
REW
QLD
REW vs. QLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Technology (REW) and ProShares Ultra QQQ (QLD). 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.
| REW | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.26 | ||
| Sortino ratioReturn per unit of downside risk | -6.19 | ||
| Omega ratioGain probability vs. loss probability | 0.69 | 1.41 | -0.73 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 3.42 | -4.41 |
| Martin ratioReturn relative to average drawdown | -2.00 | 11.92 | -13.92 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| REW | QLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.56 | 2.70 | -4.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.78 | 0.58 | -1.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.93 | 0.81 | -1.74 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.79 | 0.60 | -1.39 |
Drawdowns
REW vs. QLD - Drawdown Comparison
The maximum REW drawdown since its inception was -99.99%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for REW and QLD.
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Drawdown Indicators
| REW | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -83.13% | -16.86% |
Max Drawdown (1Y)Largest decline over 1 year | -66.25% | -25.13% | -41.12% |
Max Drawdown (3Y)Largest decline over 3 years | -86.76% | -42.29% | -44.47% |
Max Drawdown (5Y)Largest decline over 5 years | -93.62% | -63.68% | -29.94% |
Max Drawdown (10Y)Largest decline over 10 years | -99.79% | -63.68% | -36.11% |
Current DrawdownCurrent decline from peak | -99.99% | -0.53% | -99.46% |
Average DrawdownAverage peak-to-trough decline | -86.88% | -18.17% | -68.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.60% | 7.20% | +25.40% |
Volatility
REW vs. QLD - Volatility Comparison
ProShares UltraShort Technology (REW) has a higher volatility of 14.84% compared to ProShares Ultra QQQ (QLD) at 8.90%. This indicates that REW's price experiences larger fluctuations and is considered to be riskier than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| REW | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.84% | 8.90% | +5.94% |
Volatility (6M)Calculated over the trailing 6-month period | 34.14% | 24.08% | +10.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.11% | 31.85% | +10.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.64% | 44.74% | +6.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.83% | 44.56% | +4.27% |
REW vs. QLD - Expense Ratio Comparison
Both REW and QLD have an expense ratio of 0.95%.
Dividends
REW vs. QLD - Dividend Comparison
REW's dividend yield for the trailing twelve months is around 11.04%, more than QLD's 0.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 0.12% | 0.17% | 0.25% | 0.33% | 0.31% | 0.00% | 0.00% | 0.13% | 0.06% | 0.02% | 0.21% | 0.11% |
REW ProShares UltraShort Technology | 11.04% | 6.69% | 5.68% | 5.97% | 0.65% | 0.00% | 0.27% | 1.80% | 0.51% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
REW and QLD have a correlation of -0.93, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
REW has higher volatility (14.84%) compared to QLD (8.90%). In terms of maximum drawdown, REW dropped -99.99% vs QLD's -83.13%.
On 10-year performance, QLD leads with 36.10% vs -45.16% for REW. Both ETFs have the same 0.95% expense ratio. On volatility, QLD has been the lower-risk option at 8.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QLD has performed better with a 36.10% return vs -45.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
REW and QLD have the same expense ratio: 0.95% per year.
REW has the higher dividend yield at 11.04%, compared with 0.12% for QLD.
REW tracks Dow Jones U.S. Technology Index (-200%), while QLD tracks NASDAQ-100 Index (200%).
QLD currently has the higher Sharpe Ratio (2.70 vs -1.56), 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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