SDD vs. QLD
SDD (ProShares UltraShort SmallCap600) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - SDD is a Inverse Equities fund tracking the S&P Small Cap 600 (-200%), while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, SDD returned -26.75%/yr vs 34.57%/yr for QLD. At a correlation of -0.68, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SDD vs. QLD - Performance Comparison
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Returns By Period
In the year-to-date period, SDD achieves a -23.94% return, which is significantly lower than QLD's 27.20% return. Over the past 10 years, SDD has underperformed QLD with an annualized return of -26.75%, while QLD has yielded a comparatively higher 34.57% annualized return.
SDD
- 1D
- 3.63%
- 1M
- 2.05%
- YTD
- -23.94%
- 6M
- -22.77%
- 1Y
- -41.53%
- 3Y*
- -23.30%
- 5Y*
- -14.95%
- 10Y*
- -26.75%
QLD
- 1D
- -9.57%
- 1M
- 1.92%
- YTD
- 27.20%
- 6M
- 22.35%
- 1Y
- 67.86%
- 3Y*
- 44.68%
- 5Y*
- 23.00%
- 10Y*
- 34.57%
SDD vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | -23.94% | -14.69% | -13.60% | -25.99% | 20.50% | -46.57% | -55.11% | -36.30% | 14.10% | -25.45% |
QLD ProShares Ultra QQQ | 27.20% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
Correlation
The correlation between SDD and QLD is -0.60, 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 | -0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.59 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2007 | -0.68 |
The correlation between SDD and QLD has been stable across timeframes, ranging from -0.68 to -0.58 - a consistent structural relationship.
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Return for Risk
SDD vs. QLD — Risk / Return Rank
SDD
QLD
SDD vs. QLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort SmallCap600 (SDD) 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.
| SDD | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.20 | ||
| Sortino ratioReturn per unit of downside risk | -4.17 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.34 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 2.71 | -3.67 |
| Martin ratioReturn relative to average drawdown | -1.56 | 9.41 | -10.97 |
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
| SDD | QLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | 2.05 | -3.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.35 | 0.51 | -0.86 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | 0.78 | -1.37 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | 0.58 | -1.16 |
Drawdowns
SDD vs. QLD - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.93%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for SDD and QLD.
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Drawdown Indicators
| SDD | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.93% | -83.13% | -16.80% |
Max Drawdown (1Y)Largest decline over 1 year | -43.74% | -25.13% | -18.61% |
Max Drawdown (3Y)Largest decline over 3 years | -65.26% | -42.29% | -22.97% |
Max Drawdown (5Y)Largest decline over 5 years | -67.68% | -63.68% | -4.00% |
Max Drawdown (10Y)Largest decline over 10 years | -96.21% | -63.68% | -32.53% |
Current DrawdownCurrent decline from peak | -99.93% | -10.93% | -89.00% |
Average DrawdownAverage peak-to-trough decline | -86.92% | -18.17% | -68.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.68% | 7.23% | +19.45% |
Volatility
SDD vs. QLD - Volatility Comparison
The current volatility for ProShares UltraShort SmallCap600 (SDD) is 9.35%, while ProShares Ultra QQQ (QLD) has a volatility of 13.48%. This indicates that SDD experiences smaller price fluctuations and is considered to be less risky 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
| SDD | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.35% | 13.48% | -4.13% |
Volatility (6M)Calculated over the trailing 6-month period | 24.32% | 26.19% | -1.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.17% | 33.33% | +2.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.23% | 44.91% | -1.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.16% | 44.66% | +0.50% |
SDD vs. QLD - Expense Ratio Comparison
Both SDD and QLD have an expense ratio of 0.95%.
Dividends
SDD vs. QLD - Dividend Comparison
SDD's dividend yield for the trailing twelve months is around 6.11%, more than QLD's 0.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 0.13% | 0.17% | 0.25% | 0.33% | 0.31% | 0.00% | 0.00% | 0.13% | 0.06% | 0.02% | 0.21% | 0.11% |
SDD ProShares UltraShort SmallCap600 | 6.11% | 5.07% | 4.34% | 3.84% | 0.33% | 0.00% | 0.00% | 1.20% | 0.52% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SDD and QLD have a correlation of -0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QLD has higher volatility (13.48%) compared to SDD (9.35%). In terms of maximum drawdown, SDD dropped -99.93% vs QLD's -83.13%.
On 10-year performance, QLD leads with 34.57% vs -26.75% for SDD. Both ETFs have the same 0.95% expense ratio. On volatility, SDD has been the lower-risk option at 9.35%. 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 34.57% return vs -26.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDD and QLD have the same expense ratio: 0.95% per year.
SDD has the higher dividend yield at 6.11%, compared with 0.13% for QLD.
SDD is categorized as Inverse Equities, while QLD is Leveraged Equities. SDD tracks S&P Small Cap 600 (-200%), while QLD tracks NASDAQ-100 Index (200%).
QLD currently has the higher Sharpe Ratio (2.05 vs -1.15), 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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