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 -27.11%/yr vs 32.56%/yr for QLD. Their -0.68 correlation means they have often moved in opposite directions in the past. 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 -31.77% return, which is significantly lower than QLD's 18.94% return. Over the past 10 years, SDD has underperformed QLD with an annualized return of -27.11%, while QLD has yielded a comparatively higher 32.56% annualized return.
SDD
- 1D
- 0.18%
- 1M
- 1.55%
- 6M
- -23.81%
- YTD
- -31.77%
- 1Y
- -45.35%
- 3Y*
- -22.64%
- 5Y*
- -17.41%
- 10Y*
- -27.11%
- ALL TIME*
- -28.05%
QLD
- 1D
- 1.20%
- 1M
- -7.66%
- 6M
- 16.78%
- YTD
- 18.94%
- 1Y
- 42.18%
- 3Y*
- 35.01%
- 5Y*
- 17.45%
- 10Y*
- 32.56%
- ALL TIME*
- 24.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $408.78M | $399.91M | $439.78M | |
| $23.13K | $20.77K | $17.96K |
SDD vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | -31.77% | -14.69% | -13.60% | -25.99% | 20.50% | -46.57% | -55.11% | -36.30% | 14.10% | -25.45% |
QLD ProShares Ultra QQQ | 18.94% | 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 have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.60 |
Correlation (3Y) Balances recent behavior with more history. | -0.60 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.66 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.59 |
Correlation (All Time) Calculated using the full available price history since Jan 25, 2007 | -0.68 |
The correlation between SDD and QLD has been stable across timeframes, ranging from -0.68 to -0.59 - 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.
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.
| SDD | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.18 | ||
| Sortino ratioReturn per unit of downside risk | -3.26 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.18 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 1.46 | -2.37 |
| Martin ratioReturn relative to average drawdown | -1.47 | 4.32 | -5.79 |
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Drawdowns
SDD vs. QLD - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.94%, 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 | -99.94% | -83.13% | -16.81% |
Max Drawdown (1Y)Largest decline over 1 year | -47.71% | -25.13% | -22.58% |
Max Drawdown (3Y)Largest decline over 3 years | -69.10% | -42.29% | -26.81% |
Max Drawdown (5Y)Largest decline over 5 years | -71.26% | -63.68% | -7.58% |
Max Drawdown (10Y)Largest decline over 10 years | -96.11% | -63.68% | -32.43% |
Current DrawdownCurrent decline from peak | -99.94% | -16.72% | -83.22% |
Average DrawdownAverage peak-to-trough decline | -87.00% | -18.11% | -68.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.46% | 8.47% | +20.99% |
Volatility
SDD vs. QLD - Volatility Comparison
The current volatility for ProShares UltraShort SmallCap600 (SDD) is 7.32%, while ProShares Ultra QQQ (QLD) has a volatility of 13.69%. 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 | 7.32% | 13.69% | -6.37% |
Volatility (6M)Calculated over the trailing 6-month period | 23.94% | 31.99% | -8.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.53% | 38.62% | -3.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.90% | 45.76% | -2.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.04% | 44.97% | +0.07% |
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 6.30%, more than QLD's 0.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 0.14% | 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 | 6.30% | 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 (13.69%) compared to SDD (7.32%). In terms of maximum drawdown, SDD dropped -99.94% vs QLD's -83.13%.
On 10-year performance, QLD leads with 32.56% vs -27.11% for SDD. Both ETFs have the same 0.95% expense ratio. On volatility, SDD has been the lower-risk option at 7.32%. 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 32.56% return vs -27.11%. 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 6.30%, compared with 0.14% 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 (0.95 vs -1.22), 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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