PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
SDOW vs. QLD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SDOW vs. QLD

Last updated Jun 26, 2026

SDOW (ProShares UltraPro Short Dow30) and QLD (ProShares Ultra QQQ) are both Leveraged Equities funds from ProShares - SDOW tracks the Dow Jones Industrial Average (-300%) while QLD tracks the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, SDOW returned -39.02%/yr vs 36.90%/yr for QLD. At a correlation of -0.75, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

SDOW vs. QLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short Dow30 (SDOW) and ProShares Ultra QQQ (QLD). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, SDOW achieves a -21.66% return, which is significantly lower than QLD's 30.45% return. Over the past 10 years, SDOW has underperformed QLD with an annualized return of -39.02%, while QLD has yielded a comparatively higher 36.90% annualized return.

SDOW

1D
-0.40%
1M
-8.55%
YTD
-21.66%
6M
-18.34%
1Y
-42.45%
3Y*
-34.12%
5Y*
-25.90%
10Y*
-39.02%

QLD

1D
1.55%
1M
-4.74%
YTD
30.45%
6M
26.29%
1Y
62.19%
3Y*
45.24%
5Y*
21.62%
10Y*
36.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SDOW vs. QLD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SDOW
ProShares UltraPro Short Dow30		-21.66%-33.94%-25.95%-28.78%4.00%-49.00%-66.48%-49.54%-0.30%-52.26%
QLD
ProShares Ultra QQQ		30.45%30.36%42.82%117.72%-60.52%54.67%88.90%81.69%-8.31%70.34%

Correlation

The correlation between SDOW and QLD is -0.63, 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

-0.63

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

-0.64

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

-0.71

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

-0.71

Correlation (All Time)
Calculated using the full available price history since Feb 11, 2010

-0.75

The correlation between SDOW and QLD shifts across timeframes, from -0.75 (all time) to -0.63 (1 year), reflecting how their relationship changes across market environments.

SDOW vs. QLD - Sectors Allocation Comparison

Sectors
SDOW
QLD

Financial Services

83.7%
0.2%

Basic Materials

-

1.0%

Communication Services

-

14.3%

Consumer Cyclical

-

11.4%

Consumer Defensive

-

6.4%

Energy

-

0.5%

Healthcare

-

3.7%

Industrials

-

2.6%

Real Estate

-

0.1%

Technology

-

58.7%

Utilities

-

1.2%

Financial Services

SDOW
83.7%
QLD
0.2%

Basic Materials

SDOW

-

QLD
1.0%

Communication Services

SDOW

-

QLD
14.3%

Consumer Cyclical

SDOW

-

QLD
11.4%

Consumer Defensive

SDOW

-

QLD
6.4%

Energy

SDOW

-

QLD
0.5%

Healthcare

SDOW

-

QLD
3.7%

Industrials

SDOW

-

QLD
2.6%

Real Estate

SDOW

-

QLD
0.1%

Technology

SDOW

-

QLD
58.7%

Utilities

SDOW

-

QLD
1.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraPro Short Dow30

ProShares Ultra QQQ

Often compared with SDOW:
SDOW vs. UDOWSDOW vs. SQQQSDOW vs. SPXUSDOW vs. ^DJISDOW vs. DIASDOW vs. DXDSDOW vs. QQQ
Often compared with QLD:
QLD vs. QQQQLD vs. TQQQQLD vs. SSOQLD vs. QQQMQLD vs. UPROQLD vs. VOOQLD vs. SPY

Return for Risk

SDOW vs. QLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SDOW
SDOW Risk / Return Rank: 11
Overall Rank
SDOW Sharpe Ratio Rank: 11
Sharpe Ratio Rank
SDOW Sortino Ratio Rank: 11
Sortino Ratio Rank
SDOW Omega Ratio Rank: 11
Omega Ratio Rank
SDOW Calmar Ratio Rank: 00
Calmar Ratio Rank
SDOW Martin Ratio Rank: 00
Martin Ratio Rank
QLD
QLD Risk / Return Rank: 5656
Overall Rank
QLD Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
QLD Sortino Ratio Rank: 5252
Sortino Ratio Rank
QLD Omega Ratio Rank: 5555
Omega Ratio Rank
QLD Calmar Ratio Rank: 5959
Calmar Ratio Rank
QLD Martin Ratio Rank: 5555
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.

SDOW vs. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short Dow30 (SDOW) 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.

SDOWQLDDifference
Sharpe ratioReturn per unit of total volatility
-1.15
1.75

-2.91

Sortino ratioReturn per unit of downside risk
-1.73
2.22

-3.95

Omega ratioGain probability vs. loss probability

0.81

1.30

-0.49

Calmar ratioReturn relative to maximum drawdown

-1.03

2.49

-3.52

Martin ratioReturn relative to average drawdown

-1.79

8.37

-10.16

SDOW vs. QLD - Sharpe Ratio Comparison

The current SDOW Sharpe Ratio is -1.15, which is lower than the QLD Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of SDOW and QLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

SDOW vs. QLD - Drawdown Comparison

The maximum SDOW drawdown since its inception was -99.96%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for SDOW and QLD.

Loading charts...

Drawdown Indicators

SDOWQLDDifference

Max Drawdown

Largest peak-to-trough decline

-99.96%

-83.13%

-16.83%

Max Drawdown (1Y)

Largest decline over 1 year

-41.20%

-25.13%

-16.07%

Max Drawdown (3Y)

Largest decline over 3 years

-75.55%

-42.29%

-33.26%

Max Drawdown (5Y)

Largest decline over 5 years

-83.15%

-63.68%

-19.47%

Max Drawdown (10Y)

Largest decline over 10 years

-99.26%

-63.68%

-35.58%

Current Drawdown

Current decline from peak

-99.96%

-8.65%

-91.31%

Average Drawdown

Average peak-to-trough decline

-89.59%

-18.14%

-71.45%

Ulcer Index

Depth and duration of drawdowns from previous peaks

25.68%

7.45%

+18.23%

Volatility

SDOW vs. QLD - Volatility Comparison

The current volatility for ProShares UltraPro Short Dow30 (SDOW) is 12.31%, while ProShares Ultra QQQ (QLD) has a volatility of 17.91%. This indicates that SDOW 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.

Loading charts...

Volatility by Period

SDOWQLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

12.31%

17.91%

-5.60%

Volatility (6M)

Calculated over the trailing 6-month period

29.42%

28.90%

+0.52%

Volatility (1Y)

Calculated over the trailing 1-year period

36.93%

35.65%

+1.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

44.41%

45.34%

-0.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

52.11%

44.78%

+7.33%

SDOW vs. QLD - Expense Ratio Comparison

Both SDOW and QLD have an expense ratio of 0.95%.

Dividends

SDOW vs. QLD - Dividend Comparison

SDOW's dividend yield for the trailing twelve months is around 5.29%, more than QLD's 0.13% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SDOW
ProShares UltraPro Short Dow30		5.29%5.80%8.30%5.38%0.36%0.00%0.52%2.17%1.23%0.09%0.00%0.00%

Frequently Asked Questions

SDOW and QLD have a correlation of -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QLD has higher volatility (17.91%) compared to SDOW (12.31%). In terms of maximum drawdown, SDOW dropped -99.96% vs QLD's -83.13%.

On 10-year performance, QLD leads with 36.90% vs -39.02% for SDOW. Both ETFs have the same 0.95% expense ratio. On volatility, SDOW has been the lower-risk option at 12.31%. 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 36.90% return vs -39.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SDOW and QLD have the same expense ratio: 0.95% per year.

SDOW has the higher dividend yield at 5.29%, compared with 0.13% for QLD.

SDOW tracks Dow Jones Industrial Average (-300%), while QLD tracks NASDAQ-100 Index (200%).

QLD currently has the higher Sharpe Ratio (1.75 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.

Portfolio Optimizer

Find the right allocation for SDOW and QLD

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer