SDP vs. QLD
SDP (ProShares UltraShort Utilities) and QLD (ProShares Ultra QQQ) are both Leveraged Equities funds from ProShares - SDP tracks the Dow Jones U.S. Utilities Index (-200%) while QLD tracks the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, SDP returned -20.62%/yr vs 32.61%/yr for QLD. Their -0.34 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
SDP vs. QLD - Performance Comparison
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Returns By Period
In the year-to-date period, SDP achieves a -9.06% return, which is significantly lower than QLD's 23.13% return. Over the past 10 years, SDP has underperformed QLD with an annualized return of -20.62%, while QLD has yielded a comparatively higher 32.61% annualized return.
SDP
- 1D
- 0.11%
- 1M
- 6.41%
- 6M
- -9.83%
- YTD
- -9.06%
- 1Y
- -8.08%
- 3Y*
- -21.20%
- 5Y*
- -15.97%
- 10Y*
- -20.62%
- ALL TIME*
- -21.26%
QLD
- 1D
- 3.53%
- 1M
- -4.40%
- 6M
- 19.20%
- YTD
- 23.13%
- 1Y
- 47.19%
- 3Y*
- 39.28%
- 5Y*
- 17.91%
- 10Y*
- 32.61%
- ALL TIME*
- 24.88%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $415.38M | $389.55M | $441.01M | |
| $191.10K | $103.59K | $83.62K |
SDP vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | -9.06% | -22.59% | -30.11% | 18.95% | -12.54% | -33.14% | -36.27% | -35.57% | -9.31% | -22.03% |
QLD ProShares Ultra QQQ | 23.13% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
Correlation
The correlation between SDP and QLD is -0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.03 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.22 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.22 |
Correlation (All Time) Calculated using the full available price history since Mar 14, 2007 | -0.34 |
Over the past year, the inverse relationship between SDP and QLD has weakened: their correlation has moved from -0.34 to -0.03, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SDP vs. QLD — Risk / Return Rank
SDP
QLD
SDP vs. QLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Utilities (SDP) 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.
| SDP | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.50 | ||
| Sortino ratioReturn per unit of downside risk | -1.93 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.22 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 1.89 | -2.21 |
| Martin ratioReturn relative to average drawdown | -0.52 | 5.56 | -6.08 |
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Drawdowns
SDP vs. QLD - Drawdown Comparison
The maximum SDP drawdown since its inception was -99.56%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for SDP and QLD.
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Drawdown Indicators
| SDP | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.56% | -83.13% | -16.43% |
Max Drawdown (1Y)Largest decline over 1 year | -25.44% | -25.13% | -0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -66.17% | -42.29% | -23.88% |
Max Drawdown (5Y)Largest decline over 5 years | -66.17% | -63.68% | -2.49% |
Max Drawdown (10Y)Largest decline over 10 years | -92.43% | -63.68% | -28.75% |
Current DrawdownCurrent decline from peak | -99.50% | -13.78% | -85.72% |
Average DrawdownAverage peak-to-trough decline | -82.25% | -18.10% | -64.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.48% | 8.51% | +6.97% |
Volatility
SDP vs. QLD - Volatility Comparison
The current volatility for ProShares UltraShort Utilities (SDP) is 8.39%, while ProShares Ultra QQQ (QLD) has a volatility of 13.87%. This indicates that SDP 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
| SDP | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.39% | 13.87% | -5.48% |
Volatility (6M)Calculated over the trailing 6-month period | 24.16% | 32.06% | -7.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.20% | 38.59% | -8.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.44% | 45.80% | -11.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.64% | 45.00% | -7.36% |
SDP vs. QLD - Expense Ratio Comparison
Both SDP and QLD have an expense ratio of 0.95%.
Dividends
SDP vs. QLD - Dividend Comparison
SDP's dividend yield for the trailing twelve months is around 4.08%, 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% |
SDP ProShares UltraShort Utilities | 4.08% | 3.99% | 4.66% | 3.04% | 0.56% | 0.00% | 0.13% | 0.87% | 0.05% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SDP and QLD have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QLD has higher volatility (13.87%) compared to SDP (8.39%). In terms of maximum drawdown, SDP dropped -99.56% vs QLD's -83.13%.
On 10-year performance, QLD leads with 32.61% vs -20.62% for SDP. Both ETFs have the same 0.95% expense ratio. On volatility, SDP has been the lower-risk option at 8.39%. 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 32.61% return vs -20.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDP and QLD have the same expense ratio: 0.95% per year.
SDP has the higher dividend yield at 4.08%, compared with 0.13% for QLD.
SDP tracks Dow Jones U.S. Utilities Index (-200%), while QLD tracks NASDAQ-100 Index (200%).
QLD currently has the higher Sharpe Ratio (1.23 vs -0.27), 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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