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 -20.69%/yr vs 36.10%/yr for QLD. At a correlation of -0.35, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SDP vs. QLD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SDP achieves a -5.56% return, which is significantly lower than QLD's 42.06% return. Over the past 10 years, SDP has underperformed QLD with an annualized return of -20.69%, while QLD has yielded a comparatively higher 36.10% annualized return.
SDP
- 1D
- 0.71%
- 1M
- 11.99%
- YTD
- -5.56%
- 6M
- -1.63%
- 1Y
- -12.04%
- 3Y*
- -19.38%
- 5Y*
- -16.33%
- 10Y*
- -20.69%
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%
SDP vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | -5.56% | -22.59% | -30.11% | 18.95% | -12.54% | -33.14% | -36.27% | -35.57% | -9.31% | -22.03% |
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 SDP and QLD is -0.11, 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 | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.23 |
Correlation (All Time) Calculated using the full available price history since Mar 15, 2007 | -0.35 |
Over the past year, the inverse relationship between SDP and QLD has weakened: their correlation has moved from -0.35 to -0.11, meaning they move in opposite directions less often than they have historically.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
| SDP | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.11 | ||
| Sortino ratioReturn per unit of downside risk | -3.59 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.41 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.42 | 3.42 | -3.84 |
| Martin ratioReturn relative to average drawdown | -0.69 | 11.92 | -12.61 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SDP | QLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.41 | 2.70 | -3.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.48 | 0.58 | -1.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.55 | 0.81 | -1.37 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.56 | 0.60 | -1.16 |
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.
Loading charts...
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 | -29.01% | -25.13% | -3.88% |
Max Drawdown (3Y)Largest decline over 3 years | -66.17% | -42.29% | -23.88% |
Max Drawdown (5Y)Largest decline over 5 years | -66.61% | -63.68% | -2.93% |
Max Drawdown (10Y)Largest decline over 10 years | -92.43% | -63.68% | -28.75% |
Current DrawdownCurrent decline from peak | -99.49% | -0.53% | -98.96% |
Average DrawdownAverage peak-to-trough decline | -82.12% | -18.17% | -63.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.38% | 7.20% | +10.18% |
Volatility
SDP vs. QLD - Volatility Comparison
ProShares UltraShort Utilities (SDP) has a higher volatility of 10.86% compared to ProShares Ultra QQQ (QLD) at 8.90%. This indicates that SDP'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.
Loading charts...
Volatility by Period
| SDP | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.86% | 8.90% | +1.96% |
Volatility (6M)Calculated over the trailing 6-month period | 23.05% | 24.08% | -1.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.23% | 31.85% | -2.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.37% | 44.74% | -10.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.51% | 44.56% | -7.05% |
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 3.87%, 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% |
SDP ProShares UltraShort Utilities | 3.87% | 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 -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDP has higher volatility (10.86%) compared to QLD (8.90%). In terms of maximum drawdown, SDP dropped -99.56% vs QLD's -83.13%.
On 10-year performance, QLD leads with 36.10% vs -20.69% for SDP. 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 -20.69%. 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 3.87%, compared with 0.12% 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 (2.70 vs -0.41), 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.
Find the right allocation for SDP 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