SETH vs. QLD
SETH (ProShares Short Ether Strategy ETF) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - SETH is a Cryptocurrency fund tracking the Bloomberg Galaxy Ethereum (--100%), while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past year, SETH returned -1.33% vs 85.49% for QLD. At a correlation of -0.44, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SETH vs. QLD - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SETH having a 40.93% return and QLD slightly higher at 42.06%.
SETH
- 1D
- 5.62%
- 1M
- 29.74%
- YTD
- 40.93%
- 6M
- 46.51%
- 1Y
- -1.33%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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%
SETH vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SETH ProShares Short Ether Strategy ETF | 40.93% | -29.41% | -49.59% | -22.80% |
QLD ProShares Ultra QQQ | 42.06% | 30.36% | 42.82% | 25.85% |
Correlation
The correlation between SETH and QLD is -0.51, 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 | -0.51 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2023 | -0.44 |
The correlation between SETH and QLD has been stable across timeframes, ranging from -0.51 to -0.44 - a consistent structural relationship.
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Return for Risk
SETH vs. QLD — Risk / Return Rank
SETH
QLD
SETH vs. QLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Ether Strategy ETF (SETH) 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.
| SETH | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.72 | ||
| Sortino ratioReturn per unit of downside risk | -2.71 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.41 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 3.42 | -3.44 |
| Martin ratioReturn relative to average drawdown | -0.04 | 11.92 | -11.95 |
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
| SETH | QLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.02 | 2.70 | -2.72 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.58 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.81 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.45 | 0.60 | -1.04 |
Drawdowns
SETH vs. QLD - Drawdown Comparison
The maximum SETH drawdown since its inception was -80.74%, roughly equal to the maximum QLD drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for SETH and QLD.
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Drawdown Indicators
| SETH | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.74% | -83.13% | +2.39% |
Max Drawdown (1Y)Largest decline over 1 year | -56.01% | -25.13% | -30.88% |
Max Drawdown (3Y)Largest decline over 3 years | — | -42.29% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -63.68% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -63.68% | — |
Current DrawdownCurrent decline from peak | -61.29% | -0.53% | -60.76% |
Average DrawdownAverage peak-to-trough decline | -54.79% | -18.17% | -36.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.77% | 7.20% | +28.57% |
Volatility
SETH vs. QLD - Volatility Comparison
ProShares Short Ether Strategy ETF (SETH) has a higher volatility of 9.81% compared to ProShares Ultra QQQ (QLD) at 8.90%. This indicates that SETH'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.
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Volatility by Period
| SETH | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.81% | 8.90% | +0.91% |
Volatility (6M)Calculated over the trailing 6-month period | 46.07% | 24.08% | +21.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.54% | 31.85% | +36.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 69.53% | 44.74% | +24.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.53% | 44.56% | +24.97% |
SETH vs. QLD - Expense Ratio Comparison
Both SETH and QLD have an expense ratio of 0.95%.
Dividends
SETH vs. QLD - Dividend Comparison
SETH's dividend yield for the trailing twelve months is around 10.91%, 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% |
SETH ProShares Short Ether Strategy ETF | 10.91% | 7.01% | 3.44% | 0.38% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SETH and QLD have a correlation of -0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SETH has higher volatility (9.81%) compared to QLD (8.90%). In terms of maximum drawdown, SETH dropped -80.74% vs QLD's -83.13%.
On 1-year performance, QLD leads with 85.49% vs -1.33% for SETH. 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 1-year period, QLD has performed better with a 85.49% return vs -1.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SETH and QLD have the same expense ratio: 0.95% per year.
SETH has the higher dividend yield at 10.91%, compared with 0.12% for QLD.
SETH is categorized as Cryptocurrency, while QLD is Leveraged Equities. SETH tracks Bloomberg Galaxy Ethereum (--100%), while QLD tracks NASDAQ-100 Index (200%).
QLD currently has the higher Sharpe Ratio (2.70 vs -0.02), 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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