SMDD vs. QLD
SMDD (ProShares UltraPro Short MidCap400) and QLD (ProShares Ultra QQQ) are both Leveraged Equities funds from ProShares - SMDD tracks the S&P MidCap 400 Index (-300%) while QLD tracks the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, SMDD returned -40.23%/yr vs 36.10%/yr for QLD. At a correlation of -0.72, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SMDD vs. QLD - Performance Comparison
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Returns By Period
In the year-to-date period, SMDD achieves a -33.48% return, which is significantly lower than QLD's 42.06% return. Over the past 10 years, SMDD has underperformed QLD with an annualized return of -40.23%, while QLD has yielded a comparatively higher 36.10% annualized return.
SMDD
- 1D
- 0.19%
- 1M
- -11.19%
- YTD
- -33.48%
- 6M
- -33.71%
- 1Y
- -48.94%
- 3Y*
- -38.20%
- 5Y*
- -29.60%
- 10Y*
- -40.23%
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%
SMDD vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -33.48% | -27.46% | -31.02% | -38.37% | 7.69% | -58.01% | -74.71% | -53.34% | 33.50% | -39.87% |
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 SMDD 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 | -0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.66 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010 | -0.72 |
The correlation between SMDD and QLD has been stable across timeframes, ranging from -0.72 to -0.63 - a consistent structural relationship.
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Return for Risk
SMDD vs. QLD — Risk / Return Rank
SMDD
QLD
SMDD vs. QLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) 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.
| SMDD | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.76 | ||
| Sortino ratioReturn per unit of downside risk | -4.75 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.41 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 3.42 | -4.39 |
| Martin ratioReturn relative to average drawdown | -1.65 | 11.92 | -13.57 |
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
| SMDD | QLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.05 | 2.70 | -3.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.51 | 0.58 | -1.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | 0.81 | -1.45 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.71 | 0.60 | -1.30 |
Drawdowns
SMDD vs. QLD - Drawdown Comparison
The maximum SMDD drawdown since its inception was -99.99%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for SMDD and QLD.
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Drawdown Indicators
| SMDD | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -83.13% | -16.86% |
Max Drawdown (1Y)Largest decline over 1 year | -50.42% | -25.13% | -25.29% |
Max Drawdown (3Y)Largest decline over 3 years | -81.09% | -42.29% | -38.80% |
Max Drawdown (5Y)Largest decline over 5 years | -87.20% | -63.68% | -23.52% |
Max Drawdown (10Y)Largest decline over 10 years | -99.50% | -63.68% | -35.82% |
Current DrawdownCurrent decline from peak | -99.99% | -0.53% | -99.46% |
Average DrawdownAverage peak-to-trough decline | -92.96% | -18.17% | -74.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.68% | 7.20% | +22.48% |
Volatility
SMDD vs. QLD - Volatility Comparison
ProShares UltraPro Short MidCap400 (SMDD) has a higher volatility of 13.34% compared to ProShares Ultra QQQ (QLD) at 8.90%. This indicates that SMDD'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
| SMDD | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.34% | 8.90% | +4.44% |
Volatility (6M)Calculated over the trailing 6-month period | 34.30% | 24.08% | +10.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.71% | 31.85% | +14.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.82% | 44.74% | +14.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.34% | 44.56% | +18.78% |
SMDD vs. QLD - Expense Ratio Comparison
Both SMDD and QLD have an expense ratio of 0.95%.
Dividends
SMDD vs. QLD - Dividend Comparison
SMDD's dividend yield for the trailing twelve months is around 7.01%, 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% |
SMDD ProShares UltraPro Short MidCap400 | 7.01% | 4.96% | 4.09% | 3.86% | 0.14% | 0.00% | 0.13% | 1.51% | 0.09% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMDD 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.
SMDD has higher volatility (13.34%) compared to QLD (8.90%). In terms of maximum drawdown, SMDD dropped -99.99% vs QLD's -83.13%.
On 10-year performance, QLD leads with 36.10% vs -40.23% for SMDD. 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 -40.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMDD and QLD have the same expense ratio: 0.95% per year.
SMDD has the higher dividend yield at 7.01%, compared with 0.12% for QLD.
SMDD tracks S&P MidCap 400 Index (-300%), while QLD tracks NASDAQ-100 Index (200%).
QLD currently has the higher Sharpe Ratio (2.70 vs -1.05), 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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