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 -40.87%/yr vs 36.15%/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
Loading charts...
Returns By Period
In the year-to-date period, SMDD achieves a -36.25% return, which is significantly lower than QLD's 28.38% return. Over the past 10 years, SMDD has underperformed QLD with an annualized return of -40.87%, while QLD has yielded a comparatively higher 36.15% annualized return.
SMDD
- 1D
- -2.43%
- 1M
- -10.32%
- YTD
- -36.25%
- 6M
- -32.21%
- 1Y
- -48.94%
- 3Y*
- -38.79%
- 5Y*
- -30.05%
- 10Y*
- -40.87%
QLD
- 1D
- -0.93%
- 1M
- -2.93%
- YTD
- 28.38%
- 6M
- 24.28%
- 1Y
- 60.38%
- 3Y*
- 43.16%
- 5Y*
- 21.23%
- 10Y*
- 36.15%
SMDD vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -36.25% | -27.46% | -31.02% | -38.37% | 7.69% | -58.01% | -74.71% | -53.34% | 33.50% | -39.87% |
QLD ProShares Ultra QQQ | 28.38% | 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 -0.62, 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 | -0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.65 |
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 11, 2010 | -0.72 |
The correlation between SMDD and QLD shifts across timeframes, from -0.72 (all time) to -0.62 (1 year), reflecting how their relationship changes across market environments.
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
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.
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.
| SMDD | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.73 | ||
| Sortino ratioReturn per unit of downside risk | -3.72 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.29 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 2.41 | -3.39 |
| Martin ratioReturn relative to average drawdown | -1.68 | 8.15 | -9.83 |
Loading charts...
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.
Loading charts...
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 | -50.54% | -25.13% | -25.41% |
Max Drawdown (3Y)Largest decline over 3 years | -81.99% | -42.29% | -39.70% |
Max Drawdown (5Y)Largest decline over 5 years | -87.81% | -63.68% | -24.13% |
Max Drawdown (10Y)Largest decline over 10 years | -99.52% | -63.68% | -35.84% |
Current DrawdownCurrent decline from peak | -99.99% | -10.11% | -89.88% |
Average DrawdownAverage peak-to-trough decline | -92.96% | -18.14% | -74.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.20% | 7.43% | +21.77% |
Volatility
SMDD vs. QLD - Volatility Comparison
The current volatility for ProShares UltraPro Short MidCap400 (SMDD) is 14.01%, while ProShares Ultra QQQ (QLD) has a volatility of 18.22%. This indicates that SMDD 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
| SMDD | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.01% | 18.22% | -4.21% |
Volatility (6M)Calculated over the trailing 6-month period | 35.56% | 28.88% | +6.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.65% | 35.74% | +11.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.88% | 45.34% | +13.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.35% | 44.79% | +18.56% |
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 7.31%, 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% |
SMDD ProShares UltraPro Short MidCap400 | 7.31% | 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 -0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QLD has higher volatility (18.22%) compared to SMDD (14.01%). In terms of maximum drawdown, SMDD dropped -99.99% vs QLD's -83.13%.
On 10-year performance, QLD leads with 36.15% vs -40.87% for SMDD. Both ETFs have the same 0.95% expense ratio. On volatility, SMDD has been the lower-risk option at 14.01%. 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 36.15% return vs -40.87%. 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 7.31%, compared with 0.13% for QLD.
SMDD tracks S&P MidCap 400 Index (-300%), while QLD tracks NASDAQ-100 Index (200%).
QLD currently has the higher Sharpe Ratio (1.70 vs -1.03), 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 SMDD 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