SRS vs. QLD
SRS (ProShares UltraShort Real Estate) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - SRS is a REIT fund tracking the Dow Jones U.S. Real Estate Index (-200%), while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, SRS returned -16.03%/yr vs 32.61%/yr for QLD. Their -0.53 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
SRS vs. QLD - Performance Comparison
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Returns By Period
In the year-to-date period, SRS achieves a -21.34% return, which is significantly lower than QLD's 23.13% return. Over the past 10 years, SRS has underperformed QLD with an annualized return of -16.03%, while QLD has yielded a comparatively higher 32.61% annualized return.
SRS
- 1D
- -0.52%
- 1M
- -2.10%
- 6M
- -19.18%
- YTD
- -21.34%
- 1Y
- -18.17%
- 3Y*
- -14.70%
- 5Y*
- -5.85%
- 10Y*
- -16.03%
- ALL TIME*
- -28.33%
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 | |
| $366.45K | $363.36K | $364.08K |
SRS vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SRS ProShares UltraShort Real Estate | -21.34% | -1.45% | -3.55% | -18.78% | 54.68% | -52.22% | -33.05% | -38.97% | 6.01% | -18.03% |
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 SRS and QLD is 0.01, 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. | 0.01 |
Correlation (3Y) Balances recent behavior with more history. | -0.21 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.41 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.41 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | -0.53 |
The correlation between SRS and QLD shifts across timeframes, from -0.53 (all time) to 0.01 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SRS vs. QLD — Risk / Return Rank
SRS
QLD
SRS vs. QLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Real Estate (SRS) 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.
| SRS | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.88 | ||
| Sortino ratioReturn per unit of downside risk | -2.55 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.22 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 1.89 | -2.60 |
| Martin ratioReturn relative to average drawdown | -1.46 | 5.56 | -7.02 |
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Drawdowns
SRS vs. QLD - Drawdown Comparison
The maximum SRS drawdown since its inception was -99.96%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for SRS and QLD.
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Drawdown Indicators
| SRS | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -83.13% | -16.83% |
Max Drawdown (1Y)Largest decline over 1 year | -25.73% | -25.13% | -0.60% |
Max Drawdown (3Y)Largest decline over 3 years | -54.73% | -42.29% | -12.44% |
Max Drawdown (5Y)Largest decline over 5 years | -54.73% | -63.68% | +8.95% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | -63.68% | -23.07% |
Current DrawdownCurrent decline from peak | -99.96% | -13.78% | -86.18% |
Average DrawdownAverage peak-to-trough decline | -91.28% | -18.10% | -73.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.47% | 8.51% | +3.96% |
Volatility
SRS vs. QLD - Volatility Comparison
The current volatility for ProShares UltraShort Real Estate (SRS) is 8.59%, while ProShares Ultra QQQ (QLD) has a volatility of 13.87%. This indicates that SRS 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
| SRS | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.59% | 13.87% | -5.28% |
Volatility (6M)Calculated over the trailing 6-month period | 22.18% | 32.06% | -9.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.32% | 38.59% | -10.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.81% | 45.80% | -7.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.81% | 45.00% | -4.19% |
SRS vs. QLD - Expense Ratio Comparison
Both SRS and QLD have an expense ratio of 0.95%.
Dividends
SRS vs. QLD - Dividend Comparison
SRS's dividend yield for the trailing twelve months is around 3.67%, 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% |
SRS ProShares UltraShort Real Estate | 3.67% | 3.61% | 6.06% | 4.49% | 0.30% | 0.00% | 0.19% | 1.80% | 0.47% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SRS and QLD have a correlation of 0.01, 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 SRS (8.59%). In terms of maximum drawdown, SRS dropped -99.96% vs QLD's -83.13%.
On 10-year performance, QLD leads with 32.61% vs -16.03% for SRS. Both ETFs have the same 0.95% expense ratio. On volatility, SRS has been the lower-risk option at 8.59%. 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 -16.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SRS and QLD have the same expense ratio: 0.95% per year.
SRS has the higher dividend yield at 3.67%, compared with 0.13% for QLD.
SRS is categorized as REIT, while QLD is Leveraged Equities. SRS tracks Dow Jones U.S. Real Estate Index (-200%), while QLD tracks NASDAQ-100 Index (200%).
QLD currently has the higher Sharpe Ratio (1.23 vs -0.65), 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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