TWM vs. QLD

Last updated Jul 17, 2026

TWM (ProShares UltraShort Russell2000) and QLD (ProShares Ultra QQQ) are both Leveraged Equities funds from ProShares - TWM tracks the Russell 2000 (-200%) while QLD tracks the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, TWM returned -27.39%/yr vs 33.87%/yr for QLD. At a correlation of -0.76, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

TWM vs. QLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Russell2000 (TWM) and ProShares Ultra QQQ (QLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TWM achieves a -32.00% return, which is significantly lower than QLD's 25.90% return. Over the past 10 years, TWM has underperformed QLD with an annualized return of -27.39%, while QLD has yielded a comparatively higher 33.87% annualized return.

TWM

• 1D: 0.19%
• 1M: -1.95%
• 6M: -21.02%
• YTD: -32.00%
• 1Y: -45.85%
• 3Y*: -27.64%
• 5Y*: -19.69%
• 10Y*: -27.39%

QLD

• 1D: -3.32%
• 1M: -7.16%
• 6M: 23.22%
• YTD: 25.90%
• 1Y: 48.13%
• 3Y*: 37.48%
• 5Y*: 19.69%
• 10Y*: 33.87%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TWM vs. QLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TWM ProShares UltraShort Russell2000	-32.00%	-24.71%	-19.35%	-26.84%	28.43%	-35.43%	-60.01%	-38.40%	19.15%	-26.36%
QLD ProShares Ultra QQQ	25.90%	30.36%	42.82%	117.72%	-60.52%	54.67%	88.90%	81.69%	-8.31%	70.34%

Correlation

The correlation between TWM and QLD is -0.69, 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	-0.69
Correlation (3Y) Calculated over the trailing 3-year period	-0.66
Correlation (5Y) Calculated over the trailing 5-year period	-0.73
Correlation (10Y) Calculated over the trailing 10-year period	-0.69
Correlation (All Time) Calculated using the full available price history since Jan 25, 2007	-0.76

The correlation between TWM and QLD has been stable across timeframes, ranging from -0.76 to -0.66 - a consistent structural relationship.

TWM vs. QLD - Sectors Allocation Comparison

Sectors	TWM	QLD
Financial Services	99.7%	0.2%
Basic Materials	-	1.0%
Communication Services	-	14.3%
Consumer Cyclical	-	11.4%
Consumer Defensive	-	6.4%
Energy	-	0.5%
Healthcare	-	3.7%
Industrials	-	2.6%
Real Estate	-	0.1%
Technology	-	58.7%
Utilities	-	1.2%

Return for Risk

TWM vs. QLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TWM

TWM Risk / Return Rank: 1
TWM Sharpe Ratio Rank: 1
TWM Sortino Ratio Rank: 1
TWM Omega Ratio Rank: 1
TWM Calmar Ratio Rank: 1
TWM Martin Ratio Rank: 1

QLD

QLD Risk / Return Rank: 44
QLD Sharpe Ratio Rank: 45
QLD Sortino Ratio Rank: 41
QLD Omega Ratio Rank: 42
QLD Calmar Ratio Rank: 46
QLD Martin Ratio Rank: 47

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TWM vs. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Russell2000 (TWM) 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.

	TWM	QLD	Difference
Sharpe ratio: Return per unit of total volatility	-1.19	1.30	-2.49
Sortino ratio: Return per unit of downside risk	-1.83	1.78	-3.61
Omega ratio: Gain probability vs. loss probability	0.80	1.23	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.91	1.92	-2.83
Martin ratio: Return relative to average drawdown	-1.45	6.24	-7.69

TWM vs. QLD - Sharpe Ratio Comparison

The current TWM Sharpe Ratio is -1.19, which is lower than the QLD Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of TWM and QLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TWM vs. QLD - Drawdown Comparison

The maximum TWM drawdown since its inception was -99.94%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for TWM and QLD.

Drawdown Indicators

	TWM	QLD	Difference
Max Drawdown Largest peak-to-trough decline	-99.94%	-83.13%	-16.81%
Max Drawdown (1Y) Largest decline over 1 year	-50.65%	-25.13%	-25.52%
Max Drawdown (3Y) Largest decline over 3 years	-74.44%	-42.29%	-32.15%
Max Drawdown (5Y) Largest decline over 5 years	-76.78%	-63.68%	-13.10%
Max Drawdown (10Y) Largest decline over 10 years	-96.29%	-63.68%	-32.61%
Current Drawdown Current decline from peak	-99.93%	-11.84%	-88.09%
Average Drawdown Average peak-to-trough decline	-87.33%	-18.11%	-69.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.65%	7.73%	+23.92%

Volatility

TWM vs. QLD - Volatility Comparison

The current volatility for ProShares UltraShort Russell2000 (TWM) is 7.55%, while ProShares Ultra QQQ (QLD) has a volatility of 14.98%. This indicates that TWM 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.

Volatility by Period

	TWM	QLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.55%	14.98%	-7.43%
Volatility (6M) Calculated over the trailing 6-month period	28.50%	30.86%	-2.36%
Volatility (1Y) Calculated over the trailing 1-year period	38.74%	37.22%	+1.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.13%	45.59%	-0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.70%	44.86%	+0.84%

TWM vs. QLD - Expense Ratio Comparison

Both TWM and QLD have an expense ratio of 0.95%.

Dividends

TWM vs. QLD - Dividend Comparison

TWM's dividend yield for the trailing twelve months is around 5.49%, 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%
TWM ProShares UltraShort Russell2000	5.49%	5.36%	6.21%	4.72%	0.17%	0.00%	0.41%	1.49%	0.73%	0.05%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TWM and QLD in my portfolio?

TWM and QLD have a correlation of -0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TWM or QLD?

QLD has higher volatility (14.98%) compared to TWM (7.55%). In terms of maximum drawdown, TWM dropped -99.94% vs QLD's -83.13%.

Which ETF is better, TWM or QLD?

On 10-year performance, QLD leads with 33.87% vs -27.39% for TWM. Both ETFs have the same 0.95% expense ratio. On volatility, TWM has been the lower-risk option at 7.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TWM or QLD?

Over the 10-year period, QLD has performed better with a 33.87% return vs -27.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TWM or QLD?

TWM and QLD have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, TWM or QLD?

TWM has the higher dividend yield at 5.49%, compared with 0.13% for QLD.

What is the main difference between TWM and QLD?

TWM tracks Russell 2000 (-200%), while QLD tracks NASDAQ-100 Index (200%).

Which has better risk-adjusted returns?

QLD currently has the higher Sharpe Ratio (1.30 vs -1.19), 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.