ULE vs. QID
ULE (ProShares Ultra Euro) and QID (ProShares UltraShort QQQ) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while QID is a Leveraged Equities fund tracking the NASDAQ-100 Index (-200%). Both are passively managed. Over the past 10 years, ULE returned -2.49%/yr vs -37.32%/yr for QID. Their -0.18 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
ULE vs. QID - Performance Comparison
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Returns By Period
In the year-to-date period, ULE achieves a -4.48% return, which is significantly higher than QID's -21.02% return. Over the past 10 years, ULE has outperformed QID with an annualized return of -2.49%, while QID has yielded a comparatively lower -37.32% annualized return.
ULE
- 1D
- -0.06%
- 1M
- 1.58%
- 6M
- -5.98%
- YTD
- -4.48%
- 1Y
- -2.43%
- 3Y*
- 2.30%
- 5Y*
- -3.01%
- 10Y*
- -2.49%
- ALL TIME*
- -3.95%
QID
- 1D
- -1.22%
- 1M
- 6.86%
- 6M
- -19.38%
- YTD
- -21.02%
- 1Y
- -35.07%
- 3Y*
- -33.07%
- 5Y*
- -27.97%
- 10Y*
- -37.32%
- ALL TIME*
- -34.54%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $255.66M | $222.38M | $304.58M | |
| $30.31K | $35.90K | $64.55K |
ULE vs. QID - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -4.48% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
QID ProShares UltraShort QQQ | -21.02% | -34.97% | -34.06% | -57.19% | 66.30% | -44.93% | -69.71% | -49.57% | -9.90% | -44.00% |
Correlation
The correlation between ULE and QID is -0.23, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.23 |
Correlation (3Y) Balances recent behavior with more history. | -0.16 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.23 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.14 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.18 |
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Return for Risk
ULE vs. QID — Risk / Return Rank
ULE
QID
ULE vs. QID - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and ProShares UltraShort QQQ (QID). 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.
| ULE | QID | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.88 | ||
| Sortino ratioReturn per unit of downside risk | +1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.87 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.05 | -0.73 | +0.78 |
| Martin ratioReturn relative to average drawdown | 0.09 | -1.34 | +1.43 |
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Drawdowns
ULE vs. QID - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, smaller than the maximum QID drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for ULE and QID.
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Drawdown Indicators
| ULE | QID | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -99.99% | +27.25% |
Max Drawdown (1Y)Largest decline over 1 year | -11.67% | -44.65% | +32.98% |
Max Drawdown (3Y)Largest decline over 3 years | -16.95% | -79.50% | +62.55% |
Max Drawdown (5Y)Largest decline over 5 years | -37.36% | -88.72% | +51.36% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -99.21% | +47.91% |
Current DrawdownCurrent decline from peak | -62.71% | -99.99% | +37.28% |
Average DrawdownAverage peak-to-trough decline | -46.20% | -87.09% | +40.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.15% | 24.20% | -18.05% |
Volatility
ULE vs. QID - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.55%, while ProShares UltraShort QQQ (QID) has a volatility of 13.93%. This indicates that ULE experiences smaller price fluctuations and is considered to be less risky than QID based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULE | QID | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.55% | 13.93% | -11.38% |
Volatility (6M)Calculated over the trailing 6-month period | 8.19% | 32.16% | -23.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.54% | 38.79% | -26.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.07% | 45.80% | -29.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.07% | 44.96% | -29.89% |
ULE vs. QID - Expense Ratio Comparison
Both ULE and QID have an expense ratio of 0.95%.
Dividends
ULE vs. QID - Dividend Comparison
ULE has not paid dividends to shareholders, while QID's dividend yield for the trailing twelve months is around 7.46%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
QID ProShares UltraShort QQQ | 7.46% | 6.25% | 7.99% | 5.63% | 0.15% | 0.00% | 0.92% | 2.54% | 1.38% | 0.08% |
ULE ProShares Ultra Euro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ULE and QID have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QID has higher volatility (13.93%) compared to ULE (2.55%). In terms of maximum drawdown, ULE dropped -72.74% vs QID's -99.99%.
On 10-year performance, ULE leads with -2.49% vs -37.32% for QID. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ULE has performed better with a -2.49% return vs -37.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ULE and QID have the same expense ratio: 0.95% per year.
QID has the higher dividend yield at 7.46%, compared with 0.00% for ULE.
ULE is categorized as Leveraged Currency, while QID is Leveraged Equities. ULE tracks USD/EUR Exchange Rate (-200%), while QID tracks NASDAQ-100 Index (-200%).
ULE currently has the higher Sharpe Ratio (0.04 vs -0.84), 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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