USD vs. QQQ

Last updated Jun 3, 2026

USD (ProShares Ultra Semiconductors) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%), while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, USD returned 62.35%/yr vs 21.97%/yr for QQQ. Their correlation of 0.83 suggests significant overlap in exposure. USD charges 0.95%/yr vs 0.18%/yr for QQQ.

Performance

USD vs. QQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, USD achieves a 116.46% return, which is significantly higher than QQQ's 21.62% return. Over the past 10 years, USD has outperformed QQQ with an annualized return of 62.35%, while QQQ has yielded a comparatively lower 21.97% annualized return.

USD

• 1D: 4.76%
• 1M: 45.27%
• YTD: 116.46%
• 6M: 113.25%
• 1Y: 300.04%
• 3Y*: 128.54%
• 5Y*: 71.52%
• 10Y*: 62.35%

QQQ

• 1D: 0.46%
• 1M: 10.68%
• YTD: 21.62%
• 6M: 20.27%
• 1Y: 43.30%
• 3Y*: 28.89%
• 5Y*: 18.43%
• 10Y*: 21.97%

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

USD vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USD ProShares Ultra Semiconductors	116.46%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%
QQQ Invesco QQQ ETF	21.62%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-0.13%	32.66%

Correlation

The correlation between USD and QQQ is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	0.83

The correlation between USD and QQQ has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

USD vs. QQQ - Sectors Allocation Comparison

Sectors	USD	QQQ
Financial Services	27.8%	0.2%
Technology	27.4%	53.8%
Energy	0.0%	0.6%
Basic Materials	-	1.1%
Communication Services	-	15.8%
Consumer Cyclical	-	12.3%
Consumer Defensive	-	7.7%
Healthcare	-	4.2%
Industrials	-	2.8%
Real Estate	-	0.1%
Utilities	-	1.4%

Return for Risk

USD vs. QQQ — Risk / Return Rank

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

USD

USD Risk / Return Rank: 92
USD Sharpe Ratio Rank: 97
USD Sortino Ratio Rank: 87
USD Omega Ratio Rank: 86
USD Calmar Ratio Rank: 96
USD Martin Ratio Rank: 95

QQQ

QQQ Risk / Return Rank: 77
QQQ Sharpe Ratio Rank: 83
QQQ Sortino Ratio Rank: 78
QQQ Omega Ratio Rank: 77
QQQ Calmar Ratio Rank: 73
QQQ Martin Ratio Rank: 74

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.

USD vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and Invesco QQQ ETF (QQQ). 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.

	USD	QQQ	Difference
Sharpe ratio Return per unit of total volatility	4.94	2.73	+2.21
Sortino ratio Return per unit of downside risk	3.98	3.55	+0.43
Omega ratio Gain probability vs. loss probability	1.54	1.47	+0.07
Calmar ratio Return relative to maximum drawdown	9.93	3.71	+6.21
Martin ratio Return relative to average drawdown	28.78	14.30	+14.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USD vs. QQQ - Sharpe Ratio Comparison

The current USD Sharpe Ratio is 4.94, which is higher than the QQQ Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of USD and QQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	USD	QQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.94	2.73	+2.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	0.83	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	0.99	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.41	+0.08

Drawdowns

USD vs. QQQ - Drawdown Comparison

The maximum USD drawdown since its inception was -88.63%, which is greater than QQQ's maximum drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for USD and QQQ.

Drawdown Indicators

	USD	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	-82.97%	-5.66%
Max Drawdown (1Y) Largest decline over 1 year	-31.80%	-11.96%	-19.84%
Max Drawdown (3Y) Largest decline over 3 years	-64.46%	-22.77%	-41.69%
Max Drawdown (5Y) Largest decline over 5 years	-77.85%	-35.12%	-42.73%
Max Drawdown (10Y) Largest decline over 10 years	-77.85%	-35.12%	-42.73%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-32.36%	-32.79%	+0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.97%	3.11%	+7.86%

Volatility

USD vs. QQQ - Volatility Comparison

ProShares Ultra Semiconductors (USD) has a higher volatility of 20.29% compared to Invesco QQQ ETF (QQQ) at 4.48%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USD	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.29%	4.48%	+15.81%
Volatility (6M) Calculated over the trailing 6-month period	46.37%	12.11%	+34.26%
Volatility (1Y) Calculated over the trailing 1-year period	61.29%	15.95%	+45.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.56%	22.39%	+54.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.24%	22.30%	+46.94%

USD vs. QQQ - Expense Ratio Comparison

USD has a 0.95% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

USD vs. QQQ - Dividend Comparison

USD's dividend yield for the trailing twelve months is around 0.21%, less than QQQ's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQ Invesco QQQ ETF	0.38%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%
USD ProShares Ultra Semiconductors	0.21%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both USD and QQQ in my portfolio?

USD and QQQ have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USD or QQQ?

USD has higher volatility (20.29%) compared to QQQ (4.48%). In terms of maximum drawdown, USD dropped -88.63% vs QQQ's -82.97%.

Which ETF is better, USD or QQQ?

On 10-year performance, USD leads with 62.35% vs 21.97% for QQQ. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USD or QQQ?

Over the 10-year period, USD has performed better with a 62.35% return vs 21.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USD or QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.95% for USD.

Which ETF pays a higher dividend yield, USD or QQQ?

QQQ has the higher dividend yield at 0.38%, compared with 0.21% for USD.

What is the main difference between USD and QQQ?

USD is categorized as Leveraged Equities, while QQQ is Nasdaq-100. USD tracks Dow Jones U.S. Semiconductors Index (200%), while QQQ tracks NASDAQ-100 Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for USD and 0.18% for QQQ.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.94 vs 2.73), 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.