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ProShares Ultra QQQ (QLD) Diversifiers

ETF · Currency in USD · Last updated Jul 14, 2026

QLD is a passive exchange-traded fund (ETF) managed by ProShares. It tracks the investment results of the NASDAQ-100 Index, a market-capitalization-weighted index of the 100 largest non-financial companies listed on the NASDAQ stock exchange. The NASDAQ-100 Index is designed to represent the performance of the technology and biotech sectors and other growth industries.

QLD is designed to provide investors with exposure to the NASDAQ-100 Index with the goal of achieving returns that are 200% of the index's performance. This means that if the NASDAQ-100 Index goes up by 1%, QLD is expected to increase by 2%. Similarly, if the NASDAQ-100 Index goes down by 1%, QLD is expected to drop by 2%.

QLD was launched on June 21, 2006, with a 0.95% expense ratio, which is relatively high compared to other ETFs and mutual funds. It is important to note that investing in leveraged funds can be very risky, as numerous factors can significantly impact the returns of these products. Therefore, QLD may not be suitable for investors with a low-risk tolerance or a buy-and-hold investment strategy.

Looking to diversify beyond QLD? The ETFs below have the lowest correlation with QLD — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from QLD.

Best Diversifiers for QLD

344 ETFs have low correlation with QLD (below 0.3), 70 of which are negatively correlated. The least correlated is ProShares Short Bitcoin ETF (BITI) (Cryptocurrency) with a 1Y correlation of -0.48, roughly unchanged from -0.39 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
BITI
ProShares Short Bitcoin ETF-0.48-0.37-0.39
57
CryptocurrencyQLD vs BITI
SBIT
Proshares Ultrashort Bitcoin ETF-0.48——
52
Cryptocurrency, Leveraged CryptocurrencyQLD vs SBIT
MSTZ
T-REX 2X Inverse MSTR Daily Target ETF-0.47-0.48-0.48
68
Inverse Equities, Leveraged EquitiesQLD vs MSTZ
WNTR
YieldMax Short MSTR Option Income Strategy ETF-0.45——
70
Derivative IncomeQLD vs WNTR
UUP
Invesco DB US Dollar Index Bullish Fund-0.26-0.19-0.25
51
CurrencyQLD vs UUP
See all 1565 diversifiers for QLD

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from QLD, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to QLD and solid risk/return profiles. The least correlated is Waste Management, Inc. (WM) (Industrials) with a 1Y correlation of -0.34, down from 0.14 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
WM
Waste Management, Inc.-0.34-0.040.14
53
Industrials
MO
Altria Group, Inc.-0.33-0.13-0.00
81
Consumer Defensive
CB
Chubb Limited-0.30-0.080.09
86
Financial Services
DUK
Duke Energy Corporation-0.29-0.16-0.03
66
Utilities
KO
The Coca-Cola Company-0.28-0.080.10
83
Consumer Defensive
See all 153 low-correlation stocks for QLD

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Diversification Analysis

Build a portfolio that complements QLD

Add QLD to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.

Analyze a portfolio with QLD