AVEM vs. QLD

Last updated Jun 13, 2026

AVEM (Avantis Emerging Markets Equity ETF) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - AVEM is a Emerging Markets Equities fund actively managed by Avantis, while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). AVEM is actively managed, while QLD is passively managed. Over the past 5 years, AVEM returned 9.66%/yr vs 23.24%/yr for QLD. A 0.66 correlation means they provide meaningful diversification when combined. AVEM charges 0.33%/yr vs 0.95%/yr for QLD.

Performance

AVEM vs. QLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Emerging Markets Equity ETF (AVEM) 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, AVEM achieves a 25.08% return, which is significantly lower than QLD's 32.65% return.

AVEM

• 1D: 0.42%
• 1M: 1.30%
• YTD: 25.08%
• 6M: 27.86%
• 1Y: 47.18%
• 3Y*: 24.04%
• 5Y*: 9.66%
• 10Y*: —

QLD

• 1D: 1.30%
• 1M: -0.55%
• YTD: 32.65%
• 6M: 32.82%
• 1Y: 73.89%
• 3Y*: 44.57%
• 5Y*: 23.24%
• 10Y*: 35.67%

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

AVEM vs. QLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AVEM Avantis Emerging Markets Equity ETF	25.08%	34.48%	7.49%	15.30%	-18.15%	5.16%	14.39%	10.40%
QLD ProShares Ultra QQQ	32.65%	30.36%	42.82%	117.72%	-60.52%	54.67%	88.90%	21.45%

Correlation

The correlation between AVEM and QLD 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	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Sep 19, 2019	0.66

The correlation between AVEM and QLD shifts across timeframes, from 0.65 (5 years) to 0.79 (1 year), reflecting how their relationship changes across market environments.

AVEM vs. QLD - Sectors Allocation Comparison

Sectors	AVEM	QLD
Technology	32.3%	53.8%
Financial Services	20.7%	0.2%
Consumer Cyclical	9.2%	12.3%
Industrials	9.2%	2.8%
Basic Materials	8.1%	1.1%
Communication Services	5.4%	15.8%
Energy	5.1%	0.6%
Consumer Defensive	3.1%	7.7%
Healthcare	2.8%	4.2%
Utilities	2.6%	1.4%
Real Estate	1.6%	0.1%

Return for Risk

AVEM vs. QLD — Risk / Return Rank

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

AVEM

AVEM Risk / Return Rank: 77
AVEM Sharpe Ratio Rank: 78
AVEM Sortino Ratio Rank: 72
AVEM Omega Ratio Rank: 79
AVEM Calmar Ratio Rank: 77
AVEM Martin Ratio Rank: 79

QLD

QLD Risk / Return Rank: 64
QLD Sharpe Ratio Rank: 73
QLD Sortino Ratio Rank: 61
QLD Omega Ratio Rank: 64
QLD Calmar Ratio Rank: 64
QLD Martin Ratio Rank: 61

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.

AVEM vs. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Equity ETF (AVEM) 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.

	AVEM	QLD	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.04	+0.11
Sortino ratio: Return per unit of downside risk	2.78	2.48	+0.30
Omega ratio: Gain probability vs. loss probability	1.40	1.33	+0.07
Calmar ratio: Return relative to maximum drawdown	3.46	2.78	+0.68
Martin ratio: Return relative to average drawdown	13.15	9.46	+3.69

AVEM vs. QLD - Sharpe Ratio Comparison

The current AVEM Sharpe Ratio is 2.15, which is comparable to the QLD Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of AVEM 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

AVEM vs. QLD - Drawdown Comparison

The maximum AVEM drawdown since its inception was -36.05%, smaller than the maximum QLD drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for AVEM and QLD.

Drawdown Indicators

	AVEM	QLD	Difference
Max Drawdown Largest peak-to-trough decline	-36.05%	-83.13%	+47.08%
Max Drawdown (1Y) Largest decline over 1 year	-13.13%	-25.13%	+12.00%
Max Drawdown (3Y) Largest decline over 3 years	-18.02%	-42.29%	+24.27%
Max Drawdown (5Y) Largest decline over 5 years	-33.88%	-63.68%	+29.80%
Max Drawdown (10Y) Largest decline over 10 years	—	-63.68%	—
Current Drawdown Current decline from peak	-3.33%	-7.11%	+3.78%
Average Drawdown Average peak-to-trough decline	-10.07%	-18.16%	+8.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	7.36%	-3.91%

Volatility

AVEM vs. QLD - Volatility Comparison

The current volatility for Avantis Emerging Markets Equity ETF (AVEM) is 10.91%, while ProShares Ultra QQQ (QLD) has a volatility of 15.14%. This indicates that AVEM 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

	AVEM	QLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.91%	15.14%	-4.23%
Volatility (6M) Calculated over the trailing 6-month period	18.79%	27.51%	-8.72%
Volatility (1Y) Calculated over the trailing 1-year period	21.17%	34.29%	-13.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.71%	45.07%	-26.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.76%	44.73%	-23.97%

AVEM vs. QLD - Expense Ratio Comparison

AVEM has a 0.33% expense ratio, which is lower than QLD's 0.95% expense ratio.

Dividends

AVEM vs. QLD - Dividend Comparison

AVEM's dividend yield for the trailing twelve months is around 2.59%, more than QLD's 0.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVEM Avantis Emerging Markets Equity ETF	2.59%	2.45%	3.17%	3.06%	2.77%	2.61%	1.60%	0.35%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both AVEM and QLD in my portfolio?

AVEM and QLD 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, AVEM or QLD?

QLD has higher volatility (15.14%) compared to AVEM (10.91%). In terms of maximum drawdown, AVEM dropped -36.05% vs QLD's -83.13%.

Which ETF is better, AVEM or QLD?

On 5-year performance, QLD leads with 23.24% vs 9.66% for AVEM. On fees, AVEM is cheaper at 0.33% per year. On volatility, AVEM has been the lower-risk option at 10.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVEM or QLD?

Over the 5-year period, QLD has performed better with a 23.24% return vs 9.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVEM or QLD?

AVEM is cheaper with a 0.33% expense ratio, compared with 0.95% for QLD.

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

AVEM has the higher dividend yield at 2.59%, compared with 0.13% for QLD.

What is the main difference between AVEM and QLD?

AVEM is categorized as Emerging Markets Equities, while QLD is Leveraged Equities. They also come from different issuers: Avantis and ProShares. Their fees differ too: 0.33% for AVEM and 0.95% for QLD.

Which has better risk-adjusted returns?

AVEM currently has the higher Sharpe Ratio (2.15 vs 2.04), 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.