DUOG vs. QULL

Last updated Jun 21, 2026

DUOG (Leverage Shares 2X Long DUOL Daily ETF) and QULL (ETRACS 2x Leveraged MSCI US Quality Factor TR ETN) are both Leveraged Equities funds. DUOG is actively managed, while QULL is passively managed. At a 0.20 correlation, their price movements are largely independent. DUOG charges 0.75%/yr vs 0.95%/yr for QULL.

Performance

DUOG vs. QULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long DUOL Daily ETF (DUOG) and ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DUOG achieves a -59.80% return, which is significantly lower than QULL's 15.49% return.

DUOG

• 1D: 3.24%
• 1M: 36.67%
• YTD: -59.80%
• 6M: -64.33%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QULL

• 1D: 1.46%
• 1M: 3.18%
• YTD: 15.49%
• 6M: 15.14%
• 1Y: 43.87%
• 3Y*: 30.27%
• 5Y*: 16.90%
• 10Y*: —

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

DUOG vs. QULL - Yearly Performance Comparison

	2026 (YTD)	2025
DUOG Leverage Shares 2X Long DUOL Daily ETF	-59.80%	-25.09%
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN	15.49%	-0.54%

Correlation

The correlation between DUOG and QULL is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025	0.20

Return for Risk

DUOG vs. QULL — Risk / Return Rank

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

DUOG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

QULL

QULL Risk / Return Rank: 52
QULL Sharpe Ratio Rank: 53
QULL Sortino Ratio Rank: 50
QULL Omega Ratio Rank: 49
QULL Calmar Ratio Rank: 49
QULL Martin Ratio Rank: 60

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.

DUOG vs. QULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long DUOL Daily ETF (DUOG) and ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL). 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.

	DUOG	QULL	Difference
Sharpe ratio: Return per unit of total volatility	—	1.73	—
Sortino ratio: Return per unit of downside risk	—	2.39	—
Omega ratio: Gain probability vs. loss probability	—	1.30	—
Calmar ratio: Return relative to maximum drawdown	—	2.31	—
Martin ratio: Return relative to average drawdown	—	10.29	—

Drawdowns

DUOG vs. QULL - Drawdown Comparison

The maximum DUOG drawdown since its inception was -83.13%, which is greater than QULL's maximum drawdown of -51.83%. Use the drawdown chart below to compare losses from any high point for DUOG and QULL.

Drawdown Indicators

	DUOG	QULL	Difference
Max Drawdown Largest peak-to-trough decline	-83.13%	-51.83%	-31.30%
Max Drawdown (1Y) Largest decline over 1 year	—	-18.43%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-36.82%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-51.83%	—
Current Drawdown Current decline from peak	-69.89%	-2.47%	-67.42%
Average Drawdown Average peak-to-trough decline	-63.95%	-13.94%	-50.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.13%	—

Volatility

Volatility by Period

	DUOG	QULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.52%	—
Volatility (6M) Calculated over the trailing 6-month period	—	19.39%	—
Volatility (1Y) Calculated over the trailing 1-year period	114.34%	24.65%	+89.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	114.34%	35.67%	+78.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	114.34%	35.08%	+79.26%

DUOG vs. QULL - Expense Ratio Comparison

DUOG has a 0.75% expense ratio, which is lower than QULL's 0.95% expense ratio.

Dividends

DUOG vs. QULL - Dividend Comparison

Neither DUOG nor QULL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DUOG and QULL in my portfolio?

DUOG and QULL have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DUOG or QULL?

On fees, DUOG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DUOG or QULL?

DUOG is cheaper with a 0.75% expense ratio, compared with 0.95% for QULL.

Which ETF pays a higher dividend yield, DUOG or QULL?

DUOG and QULL have nearly identical dividend yields, around 0.00%.

What is the main difference between DUOG and QULL?

They also come from different issuers: Leverage Shares and UBS. Their fees differ too: 0.75% for DUOG and 0.95% for QULL.