ETHT vs. QLD

Last updated Jun 24, 2026

ETHT (ProShares Ultra Ether ETF) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - ETHT is a Cryptocurrency fund tracking the Bloomberg Ethereum Index (200%), while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past year, ETHT returned -74.55% vs 66.80% for QLD. A 0.52 correlation means they provide meaningful diversification when combined. ETHT charges 0.94%/yr vs 0.95%/yr for QLD.

Performance

ETHT vs. QLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Ether ETF (ETHT) 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, ETHT achieves a -77.62% return, which is significantly lower than QLD's 29.58% return.

ETHT

• 1D: -8.32%
• 1M: -38.95%
• YTD: -77.62%
• 6M: -77.71%
• 1Y: -74.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QLD

• 1D: -6.61%
• 1M: -2.02%
• YTD: 29.58%
• 6M: 26.13%
• 1Y: 66.80%
• 3Y*: 43.61%
• 5Y*: 21.41%
• 10Y*: 36.27%

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

ETHT vs. QLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHT ProShares Ultra Ether ETF	-77.62%	-64.86%	-45.44%
QLD ProShares Ultra QQQ	29.58%	30.36%	15.76%

Correlation

The correlation between ETHT and QLD is 0.53, 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	0.53
Correlation (All Time) Calculated using the full available price history since Jun 7, 2024	0.52

The correlation between ETHT and QLD has been stable across timeframes, ranging from 0.52 to 0.53 - a consistent structural relationship.

Return for Risk

ETHT vs. QLD — Risk / Return Rank

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

ETHT

ETHT Risk / Return Rank: 4
ETHT Sharpe Ratio Rank: 5
ETHT Sortino Ratio Rank: 5
ETHT Omega Ratio Rank: 5
ETHT Calmar Ratio Rank: 2
ETHT Martin Ratio Rank: 3

QLD

QLD Risk / Return Rank: 53
QLD Sharpe Ratio Rank: 58
QLD Sortino Ratio Rank: 49
QLD Omega Ratio Rank: 51
QLD Calmar Ratio Rank: 56
QLD Martin Ratio Rank: 54

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.

ETHT vs. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Ether ETF (ETHT) 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.

	ETHT	QLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	1.88	-2.42
Sortino ratio: Return per unit of downside risk	-0.43	2.33	-2.77
Omega ratio: Gain probability vs. loss probability	0.95	1.31	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.80	2.67	-3.47
Martin ratio: Return relative to average drawdown	-1.14	9.05	-10.18

ETHT vs. QLD - Sharpe Ratio Comparison

The current ETHT Sharpe Ratio is -0.54, which is lower than the QLD Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of ETHT 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

ETHT vs. QLD - Drawdown Comparison

The maximum ETHT drawdown since its inception was -96.02%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for ETHT and QLD.

Drawdown Indicators

	ETHT	QLD	Difference
Max Drawdown Largest peak-to-trough decline	-96.02%	-83.13%	-12.89%
Max Drawdown (1Y) Largest decline over 1 year	-93.92%	-25.13%	-68.79%
Max Drawdown (3Y) Largest decline over 3 years	—	-42.29%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-63.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-63.68%	—
Current Drawdown Current decline from peak	-95.71%	-9.26%	-86.45%
Average Drawdown Average peak-to-trough decline	-67.69%	-18.14%	-49.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	65.67%	7.40%	+58.27%

Volatility

ETHT vs. QLD - Volatility Comparison

ProShares Ultra Ether ETF (ETHT) has a higher volatility of 39.94% compared to ProShares Ultra QQQ (QLD) at 18.22%. This indicates that ETHT's price experiences larger fluctuations and is considered to be riskier than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHT	QLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	39.94%	18.22%	+21.72%
Volatility (6M) Calculated over the trailing 6-month period	94.89%	28.95%	+65.94%
Volatility (1Y) Calculated over the trailing 1-year period	137.89%	35.77%	+102.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	143.20%	45.34%	+97.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	143.20%	44.80%	+98.40%

ETHT vs. QLD - Expense Ratio Comparison

ETHT has a 0.94% expense ratio, which is lower than QLD's 0.95% expense ratio.

Dividends

ETHT vs. QLD - Dividend Comparison

ETHT's dividend yield for the trailing twelve months is around 21.23%, more than QLD's 0.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETHT ProShares Ultra Ether ETF	21.23%	4.57%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	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 ETHT and QLD in my portfolio?

ETHT and QLD have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHT or QLD?

ETHT has higher volatility (39.94%) compared to QLD (18.22%). In terms of maximum drawdown, ETHT dropped -96.02% vs QLD's -83.13%.

Which ETF is better, ETHT or QLD?

On 1-year performance, QLD leads with 66.80% vs -74.55% for ETHT. On fees, ETHT is cheaper at 0.94% per year. On volatility, QLD has been the lower-risk option at 18.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHT or QLD?

Over the 1-year period, QLD has performed better with a 66.80% return vs -74.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHT or QLD?

ETHT is cheaper with a 0.94% expense ratio, compared with 0.95% for QLD.

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

ETHT has the higher dividend yield at 21.23%, compared with 0.13% for QLD.

What is the main difference between ETHT and QLD?

ETHT is categorized as Cryptocurrency, while QLD is Leveraged Equities. ETHT tracks Bloomberg Ethereum Index (200%), while QLD tracks NASDAQ-100 Index (200%). Their fees differ too: 0.94% for ETHT and 0.95% for QLD.

Which has better risk-adjusted returns?

QLD currently has the higher Sharpe Ratio (1.88 vs -0.54), 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.