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MSFU vs. QLD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MSFU vs. QLD

Last updated Aug 2, 2026
Documentation

MSFU (Direxion Daily MSFT Bull 2X Shares) and QLD (ProShares Ultra QQQ) are both Leveraged Equities funds - MSFU tracks the Microsoft Corporation (200%) while QLD tracks the NASDAQ-100 Index (200%). Both are passively managed. Over the past 3 years, MSFU returned 3.90%/yr vs 35.01%/yr for QLD. Their 0.68 correlation means they have sometimes moved together and sometimes differently. MSFU charges 0.98%/yr vs 0.95%/yr for QLD.

Performance

MSFU vs. QLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MSFT Bull 2X Shares (MSFU) and ProShares Ultra QQQ (QLD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MSFU achieves a -18.87% return, which is significantly lower than QLD's 18.94% return.

MSFU

1D
5.90%
1M
37.88%
6M
4.85%
YTD
-18.87%
1Y
-34.49%
3Y*
3.90%
5Y*
—
10Y*
—
ALL TIME*
11.80%

QLD

1D
1.20%
1M
-7.66%
6M
16.78%
YTD
18.94%
1Y
42.18%
3Y*
35.01%
5Y*
17.45%
10Y*
32.56%
ALL TIME*
24.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

MSFU

Direxion Daily MSFT Bull 2X Shares
$236.35M$210.49M$216.20M

QLD

ProShares Ultra QQQ
$408.78M$399.91M$439.78M

MSFU vs. QLD - Yearly Performance Comparison

2026 (YTD)2025202420232022
MSFU
Direxion Daily MSFT Bull 2X Shares		-18.87%13.36%5.80%83.04%-13.28%
QLD
ProShares Ultra QQQ		18.94%30.36%42.82%117.72%-20.88%

Correlation

The correlation between MSFU and QLD is 0.37, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.37

Correlation (3Y)
Balances recent behavior with more history.

0.61

Correlation (All Time)
Calculated using the full available price history since Sep 7, 2022

0.68

Over the past year, the correlation between MSFU and QLD has dropped to 0.37 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

MSFU vs. QLD - Sectors Allocation Comparison

Sectors
MSFU
QLD

Technology

100.0%
60.9%

Basic Materials

-

1.0%

Communication Services

-

13.1%

Consumer Cyclical

-

10.7%

Consumer Defensive

-

6.3%

Energy

-

0.5%

Financial Services

-

0.2%

Healthcare

-

3.6%

Industrials

-

2.7%

Real Estate

-

0.1%

Utilities

-

1.1%

Technology

MSFU
100.0%
QLD
60.9%

Basic Materials

MSFU

-

QLD
1.0%

Communication Services

MSFU

-

QLD
13.1%

Consumer Cyclical

MSFU

-

QLD
10.7%

Consumer Defensive

MSFU

-

QLD
6.3%

Energy

MSFU

-

QLD
0.5%

Financial Services

MSFU

-

QLD
0.2%

Healthcare

MSFU

-

QLD
3.6%

Industrials

MSFU

-

QLD
2.7%

Real Estate

MSFU

-

QLD
0.1%

Utilities

MSFU

-

QLD
1.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Direxion Daily MSFT Bull 2X Shares

ProShares Ultra QQQ

Often compared with MSFU:
MSFU vs. MSFLMSFU vs. MSFTMSFU vs. MSFXMSFU vs. TQQQMSFU vs. AAPLMSFU vs. SOXLMSFU vs. APLY
Often compared with QLD:
QLD vs. QQQQLD vs. TQQQQLD vs. SSOQLD vs. QQQMQLD vs. UPROQLD vs. VOOQLD vs. SPY

Return for Risk

MSFU vs. QLD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
MSFU
MSFU Risk / Return Rank: 55
Overall Rank
MSFU Sharpe Ratio Rank: 44
Sharpe Ratio Rank
MSFU Sortino Ratio Rank: 55
Sortino Ratio Rank
MSFU Omega Ratio Rank: 44
Omega Ratio Rank
MSFU Calmar Ratio Rank: 44
Calmar Ratio Rank
MSFU Martin Ratio Rank: 55
Martin Ratio Rank
QLD
QLD Risk / Return Rank: 3939
Overall Rank
QLD Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
QLD Sortino Ratio Rank: 3939
Sortino Ratio Rank
QLD Omega Ratio Rank: 3838
Omega Ratio Rank
QLD Calmar Ratio Rank: 4141
Calmar Ratio Rank
QLD Martin Ratio Rank: 4141
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MSFU vs. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSFT Bull 2X Shares (MSFU) 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.

MSFUQLDDifference
Sharpe ratioReturn per unit of total volatility
-0.59
0.95

-1.54

Sortino ratioReturn per unit of downside risk
-0.63
1.44

-2.07

Omega ratioGain probability vs. loss probability

0.92

1.18

-0.26

Calmar ratioReturn relative to maximum drawdown

-0.59

1.46

-2.05

Martin ratioReturn relative to average drawdown

-0.98

4.32

-5.30

MSFU vs. QLD - Sharpe Ratio Comparison

The current MSFU Sharpe Ratio is -0.59, which is lower than the QLD Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of MSFU 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.

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Drawdowns

MSFU vs. QLD - Drawdown Comparison

The maximum MSFU drawdown since its inception was -62.43%, smaller than the maximum QLD drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for MSFU and QLD.

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Drawdown Indicators

MSFUQLDDifference

Max Drawdown

Largest peak-to-trough decline

-62.43%

-83.13%

+20.70%

Max Drawdown (1Y)

Largest decline over 1 year

-62.43%

-25.13%

-37.30%

Max Drawdown (3Y)

Largest decline over 3 years

-62.43%

-42.29%

-20.14%

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

-37.20%

-16.72%

-20.48%

Average Drawdown

Average peak-to-trough decline

-18.02%

-18.11%

+0.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

37.69%

8.47%

+29.22%

Volatility

MSFU vs. QLD - Volatility Comparison

Direxion Daily MSFT Bull 2X Shares (MSFU) has a higher volatility of 29.64% compared to ProShares Ultra QQQ (QLD) at 13.69%. This indicates that MSFU'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.

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Volatility by Period

MSFUQLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

29.64%

13.69%

+15.95%

Volatility (6M)

Calculated over the trailing 6-month period

51.29%

31.99%

+19.30%

Volatility (1Y)

Calculated over the trailing 1-year period

63.22%

38.62%

+24.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

49.57%

45.76%

+3.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

49.57%

44.97%

+4.60%

MSFU vs. QLD - Expense Ratio Comparison

MSFU has a 0.98% expense ratio, which is higher than QLD's 0.95% expense ratio.

Dividends

MSFU vs. QLD - Dividend Comparison

MSFU's dividend yield for the trailing twelve months is around 9.13%, more than QLD's 0.14% yield.

PositionTTM20252024202320222021202020192018201720162015
MSFU
Direxion Daily MSFT Bull 2X Shares		9.13%8.15%7.00%2.11%0.54%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
QLD
ProShares Ultra QQQ		0.14%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

MSFU and QLD have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MSFU has higher volatility (29.64%) compared to QLD (13.69%). In terms of maximum drawdown, MSFU dropped -62.43% vs QLD's -83.13%.

On 3-year performance, QLD leads with 35.01% vs 3.90% for MSFU. On fees, QLD is cheaper at 0.95% per year. On volatility, QLD has been the lower-risk option at 13.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, QLD has performed better with a 35.01% return vs 3.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QLD is cheaper with a 0.95% expense ratio, compared with 0.98% for MSFU.

MSFU has the higher dividend yield at 9.13%, compared with 0.14% for QLD.

MSFU tracks Microsoft Corporation (200%), while QLD tracks NASDAQ-100 Index (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.98% for MSFU and 0.95% for QLD.

QLD currently has the higher Sharpe Ratio (0.95 vs -0.59), 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.

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