MSFU vs. QLD

Last updated Jun 23, 2026

MSFU (Direxion Daily MSFT Bull 2X Shares) and QLD (ProShares Ultra QQQ) are both Leveraged Equities funds - MSFU tracks the Microsoft Corporation (150%) while QLD tracks the NASDAQ-100 Index (200%). Both are passively managed. Over the past 3 years, MSFU returned -10.09%/yr vs 46.92%/yr for QLD. A 0.72 correlation means they provide meaningful diversification when combined. MSFU charges 1.04%/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.

Returns By Period

In the year-to-date period, MSFU achieves a -47.25% return, which is significantly lower than QLD's 38.76% return.

MSFU

• 1D: -6.29%
• 1M: -24.51%
• YTD: -47.25%
• 6M: -47.70%
• 1Y: -49.25%
• 3Y*: -10.09%
• 5Y*: —
• 10Y*: —

QLD

• 1D: -0.23%
• 1M: 4.92%
• YTD: 38.76%
• 6M: 36.36%
• 1Y: 82.33%
• 3Y*: 46.92%
• 5Y*: 23.39%
• 10Y*: 37.21%

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

MSFU vs. QLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MSFU Direxion Daily MSFT Bull 2X Shares	-47.25%	13.36%	5.80%	83.04%	-13.28%
QLD ProShares Ultra QQQ	38.76%	30.36%	42.82%	117.72%	-20.88%

Correlation

The correlation between MSFU and QLD is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022	0.72

Over the past year, the correlation between MSFU and QLD has dropped to 0.49 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.

MSFU vs. QLD - Sectors Allocation Comparison

Sectors	MSFU	QLD
Technology	100.0%	58.7%
Basic Materials	-	1.0%
Communication Services	-	14.3%
Consumer Cyclical	-	11.4%
Consumer Defensive	-	6.4%
Energy	-	0.5%
Financial Services	-	0.2%
Healthcare	-	3.7%
Industrials	-	2.6%
Real Estate	-	0.1%
Utilities	-	1.2%

Return for Risk

MSFU vs. QLD — Risk / Return Rank

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

MSFU

MSFU Risk / Return Rank: 2
MSFU Sharpe Ratio Rank: 2
MSFU Sortino Ratio Rank: 2
MSFU Omega Ratio Rank: 1
MSFU Calmar Ratio Rank: 2
MSFU Martin Ratio Rank: 1

QLD

QLD Risk / Return Rank: 67
QLD Sharpe Ratio Rank: 77
QLD Sortino Ratio Rank: 62
QLD Omega Ratio Rank: 65
QLD Calmar Ratio Rank: 68
QLD Martin Ratio Rank: 63

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.

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.

	MSFU	QLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.95	2.36	-3.31
Sortino ratio: Return per unit of downside risk	-1.34	2.79	-4.12
Omega ratio: Gain probability vs. loss probability	0.83	1.37	-0.55
Calmar ratio: Return relative to maximum drawdown	-0.83	3.29	-4.12
Martin ratio: Return relative to average drawdown	-1.49	11.19	-12.69

MSFU vs. QLD - Sharpe Ratio Comparison

The current MSFU Sharpe Ratio is -0.95, which is lower than the QLD Sharpe Ratio of 2.36. 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.

Drawdowns

MSFU vs. QLD - Drawdown Comparison

The maximum MSFU drawdown since its inception was -59.83%, 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.

Drawdown Indicators

	MSFU	QLD	Difference
Max Drawdown Largest peak-to-trough decline	-59.83%	-83.13%	+23.30%
Max Drawdown (1Y) Largest decline over 1 year	-59.83%	-25.13%	-34.70%
Max Drawdown (3Y) Largest decline over 3 years	-59.83%	-42.29%	-17.54%
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	-59.17%	-2.83%	-56.34%
Average Drawdown Average peak-to-trough decline	-16.94%	-18.14%	+1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.98%	7.38%	+25.60%

Volatility

MSFU vs. QLD - Volatility Comparison

Direxion Daily MSFT Bull 2X Shares (MSFU) has a higher volatility of 22.08% compared to ProShares Ultra QQQ (QLD) at 16.77%. 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.

Volatility by Period

	MSFU	QLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.08%	16.77%	+5.31%
Volatility (6M) Calculated over the trailing 6-month period	46.50%	28.19%	+18.31%
Volatility (1Y) Calculated over the trailing 1-year period	51.94%	35.17%	+16.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.60%	45.24%	+1.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.60%	44.82%	+1.78%

MSFU vs. QLD - Expense Ratio Comparison

MSFU has a 1.04% 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 15.00%, more than QLD's 0.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSFU Direxion Daily MSFT Bull 2X Shares	15.00%	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	0.12%	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 MSFU and QLD in my portfolio?

MSFU and QLD have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSFU or QLD?

MSFU has higher volatility (22.08%) compared to QLD (16.77%). In terms of maximum drawdown, MSFU dropped -59.83% vs QLD's -83.13%.

Which ETF is better, MSFU or QLD?

On 3-year performance, QLD leads with 46.92% vs -10.09% for MSFU. On fees, QLD is cheaper at 0.95% per year. On volatility, QLD has been the lower-risk option at 16.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSFU or QLD?

Over the 3-year period, QLD has performed better with a 46.92% return vs -10.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSFU or QLD?

QLD is cheaper with a 0.95% expense ratio, compared with 1.04% for MSFU.

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

MSFU has the higher dividend yield at 15.00%, compared with 0.12% for QLD.

What is the main difference between MSFU and QLD?

MSFU tracks Microsoft Corporation (150%), while QLD tracks NASDAQ-100 Index (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.04% for MSFU and 0.95% for QLD.

Which has better risk-adjusted returns?

QLD currently has the higher Sharpe Ratio (2.36 vs -0.95), 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.