QLD vs. DBE
QLD (ProShares Ultra QQQ) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%), while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, QLD returned 33.23%/yr vs 11.73%/yr for DBE. Their 0.21 correlation means their historical movements had little consistent relationship. QLD charges 0.95%/yr vs 0.78%/yr for DBE.
Performance
QLD vs. DBE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, QLD achieves a 29.07% return, which is significantly lower than DBE's 63.53% return. Over the past 10 years, QLD has outperformed DBE with an annualized return of 33.23%, while DBE has yielded a comparatively lower 11.73% annualized return.
QLD
- 1D
- -1.80%
- 1M
- -2.51%
- 6M
- 33.69%
- YTD
- 29.07%
- 1Y
- 50.92%
- 3Y*
- 41.48%
- 5Y*
- 18.95%
- 10Y*
- 33.23%
- ALL TIME*
- 25.17%
DBE
- 1D
- -0.24%
- 1M
- 9.43%
- 6M
- 46.31%
- YTD
- 63.53%
- 1Y
- 57.60%
- 3Y*
- 13.46%
- 5Y*
- 16.54%
- 10Y*
- 11.73%
- ALL TIME*
- 2.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.42M | $1.12M | $1.57M | |
| $462.32M | $402.26M | $438.76M |
QLD vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 29.07% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
DBE Invesco DB Energy Fund | 63.53% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between QLD and DBE is -0.24, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.24 |
Correlation (3Y) Balances recent behavior with more history. | -0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.03 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007 | 0.21 |
The correlation between QLD and DBE shifts across timeframes, from -0.24 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
QLD vs. DBE — Risk / Return Rank
QLD
DBE
QLD vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ (QLD) and Invesco DB Energy Fund (DBE). 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.
| QLD | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.26 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.04 | 2.34 | -0.31 |
| Martin ratioReturn relative to average drawdown | 5.97 | 7.22 | -1.25 |
Loading charts...
Drawdowns
QLD vs. DBE - Drawdown Comparison
The maximum QLD drawdown since its inception was -83.13%, roughly equal to the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for QLD and DBE.
Loading charts...
Drawdown Indicators
| QLD | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.13% | -86.69% | +3.56% |
Max Drawdown (1Y)Largest decline over 1 year | -25.13% | -24.72% | -0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -42.29% | -24.72% | -17.57% |
Max Drawdown (5Y)Largest decline over 5 years | -63.68% | -38.74% | -24.94% |
Max Drawdown (10Y)Largest decline over 10 years | -63.68% | -60.84% | -2.84% |
Current DrawdownCurrent decline from peak | -9.62% | -37.92% | +28.30% |
Average DrawdownAverage peak-to-trough decline | -18.10% | -57.12% | +39.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.55% | 8.00% | +0.55% |
Volatility
QLD vs. DBE - Volatility Comparison
The current volatility for ProShares Ultra QQQ (QLD) is 14.78%, while Invesco DB Energy Fund (DBE) has a volatility of 15.65%. This indicates that QLD experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| QLD | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.78% | 15.65% | -0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 32.55% | 33.76% | -1.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.97% | 37.85% | +1.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.90% | 30.19% | +15.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.04% | 28.63% | +16.41% |
QLD vs. DBE - Expense Ratio Comparison
QLD has a 0.95% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
QLD vs. DBE - Dividend Comparison
QLD's dividend yield for the trailing twelve months is around 0.13%, less than DBE's 2.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.36% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 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
QLD and DBE have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (15.65%) compared to QLD (14.78%). In terms of maximum drawdown, QLD dropped -83.13% vs DBE's -86.69%.
On 10-year performance, QLD leads with 33.23% vs 11.73% for DBE. On fees, DBE is cheaper at 0.78% per year. On volatility, QLD has been the lower-risk option at 14.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QLD has performed better with a 33.23% return vs 11.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 0.95% for QLD.
DBE has the higher dividend yield at 2.36%, compared with 0.13% for QLD.
QLD is categorized as Leveraged Equities, while DBE is Oil & Gas. QLD tracks NASDAQ-100 Index (200%), while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for QLD and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.53 vs 1.31), 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.
Find the right allocation for QLD and DBE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer