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QLD vs. DGP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QLD vs. DGP

Last updated Jun 9, 2026

QLD (ProShares Ultra QQQ) and DGP (DB Gold Double Long Exchange Traded Notes) are both exchange-traded funds - QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%), while DGP is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%). Both are passively managed. Over the past 10 years, QLD returned 35.29%/yr vs 19.21%/yr for DGP. At a 0.04 correlation, their price movements are largely independent. QLD charges 0.95%/yr vs 0.75%/yr for DGP.

Performance

QLD vs. DGP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ (QLD) and DB Gold Double Long Exchange Traded Notes (DGP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QLD achieves a 31.05% return, which is significantly higher than DGP's -4.85% return. Over the past 10 years, QLD has outperformed DGP with an annualized return of 35.29%, while DGP has yielded a comparatively lower 19.21% annualized return.

QLD

1D
3.03%
1M
0.58%
YTD
31.05%
6M
26.63%
1Y
69.67%
3Y*
46.32%
5Y*
23.57%
10Y*
35.29%

DGP

1D
0.46%
1M
-16.73%
YTD
-4.85%
6M
0.37%
1Y
52.74%
3Y*
53.91%
5Y*
29.00%
10Y*
19.21%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QLD vs. DGP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QLD
ProShares Ultra QQQ		31.05%30.36%42.82%117.72%-60.52%54.67%88.90%81.69%-8.31%70.34%
DGP
DB Gold Double Long Exchange Traded Notes		-4.85%141.40%53.16%16.97%-5.54%-11.29%45.29%32.27%-7.48%24.20%

Correlation

The correlation between QLD and DGP is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.22

Correlation (3Y)
Calculated over the trailing 3-year period

0.13

Correlation (5Y)
Calculated over the trailing 5-year period

0.09

Correlation (10Y)
Calculated over the trailing 10-year period

0.06

Correlation (All Time)
Calculated using the full available price history since Feb 28, 2008

0.04

The correlation between QLD and DGP shifts across timeframes, from 0.04 (all time) to 0.22 (1 year), 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.

ProShares Ultra QQQ

DB Gold Double Long Exchange Traded Notes

Often compared with QLD:
QLD vs. QQQQLD vs. TQQQQLD vs. SSOQLD vs. QQQMQLD vs. UPROQLD vs. VOOQLD vs. SPY
Often compared with DGP:
DGP vs. UGLDGP vs. GFIDGP vs. JNUGDGP vs. WPMDGP vs. LYFTDGP vs. IAUDGP vs. IAUM

Return for Risk

QLD vs. DGP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QLD
QLD Risk / Return Rank: 6363
Overall Rank
QLD Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
QLD Sortino Ratio Rank: 5959
Sortino Ratio Rank
QLD Omega Ratio Rank: 6262
Omega Ratio Rank
QLD Calmar Ratio Rank: 6262
Calmar Ratio Rank
QLD Martin Ratio Rank: 5959
Martin Ratio Rank
DGP
DGP Risk / Return Rank: 3131
Overall Rank
DGP Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
DGP Sortino Ratio Rank: 3131
Sortino Ratio Rank
DGP Omega Ratio Rank: 3636
Omega Ratio Rank
DGP Calmar Ratio Rank: 3232
Calmar Ratio Rank
DGP Martin Ratio Rank: 2828
Martin Ratio Rank
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.

QLD vs. DGP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ (QLD) and DB Gold Double Long Exchange Traded Notes (DGP). 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.

QLDDGPDifference
Sharpe ratioReturn per unit of total volatility
2.10
1.00

+1.10

Sortino ratioReturn per unit of downside risk
2.52
1.50

+1.03

Omega ratioGain probability vs. loss probability

1.34

1.22

+0.13

Calmar ratioReturn relative to maximum drawdown

2.79

1.43

+1.35

Martin ratioReturn relative to average drawdown

9.64

3.59

+6.05

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QLD vs. DGP - Sharpe Ratio Comparison

The current QLD Sharpe Ratio is 2.10, which is higher than the DGP Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of QLD and DGP, 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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Sharpe Ratios by Period

QLDDGPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.10

1.00

+1.10

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.53

0.75

-0.22

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.79

0.55

+0.24

Sharpe Ratio (All Time)

Calculated using the full available price history

0.58

0.27

+0.31

Drawdowns

QLD vs. DGP - Drawdown Comparison

The maximum QLD drawdown since its inception was -83.13%, which is greater than DGP's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for QLD and DGP.

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Drawdown Indicators

QLDDGPDifference

Max Drawdown

Largest peak-to-trough decline

-83.13%

-75.31%

-7.82%

Max Drawdown (1Y)

Largest decline over 1 year

-25.13%

-36.98%

+11.85%

Max Drawdown (3Y)

Largest decline over 3 years

-42.29%

-36.98%

-5.31%

Max Drawdown (5Y)

Largest decline over 5 years

-63.68%

-51.24%

-12.44%

Max Drawdown (10Y)

Largest decline over 10 years

-63.68%

-51.24%

-12.44%

Current Drawdown

Current decline from peak

-8.24%

-36.69%

+28.45%

Average Drawdown

Average peak-to-trough decline

-18.16%

-41.09%

+22.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.25%

14.75%

-7.50%

Volatility

QLD vs. DGP - Volatility Comparison

ProShares Ultra QQQ (QLD) has a higher volatility of 13.78% compared to DB Gold Double Long Exchange Traded Notes (DGP) at 10.97%. This indicates that QLD's price experiences larger fluctuations and is considered to be riskier than DGP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QLDDGPDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.78%

10.97%

+2.81%

Volatility (6M)

Calculated over the trailing 6-month period

26.34%

46.99%

-20.65%

Volatility (1Y)

Calculated over the trailing 1-year period

33.42%

53.01%

-19.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

44.95%

38.91%

+6.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

44.68%

35.11%

+9.57%

QLD vs. DGP - Expense Ratio Comparison

QLD has a 0.95% expense ratio, which is higher than DGP's 0.75% expense ratio.

Dividends

QLD vs. DGP - Dividend Comparison

QLD's dividend yield for the trailing twelve months is around 0.13%, while DGP has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
DGP
DB Gold Double Long Exchange Traded Notes		0.00%0.00%0.00%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

QLD and DGP have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QLD has higher volatility (13.78%) compared to DGP (10.97%). In terms of maximum drawdown, QLD dropped -83.13% vs DGP's -75.31%.

On 10-year performance, QLD leads with 35.29% vs 19.21% for DGP. On fees, DGP is cheaper at 0.75% per year. On volatility, DGP has been the lower-risk option at 10.97%. 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 35.29% return vs 19.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DGP is cheaper with a 0.75% expense ratio, compared with 0.95% for QLD.

QLD has the higher dividend yield at 0.13%, compared with 0.00% for DGP.

QLD is categorized as Leveraged Equities, while DGP is Leveraged Commodities. QLD tracks NASDAQ-100 Index (200%), while DGP tracks Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (200%). They also come from different issuers: ProShares and Deutsche Bank. Their fees differ too: 0.95% for QLD and 0.75% for DGP.

QLD currently has the higher Sharpe Ratio (2.10 vs 1.00), 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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