QLD vs. DIG

Last updated Jul 21, 2026

QLD (ProShares Ultra QQQ) and DIG (ProShares Ultra Oil & Gas) are both Leveraged Equities funds from ProShares - QLD tracks the NASDAQ-100 Index (200%) while DIG tracks the Dow Jones U.S. Oil & Gas Index (200%). Both are passively managed. Over the past 10 years, QLD returned 33.23%/yr vs 4.46%/yr for DIG. At a 0.44 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

QLD vs. DIG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ (QLD) and ProShares Ultra Oil & Gas (DIG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QLD achieves a 22.29% return, which is significantly lower than DIG's 62.13% return. Over the past 10 years, QLD has outperformed DIG with an annualized return of 33.23%, while DIG has yielded a comparatively lower 4.46% annualized return.

QLD

• 1D: 0.14%
• 1M: -12.08%
• 6M: 20.01%
• YTD: 22.29%
• 1Y: 41.98%
• 3Y*: 37.92%
• 5Y*: 18.50%
• 10Y*: 33.23%
• ALL TIME*: 24.89%

DIG

• 1D: 0.87%
• 1M: 16.92%
• 6M: 43.45%
• YTD: 62.13%
• 1Y: 74.21%
• 3Y*: 17.88%
• 5Y*: 33.41%
• 10Y*: 4.46%
• ALL TIME*: -0.17%

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

QLD vs. DIG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QLD ProShares Ultra QQQ	22.29%	30.36%	42.82%	117.72%	-60.52%	54.67%	88.90%	81.69%	-8.31%	70.34%
DIG ProShares Ultra Oil & Gas	62.13%	2.73%	0.93%	-13.04%	125.34%	115.63%	-70.36%	12.51%	-40.11%	-7.39%

Correlation

The correlation between QLD and DIG is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.44

The correlation between QLD and DIG shifts across timeframes, from -0.18 (1 year) to 0.44 (all time), reflecting how their relationship changes across market environments.

QLD vs. DIG - Sectors Allocation Comparison

Sectors	QLD	DIG
Technology	60.9%	-
Communication Services	13.1%	-
Consumer Cyclical	10.7%	-
Consumer Defensive	6.3%	-
Healthcare	3.6%	-
Industrials	2.7%	-
Utilities	1.1%	-
Basic Materials	1.0%	-
Energy	0.5%	65.7%
Financial Services	0.2%	6.7%
Real Estate	0.1%	-

Return for Risk

QLD vs. DIG — Risk / Return Rank

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

QLD

QLD Risk / Return Rank: 42
QLD Sharpe Ratio Rank: 41
QLD Sortino Ratio Rank: 39
QLD Omega Ratio Rank: 40
QLD Calmar Ratio Rank: 43
QLD Martin Ratio Rank: 44

DIG

DIG Risk / Return Rank: 64
DIG Sharpe Ratio Rank: 75
DIG Sortino Ratio Rank: 64
DIG Omega Ratio Rank: 60
DIG Calmar Ratio Rank: 68
DIG Martin Ratio Rank: 51

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. DIG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ (QLD) and ProShares Ultra Oil & Gas (DIG). 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	DIG	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.78	-0.65
Sortino ratio: Return per unit of downside risk	1.61	2.23	-0.62
Omega ratio: Gain probability vs. loss probability	1.21	1.28	-0.07
Calmar ratio: Return relative to maximum drawdown	1.68	2.50	-0.82
Martin ratio: Return relative to average drawdown	5.37	6.44	-1.08

QLD vs. DIG - Sharpe Ratio Comparison

The current QLD Sharpe Ratio is 1.13, which is lower than the DIG Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of QLD and DIG, 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

QLD vs. DIG - Drawdown Comparison

The maximum QLD drawdown since its inception was -83.13%, smaller than the maximum DIG drawdown of -97.04%. Use the drawdown chart below to compare losses from any high point for QLD and DIG.

Drawdown Indicators

	QLD	DIG	Difference
Max Drawdown Largest peak-to-trough decline	-83.13%	-97.04%	+13.91%
Max Drawdown (1Y) Largest decline over 1 year	-25.13%	-29.80%	+4.67%
Max Drawdown (3Y) Largest decline over 3 years	-42.29%	-42.41%	+0.12%
Max Drawdown (5Y) Largest decline over 5 years	-63.68%	-46.02%	-17.66%
Max Drawdown (10Y) Largest decline over 10 years	-63.68%	-92.53%	+28.85%
Current Drawdown Current decline from peak	-14.37%	-52.50%	+38.13%
Average Drawdown Average peak-to-trough decline	-18.11%	-64.30%	+46.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.84%	11.56%	-3.72%

Volatility

QLD vs. DIG - Volatility Comparison

ProShares Ultra QQQ (QLD) has a higher volatility of 14.75% compared to ProShares Ultra Oil & Gas (DIG) at 12.04%. This indicates that QLD's price experiences larger fluctuations and is considered to be riskier than DIG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLD	DIG	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.75%	12.04%	+2.71%
Volatility (6M) Calculated over the trailing 6-month period	30.94%	33.13%	-2.19%
Volatility (1Y) Calculated over the trailing 1-year period	37.40%	41.94%	-4.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.59%	51.25%	-5.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.88%	57.81%	-12.93%

QLD vs. DIG - Expense Ratio Comparison

Both QLD and DIG have an expense ratio of 0.95%.

Dividends

QLD vs. DIG - Dividend Comparison

QLD's dividend yield for the trailing twelve months is around 0.14%, less than DIG's 1.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIG ProShares Ultra Oil & Gas	1.53%	2.62%	3.13%	0.61%	1.33%	2.24%	3.18%	2.72%	2.30%	1.76%	1.09%	1.56%
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

Can I hold both QLD and DIG in my portfolio?

QLD and DIG have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QLD or DIG?

QLD has higher volatility (14.75%) compared to DIG (12.04%). In terms of maximum drawdown, QLD dropped -83.13% vs DIG's -97.04%.

Which ETF is better, QLD or DIG?

On 10-year performance, QLD leads with 33.23% vs 4.46% for DIG. Both ETFs have the same 0.95% expense ratio. On volatility, DIG has been the lower-risk option at 12.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLD or DIG?

Over the 10-year period, QLD has performed better with a 33.23% return vs 4.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLD or DIG?

QLD and DIG have the same expense ratio: 0.95% per year.

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

DIG has the higher dividend yield at 1.53%, compared with 0.14% for QLD.

What is the main difference between QLD and DIG?

QLD tracks NASDAQ-100 Index (200%), while DIG tracks Dow Jones U.S. Oil & Gas Index (200%).

Which has better risk-adjusted returns?

DIG currently has the higher Sharpe Ratio (1.78 vs 1.13), 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.