QLD vs. FSHOX

Last updated Jun 14, 2026

QLD (ProShares Ultra QQQ) and FSHOX (Fidelity Select Construction & Housing Portfolio) are both funds - QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%), while FSHOX is a Consumer Discretionary Equities fund managed by Fidelity. Over the past 10 years, QLD returned 35.67%/yr vs 15.05%/yr for FSHOX. A 0.68 correlation means they provide meaningful diversification when combined. QLD charges 0.95%/yr vs 0.76%/yr for FSHOX.

Performance

QLD vs. FSHOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ (QLD) and Fidelity Select Construction & Housing Portfolio (FSHOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QLD achieves a 32.65% return, which is significantly higher than FSHOX's 7.27% return. Over the past 10 years, QLD has outperformed FSHOX with an annualized return of 35.67%, while FSHOX has yielded a comparatively lower 15.05% annualized return.

QLD

• 1D: 1.30%
• 1M: -0.55%
• YTD: 32.65%
• 6M: 32.82%
• 1Y: 73.89%
• 3Y*: 44.57%
• 5Y*: 23.24%
• 10Y*: 35.67%

FSHOX

• 1D: 3.42%
• 1M: 0.88%
• YTD: 7.27%
• 6M: 4.94%
• 1Y: 15.36%
• 3Y*: 14.91%
• 5Y*: 10.49%
• 10Y*: 15.05%

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

QLD vs. FSHOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QLD ProShares Ultra QQQ	32.65%	30.36%	42.82%	117.72%	-60.52%	54.67%	88.90%	81.69%	-8.31%	70.34%
FSHOX Fidelity Select Construction & Housing Portfolio	7.27%	5.24%	15.28%	30.85%	-22.76%	57.51%	25.95%	41.15%	-15.87%	26.25%

Correlation

The correlation between QLD and FSHOX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006	0.68

Over the past year, the correlation between QLD and FSHOX has dropped to 0.45 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

Return for Risk

QLD vs. FSHOX — Risk / Return Rank

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

QLD

QLD Risk / Return Rank: 64
QLD Sharpe Ratio Rank: 73
QLD Sortino Ratio Rank: 61
QLD Omega Ratio Rank: 64
QLD Calmar Ratio Rank: 64
QLD Martin Ratio Rank: 61

FSHOX

FSHOX Risk / Return Rank: 12
FSHOX Sharpe Ratio Rank: 12
FSHOX Sortino Ratio Rank: 14
FSHOX Omega Ratio Rank: 12
FSHOX Calmar Ratio Rank: 13
FSHOX Martin Ratio Rank: 11

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. FSHOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ (QLD) and Fidelity Select Construction & Housing Portfolio (FSHOX). 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	FSHOX	Difference
Sharpe ratio: Return per unit of total volatility	2.04	0.67	+1.36
Sortino ratio: Return per unit of downside risk	2.48	1.16	+1.32
Omega ratio: Gain probability vs. loss probability	1.33	1.13	+0.20
Calmar ratio: Return relative to maximum drawdown	2.78	0.84	+1.94
Martin ratio: Return relative to average drawdown	9.46	2.12	+7.34

QLD vs. FSHOX - Sharpe Ratio Comparison

The current QLD Sharpe Ratio is 2.04, which is higher than the FSHOX Sharpe Ratio of 0.67. The chart below compares the historical Sharpe Ratios of QLD and FSHOX, 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. FSHOX - Drawdown Comparison

The maximum QLD drawdown since its inception was -83.13%, which is greater than FSHOX's maximum drawdown of -61.68%. Use the drawdown chart below to compare losses from any high point for QLD and FSHOX.

Drawdown Indicators

	QLD	FSHOX	Difference
Max Drawdown Largest peak-to-trough decline	-83.13%	-61.68%	-21.45%
Max Drawdown (1Y) Largest decline over 1 year	-25.13%	-16.54%	-8.59%
Max Drawdown (3Y) Largest decline over 3 years	-42.29%	-24.76%	-17.53%
Max Drawdown (5Y) Largest decline over 5 years	-63.68%	-33.23%	-30.45%
Max Drawdown (10Y) Largest decline over 10 years	-63.68%	-43.67%	-20.01%
Current Drawdown Current decline from peak	-7.11%	-7.50%	+0.39%
Average Drawdown Average peak-to-trough decline	-18.16%	-9.84%	-8.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.36%	6.50%	+0.86%

Volatility

QLD vs. FSHOX - Volatility Comparison

ProShares Ultra QQQ (QLD) has a higher volatility of 15.14% compared to Fidelity Select Construction & Housing Portfolio (FSHOX) at 7.41%. This indicates that QLD's price experiences larger fluctuations and is considered to be riskier than FSHOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLD	FSHOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.14%	7.41%	+7.73%
Volatility (6M) Calculated over the trailing 6-month period	27.51%	16.57%	+10.94%
Volatility (1Y) Calculated over the trailing 1-year period	34.29%	20.56%	+13.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.07%	21.82%	+23.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.73%	22.54%	+22.19%

QLD vs. FSHOX - Expense Ratio Comparison

QLD has a 0.95% expense ratio, which is higher than FSHOX's 0.76% expense ratio.

Dividends

QLD vs. FSHOX - Dividend Comparison

QLD's dividend yield for the trailing twelve months is around 0.13%, less than FSHOX's 6.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSHOX Fidelity Select Construction & Housing Portfolio	6.00%	3.91%	4.05%	0.82%	0.80%	5.45%	4.73%	7.91%	15.47%	13.62%	3.61%	3.26%
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

Can I hold both QLD and FSHOX in my portfolio?

QLD and FSHOX have a correlation of 0.45, 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 FSHOX?

QLD has higher volatility (15.14%) compared to FSHOX (7.41%). In terms of maximum drawdown, QLD dropped -83.13% vs FSHOX's -61.68%.

Which has better risk-adjusted returns?

QLD currently has the higher Sharpe Ratio (2.04 vs 0.67), 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.