QLD vs. GLDM

Last updated Jun 9, 2026

QLD (ProShares Ultra QQQ) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%), while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, QLD returned 23.57%/yr vs 17.89%/yr for GLDM. At a 0.08 correlation, their price movements are largely independent. QLD charges 0.95%/yr vs 0.10%/yr for GLDM.

Performance

QLD vs. GLDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ (QLD) and SPDR Gold MiniShares Trust (GLDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QLD achieves a 31.05% return, which is significantly higher than GLDM's 0.30% 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%

GLDM

• 1D: 0.25%
• 1M: -8.41%
• YTD: 0.30%
• 6M: 3.19%
• 1Y: 30.55%
• 3Y*: 30.08%
• 5Y*: 17.89%
• 10Y*: —

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

QLD vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
QLD ProShares Ultra QQQ	31.05%	30.36%	42.82%	117.72%	-60.52%	54.67%	88.90%	81.69%	-22.82%
GLDM SPDR Gold MiniShares Trust	0.30%	64.20%	27.08%	13.04%	-0.47%	-4.01%	25.10%	18.10%	1.84%

Correlation

The correlation between QLD and GLDM is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since Jun 27, 2018	0.08

The correlation between QLD and GLDM shifts across timeframes, from 0.08 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.

QLD vs. GLDM - Sectors Allocation Comparison

Sectors	QLD	GLDM
Technology	53.8%	-
Communication Services	15.8%	-
Consumer Cyclical	12.3%	-
Consumer Defensive	7.7%	-
Healthcare	4.2%	-
Industrials	2.8%	-
Utilities	1.4%	-
Basic Materials	1.1%	100.0%
Energy	0.6%	-
Financial Services	0.2%	-
Real Estate	0.1%	-

Return for Risk

QLD vs. GLDM — Risk / Return Rank

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

QLD

QLD Risk / Return Rank: 63
QLD Sharpe Ratio Rank: 72
QLD Sortino Ratio Rank: 59
QLD Omega Ratio Rank: 62
QLD Calmar Ratio Rank: 62
QLD Martin Ratio Rank: 59

GLDM

GLDM Risk / Return Rank: 34
GLDM Sharpe Ratio Rank: 35
GLDM Sortino Ratio Rank: 31
GLDM Omega Ratio Rank: 39
GLDM Calmar Ratio Rank: 34
GLDM Martin Ratio Rank: 29

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. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ (QLD) and SPDR Gold MiniShares Trust (GLDM). 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.

	QLD	GLDM	Difference
Sharpe ratio: Return per unit of total volatility	2.10	1.15	+0.95
Sortino ratio: Return per unit of downside risk	2.52	1.54	+0.98
Omega ratio: Gain probability vs. loss probability	1.34	1.23	+0.11
Calmar ratio: Return relative to maximum drawdown	2.79	1.53	+1.25
Martin ratio: Return relative to average drawdown	9.64	3.85	+5.79
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. GLDM - Sharpe Ratio Comparison

The current QLD Sharpe Ratio is 2.10, which is higher than the GLDM Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of QLD and GLDM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QLD	GLDM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	1.15	+0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	1.00	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.99	-0.41

Drawdowns

QLD vs. GLDM - Drawdown Comparison

The maximum QLD drawdown since its inception was -83.13%, which is greater than GLDM's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for QLD and GLDM.

Drawdown Indicators

	QLD	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-83.13%	-21.63%	-61.50%
Max Drawdown (1Y) Largest decline over 1 year	-25.13%	-20.00%	-5.13%
Max Drawdown (3Y) Largest decline over 3 years	-42.29%	-20.00%	-22.29%
Max Drawdown (5Y) Largest decline over 5 years	-63.68%	-20.92%	-42.76%
Max Drawdown (10Y) Largest decline over 10 years	-63.68%	—	—
Current Drawdown Current decline from peak	-8.24%	-19.80%	+11.56%
Average Drawdown Average peak-to-trough decline	-18.16%	-6.24%	-11.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.25%	7.96%	-0.71%

Volatility

QLD vs. GLDM - Volatility Comparison

ProShares Ultra QQQ (QLD) has a higher volatility of 13.78% compared to SPDR Gold MiniShares Trust (GLDM) at 5.65%. This indicates that QLD's price experiences larger fluctuations and is considered to be riskier than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLD	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.78%	5.65%	+8.13%
Volatility (6M) Calculated over the trailing 6-month period	26.34%	23.31%	+3.03%
Volatility (1Y) Calculated over the trailing 1-year period	33.42%	26.65%	+6.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.95%	17.98%	+26.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.68%	16.89%	+27.79%

QLD vs. GLDM - Expense Ratio Comparison

QLD has a 0.95% expense ratio, which is higher than GLDM's 0.10% expense ratio.

Dividends

QLD vs. GLDM - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLDM SPDR Gold MiniShares Trust	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

Can I hold both QLD and GLDM in my portfolio?

QLD and GLDM have a correlation of 0.20, 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 GLDM?

QLD has higher volatility (13.78%) compared to GLDM (5.65%). In terms of maximum drawdown, QLD dropped -83.13% vs GLDM's -21.63%.

Which ETF is better, QLD or GLDM?

On 5-year performance, QLD leads with 23.57% vs 17.89% for GLDM. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 5.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLD or GLDM?

Over the 5-year period, QLD has performed better with a 23.57% return vs 17.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLD or GLDM?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.95% for QLD.

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

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

What is the main difference between QLD and GLDM?

QLD is categorized as Leveraged Equities, while GLDM is Gold. QLD tracks NASDAQ-100 Index (200%), while GLDM tracks LBMA Gold Price PM. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for QLD and 0.10% for GLDM.

Which has better risk-adjusted returns?

QLD currently has the higher Sharpe Ratio (2.10 vs 1.15), 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.