QLD vs. MTUM

Last updated Jun 9, 2026

QLD (ProShares Ultra QQQ) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%), while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 10 years, QLD returned 35.29%/yr vs 16.75%/yr for MTUM. Their correlation of 0.85 suggests significant overlap in exposure. QLD charges 0.95%/yr vs 0.15%/yr for MTUM.

Performance

QLD vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ (QLD) and iShares MSCI USA Momentum Factor ETF (MTUM). 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 MTUM's 25.99% return. Over the past 10 years, QLD has outperformed MTUM with an annualized return of 35.29%, while MTUM has yielded a comparatively lower 16.75% 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%

MTUM

• 1D: 2.81%
• 1M: 4.40%
• YTD: 25.99%
• 6M: 24.80%
• 1Y: 36.47%
• 3Y*: 32.71%
• 5Y*: 14.38%
• 10Y*: 16.75%

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

QLD vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QLD ProShares Ultra QQQ	31.05%	30.36%	42.82%	117.72%	-60.52%	54.67%	88.90%	81.69%	-8.31%	70.34%
MTUM iShares MSCI USA Momentum Factor ETF	25.99%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	37.50%

Correlation

The correlation between QLD and MTUM is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Apr 19, 2013	0.85

The correlation between QLD and MTUM has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

QLD vs. MTUM - Sectors Allocation Comparison

Sectors	QLD	MTUM
Technology	53.8%	44.4%
Communication Services	15.8%	7.4%
Consumer Cyclical	12.3%	3.6%
Consumer Defensive	7.7%	3.3%
Healthcare	4.2%	6.9%
Industrials	2.8%	15.6%
Utilities	1.4%	1.6%
Basic Materials	1.1%	1.7%
Energy	0.6%	3.5%
Financial Services	0.2%	10.4%
Real Estate	0.1%	1.8%

Return for Risk

QLD vs. MTUM — 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

MTUM

MTUM Risk / Return Rank: 64
MTUM Sharpe Ratio Rank: 60
MTUM Sortino Ratio Rank: 56
MTUM Omega Ratio Rank: 61
MTUM Calmar Ratio Rank: 70
MTUM Martin Ratio Rank: 73

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. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ (QLD) and iShares MSCI USA Momentum Factor ETF (MTUM). 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	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	2.10	1.82	+0.28
Sortino ratio: Return per unit of downside risk	2.52	2.42	+0.10
Omega ratio: Gain probability vs. loss probability	1.34	1.33	+0.01
Calmar ratio: Return relative to maximum drawdown	2.79	3.17	-0.39
Martin ratio: Return relative to average drawdown	9.64	12.48	-2.84
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. MTUM - Sharpe Ratio Comparison

The current QLD Sharpe Ratio is 2.10, which is comparable to the MTUM Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of QLD and MTUM, 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	MTUM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	1.82	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.69	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.80	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.82	-0.24

Drawdowns

QLD vs. MTUM - Drawdown Comparison

The maximum QLD drawdown since its inception was -83.13%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for QLD and MTUM.

Drawdown Indicators

	QLD	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-83.13%	-34.08%	-49.05%
Max Drawdown (1Y) Largest decline over 1 year	-25.13%	-11.54%	-13.59%
Max Drawdown (3Y) Largest decline over 3 years	-42.29%	-20.99%	-21.30%
Max Drawdown (5Y) Largest decline over 5 years	-63.68%	-32.28%	-31.40%
Max Drawdown (10Y) Largest decline over 10 years	-63.68%	-34.08%	-29.60%
Current Drawdown Current decline from peak	-8.24%	-4.38%	-3.86%
Average Drawdown Average peak-to-trough decline	-18.16%	-6.21%	-11.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.25%	2.93%	+4.32%

Volatility

QLD vs. MTUM - Volatility Comparison

ProShares Ultra QQQ (QLD) has a higher volatility of 13.78% compared to iShares MSCI USA Momentum Factor ETF (MTUM) at 9.96%. This indicates that QLD's price experiences larger fluctuations and is considered to be riskier than MTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLD	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.78%	9.96%	+3.82%
Volatility (6M) Calculated over the trailing 6-month period	26.34%	17.87%	+8.47%
Volatility (1Y) Calculated over the trailing 1-year period	33.42%	20.21%	+13.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.95%	20.81%	+24.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.68%	21.15%	+23.53%

QLD vs. MTUM - Expense Ratio Comparison

QLD has a 0.95% expense ratio, which is higher than MTUM's 0.15% expense ratio.

Dividends

QLD vs. MTUM - Dividend Comparison

QLD's dividend yield for the trailing twelve months is around 0.13%, less than MTUM's 0.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MTUM iShares MSCI USA Momentum Factor ETF	0.62%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%
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 MTUM in my portfolio?

QLD and MTUM have a correlation of 0.84, 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 MTUM?

QLD has higher volatility (13.78%) compared to MTUM (9.96%). In terms of maximum drawdown, QLD dropped -83.13% vs MTUM's -34.08%.

Which ETF is better, QLD or MTUM?

On 10-year performance, QLD leads with 35.29% vs 16.75% for MTUM. On fees, MTUM is cheaper at 0.15% per year. On volatility, MTUM has been the lower-risk option at 9.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLD or MTUM?

Over the 10-year period, QLD has performed better with a 35.29% return vs 16.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLD or MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.95% for QLD.

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

MTUM has the higher dividend yield at 0.62%, compared with 0.13% for QLD.

What is the main difference between QLD and MTUM?

QLD is categorized as Leveraged Equities, while MTUM is Momentum. QLD tracks NASDAQ-100 Index (200%), while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for QLD and 0.15% for MTUM.

Which has better risk-adjusted returns?

QLD currently has the higher Sharpe Ratio (2.10 vs 1.82), 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.