QLD vs. QULL

Last updated Jun 16, 2026

QLD (ProShares Ultra QQQ) and QULL (ETRACS 2x Leveraged MSCI US Quality Factor TR ETN) are both Leveraged Equities funds - QLD tracks the NASDAQ-100 Index (200%) while QULL tracks the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 5 years, QLD returned 24.77%/yr vs 17.03%/yr for QULL. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

QLD vs. QULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ (QLD) and ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QLD achieves a 40.89% return, which is significantly higher than QULL's 18.41% return.

QLD

• 1D: 6.21%
• 1M: 8.95%
• YTD: 40.89%
• 6M: 42.51%
• 1Y: 84.69%
• 3Y*: 46.32%
• 5Y*: 24.77%
• 10Y*: 36.82%

QULL

• 1D: 2.19%
• 1M: 7.87%
• YTD: 18.41%
• 6M: 17.51%
• 1Y: 44.24%
• 3Y*: 31.36%
• 5Y*: 17.03%
• 10Y*: —

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

QLD vs. QULL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QLD ProShares Ultra QQQ	40.89%	30.36%	42.82%	117.72%	-60.52%	40.31%
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN	18.41%	17.61%	38.03%	57.07%	-42.00%	51.36%

Correlation

The correlation between QLD and QULL 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	0.91
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021	0.90

The correlation between QLD and QULL has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.

Return for Risk

QLD vs. QULL — Risk / Return Rank

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

QLD

QLD Risk / Return Rank: 75
QLD Sharpe Ratio Rank: 85
QLD Sortino Ratio Rank: 71
QLD Omega Ratio Rank: 74
QLD Calmar Ratio Rank: 74
QLD Martin Ratio Rank: 70

QULL

QULL Risk / Return Rank: 56
QULL Sharpe Ratio Rank: 58
QULL Sortino Ratio Rank: 56
QULL Omega Ratio Rank: 52
QULL Calmar Ratio Rank: 52
QULL Martin Ratio Rank: 63

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. QULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ (QLD) and ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL). 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	QULL	Difference
Sharpe ratio: Return per unit of total volatility	2.45	1.81	+0.64
Sortino ratio: Return per unit of downside risk	2.87	2.49	+0.38
Omega ratio: Gain probability vs. loss probability	1.39	1.31	+0.08
Calmar ratio: Return relative to maximum drawdown	3.39	2.41	+0.98
Martin ratio: Return relative to average drawdown	11.54	10.73	+0.81

QLD vs. QULL - Sharpe Ratio Comparison

The current QLD Sharpe Ratio is 2.45, which is higher than the QULL Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of QLD and QULL, 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. QULL - Drawdown Comparison

The maximum QLD drawdown since its inception was -83.13%, which is greater than QULL's maximum drawdown of -51.83%. Use the drawdown chart below to compare losses from any high point for QLD and QULL.

Drawdown Indicators

	QLD	QULL	Difference
Max Drawdown Largest peak-to-trough decline	-83.13%	-51.83%	-31.30%
Max Drawdown (1Y) Largest decline over 1 year	-25.13%	-18.43%	-6.70%
Max Drawdown (3Y) Largest decline over 3 years	-42.29%	-36.82%	-5.47%
Max Drawdown (5Y) Largest decline over 5 years	-63.68%	-51.83%	-11.85%
Max Drawdown (10Y) Largest decline over 10 years	-63.68%	—	—
Current Drawdown Current decline from peak	-1.34%	0.00%	-1.34%
Average Drawdown Average peak-to-trough decline	-18.15%	-13.97%	-4.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.36%	4.14%	+3.22%

Volatility

QLD vs. QULL - Volatility Comparison

ProShares Ultra QQQ (QLD) has a higher volatility of 16.24% compared to ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) at 5.94%. This indicates that QLD's price experiences larger fluctuations and is considered to be riskier than QULL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLD	QULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.24%	5.94%	+10.30%
Volatility (6M) Calculated over the trailing 6-month period	28.11%	19.16%	+8.95%
Volatility (1Y) Calculated over the trailing 1-year period	34.76%	24.58%	+10.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.16%	35.66%	+9.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.79%	35.08%	+9.71%

QLD vs. QULL - Expense Ratio Comparison

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

Dividends

QLD vs. QULL - Dividend Comparison

QLD's dividend yield for the trailing twelve months is around 0.12%, while QULL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QLD ProShares Ultra QQQ	0.12%	0.17%	0.25%	0.33%	0.31%	0.00%	0.00%	0.13%	0.06%	0.02%	0.21%	0.11%
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QLD and QULL in my portfolio?

QLD and QULL 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 QULL?

QLD has higher volatility (16.24%) compared to QULL (5.94%). In terms of maximum drawdown, QLD dropped -83.13% vs QULL's -51.83%.

Which ETF is better, QLD or QULL?

On 5-year performance, QLD leads with 24.77% vs 17.03% for QULL. Both ETFs have the same 0.95% expense ratio. On volatility, QULL has been the lower-risk option at 5.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLD or QULL?

Over the 5-year period, QLD has performed better with a 24.77% return vs 17.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLD or QULL?

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

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

QLD has the higher dividend yield at 0.12%, compared with 0.00% for QULL.

What is the main difference between QLD and QULL?

QLD tracks NASDAQ-100 Index (200%), while QULL tracks MSCI USA Sector Neutral Quality Index. They also come from different issuers: ProShares and UBS.

Which has better risk-adjusted returns?

QLD currently has the higher Sharpe Ratio (2.45 vs 1.81), 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.