QLD vs. SOXL

Last updated Jun 13, 2026

QLD (ProShares Ultra QQQ) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds - QLD tracks the NASDAQ-100 Index (200%) while SOXL tracks the ICE Semiconductor Index. Both are passively managed. Over the past 10 years, QLD returned 35.67%/yr vs 63.20%/yr for SOXL. Their correlation of 0.83 suggests significant overlap in exposure. QLD charges 0.95%/yr vs 0.75%/yr for SOXL.

Performance

QLD vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ (QLD) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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 lower than SOXL's 458.36% return. Over the past 10 years, QLD has underperformed SOXL with an annualized return of 35.67%, while SOXL has yielded a comparatively higher 63.20% annualized return.

QLD

• 1D: 1.30%
• 1M: 0.90%
• YTD: 32.65%
• 6M: 32.82%
• 1Y: 69.43%
• 3Y*: 44.57%
• 5Y*: 23.24%
• 10Y*: 35.67%

SOXL

• 1D: 4.77%
• 1M: 27.38%
• YTD: 458.36%
• 6M: 462.65%
• 1Y: 985.71%
• 3Y*: 110.81%
• 5Y*: 43.69%
• 10Y*: 63.20%

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

QLD vs. SOXL - 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%
SOXL Direxion Daily Semiconductor Bull 3X ETF	458.36%	54.91%	-12.31%	226.98%	-85.66%	118.84%	70.04%	231.83%	-39.07%	141.71%

Correlation

The correlation between QLD and SOXL is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010	0.83

The correlation between QLD and SOXL has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.

QLD vs. SOXL - Sectors Allocation Comparison

Sectors	QLD	SOXL
Technology	53.8%	100.0%
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%	-
Energy	0.6%	-
Financial Services	0.2%	-
Real Estate	0.1%	-

Return for Risk

QLD vs. SOXL — 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

SOXL

SOXL Risk / Return Rank: 97
SOXL Sharpe Ratio Rank: 99
SOXL Sortino Ratio Rank: 94
SOXL Omega Ratio Rank: 94
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 98

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. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ (QLD) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	2.04	8.99	-6.95
Sortino ratio: Return per unit of downside risk	2.48	4.23	-1.75
Omega ratio: Gain probability vs. loss probability	1.33	1.60	-0.27
Calmar ratio: Return relative to maximum drawdown	2.78	22.91	-20.14
Martin ratio: Return relative to average drawdown	9.46	74.51	-65.05

QLD vs. SOXL - Sharpe Ratio Comparison

The current QLD Sharpe Ratio is 2.04, which is lower than the SOXL Sharpe Ratio of 8.99. The chart below compares the historical Sharpe Ratios of QLD and SOXL, 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. SOXL - Drawdown Comparison

The maximum QLD drawdown since its inception was -83.13%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for QLD and SOXL.

Drawdown Indicators

	QLD	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-83.13%	-90.46%	+7.33%
Max Drawdown (1Y) Largest decline over 1 year	-25.13%	-43.47%	+18.34%
Max Drawdown (3Y) Largest decline over 3 years	-42.29%	-87.88%	+45.59%
Max Drawdown (5Y) Largest decline over 5 years	-63.68%	-90.46%	+26.78%
Max Drawdown (10Y) Largest decline over 10 years	-63.68%	-90.46%	+26.78%
Current Drawdown Current decline from peak	-7.11%	-16.35%	+9.24%
Average Drawdown Average peak-to-trough decline	-18.16%	-34.99%	+16.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.36%	13.35%	-5.99%

Volatility

QLD vs. SOXL - Volatility Comparison

The current volatility for ProShares Ultra QQQ (QLD) is 15.14%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 58.17%. This indicates that QLD experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLD	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.14%	58.17%	-43.03%
Volatility (6M) Calculated over the trailing 6-month period	27.51%	93.93%	-66.42%
Volatility (1Y) Calculated over the trailing 1-year period	34.29%	110.81%	-76.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.07%	108.96%	-63.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.73%	99.99%	-55.26%

QLD vs. SOXL - Expense Ratio Comparison

QLD has a 0.95% expense ratio, which is higher than SOXL's 0.75% expense ratio.

Dividends

QLD vs. SOXL - Dividend Comparison

QLD's dividend yield for the trailing twelve months is around 0.13%, more than SOXL's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.03%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%	0.00%

Frequently Asked Questions

Can I hold both QLD and SOXL in my portfolio?

QLD and SOXL have a correlation of 0.81, 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 SOXL?

SOXL has higher volatility (58.17%) compared to QLD (15.14%). In terms of maximum drawdown, QLD dropped -83.13% vs SOXL's -90.46%.

Which ETF is better, QLD or SOXL?

On 10-year performance, SOXL leads with 63.20% vs 35.67% for QLD. On fees, SOXL is cheaper at 0.75% per year. On volatility, QLD has been the lower-risk option at 15.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLD or SOXL?

Over the 10-year period, SOXL has performed better with a 63.20% return vs 35.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLD or SOXL?

SOXL is cheaper with a 0.75% expense ratio, compared with 0.95% for QLD.

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

QLD has the higher dividend yield at 0.13%, compared with 0.03% for SOXL.

What is the main difference between QLD and SOXL?

QLD tracks NASDAQ-100 Index (200%), while SOXL tracks ICE Semiconductor Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for QLD and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (8.99 vs 2.04), 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.