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QLD vs. SPMO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QLD vs. SPMO

Last updated Aug 2, 2026
Documentation

QLD (ProShares Ultra QQQ) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%), while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, QLD returned 32.56%/yr vs 19.57%/yr for SPMO. Their 0.76 correlation means they have sometimes moved together and sometimes differently. QLD charges 0.95%/yr vs 0.13%/yr for SPMO.

Performance

QLD vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ (QLD) and Invesco S&P 500 Momentum ETF (SPMO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QLD achieves a 18.94% return, which is significantly lower than SPMO's 21.07% return. Over the past 10 years, QLD has outperformed SPMO with an annualized return of 32.56%, while SPMO has yielded a comparatively lower 19.57% annualized return.

QLD

1D
1.20%
1M
-7.66%
6M
16.78%
YTD
18.94%
1Y
42.18%
3Y*
35.01%
5Y*
17.45%
10Y*
32.56%
ALL TIME*
24.68%

SPMO

1D
0.29%
1M
-4.64%
6M
20.51%
YTD
21.07%
1Y
28.09%
3Y*
37.36%
5Y*
20.21%
10Y*
19.57%
ALL TIME*
18.93%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

QLD

ProShares Ultra QQQ
$408.78M$399.91M$439.78M

SPMO

Invesco S&P 500 Momentum ETF
$331.54M$346.70M$350.59M

QLD vs. SPMO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QLD
ProShares Ultra QQQ		18.94%30.36%42.82%117.72%-60.52%54.67%88.90%81.69%-8.31%70.34%
SPMO
Invesco S&P 500 Momentum ETF		21.07%26.58%45.82%17.56%-10.45%22.64%28.25%25.93%-0.92%27.76%

Correlation

The correlation between QLD and SPMO is 0.88, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.88

Correlation (3Y)
Balances recent behavior with more history.

0.88

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.80

Correlation (10Y)
Provides a long-term view across more market conditions.

0.80

Correlation (All Time)
Calculated using the full available price history since Oct 12, 2015

0.76

The correlation between QLD and SPMO shifts across timeframes, from 0.76 (all time) to 0.88 (1 year), reflecting how their relationship changes across market environments.

QLD vs. SPMO - Sectors Allocation Comparison

Sectors
QLD
SPMO

Technology

60.9%
53.7%

Communication Services

13.1%
7.4%

Consumer Cyclical

10.7%
1.2%

Consumer Defensive

6.3%
4.2%

Healthcare

3.6%
6.9%

Industrials

2.7%
11.2%

Utilities

1.1%
2.7%

Basic Materials

1.0%
1.9%

Energy

0.5%
3.3%

Financial Services

0.2%
6.0%

Real Estate

0.1%
1.1%

Technology

QLD
60.9%
SPMO
53.7%

Communication Services

QLD
13.1%
SPMO
7.4%

Consumer Cyclical

QLD
10.7%
SPMO
1.2%

Consumer Defensive

QLD
6.3%
SPMO
4.2%

Healthcare

QLD
3.6%
SPMO
6.9%

Industrials

QLD
2.7%
SPMO
11.2%

Utilities

QLD
1.1%
SPMO
2.7%

Basic Materials

QLD
1.0%
SPMO
1.9%

Energy

QLD
0.5%
SPMO
3.3%

Financial Services

QLD
0.2%
SPMO
6.0%

Real Estate

QLD
0.1%
SPMO
1.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra QQQ

Invesco S&P 500 Momentum ETF

Often compared with QLD:
QLD vs. QQQQLD vs. TQQQQLD vs. SSOQLD vs. QQQMQLD vs. UPROQLD vs. VOOQLD vs. SPY
Often compared with SPMO:
SPMO vs. VOOSPMO vs. QQQSPMO vs. SCHGSPMO vs. MTUMSPMO vs. VUGSPMO vs. VFMOSPMO vs. XMMO

Return for Risk

QLD vs. SPMO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
QLD
QLD Risk / Return Rank: 3939
Overall Rank
QLD Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
QLD Sortino Ratio Rank: 3939
Sortino Ratio Rank
QLD Omega Ratio Rank: 3838
Omega Ratio Rank
QLD Calmar Ratio Rank: 4141
Calmar Ratio Rank
QLD Martin Ratio Rank: 4141
Martin Ratio Rank
SPMO
SPMO Risk / Return Rank: 4646
Overall Rank
SPMO Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
SPMO Sortino Ratio Rank: 4343
Sortino Ratio Rank
SPMO Omega Ratio Rank: 4545
Omega Ratio Rank
SPMO Calmar Ratio Rank: 4646
Calmar Ratio Rank
SPMO Martin Ratio Rank: 5151
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QLD vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ (QLD) and Invesco S&P 500 Momentum ETF (SPMO). 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.

QLDSPMODifference
Sharpe ratioReturn per unit of total volatility
0.95
1.07

-0.12

Sortino ratioReturn per unit of downside risk
1.44
1.56

-0.12

Omega ratioGain probability vs. loss probability

1.18

1.21

-0.03

Calmar ratioReturn relative to maximum drawdown

1.46

1.63

-0.17

Martin ratioReturn relative to average drawdown

4.32

5.93

-1.61

QLD vs. SPMO - Sharpe Ratio Comparison

The current QLD Sharpe Ratio is 0.95, which is comparable to the SPMO Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of QLD and SPMO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

QLD vs. SPMO - Drawdown Comparison

The maximum QLD drawdown since its inception was -83.13%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for QLD and SPMO.

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Drawdown Indicators

QLDSPMODifference

Max Drawdown

Largest peak-to-trough decline

-83.13%

-30.95%

-52.18%

Max Drawdown (1Y)

Largest decline over 1 year

-25.13%

-15.64%

-9.49%

Max Drawdown (3Y)

Largest decline over 3 years

-42.29%

-20.13%

-22.16%

Max Drawdown (5Y)

Largest decline over 5 years

-63.68%

-22.74%

-40.94%

Max Drawdown (10Y)

Largest decline over 10 years

-63.68%

-30.95%

-32.73%

Current Drawdown

Current decline from peak

-16.72%

-11.03%

-5.69%

Average Drawdown

Average peak-to-trough decline

-18.11%

-4.62%

-13.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.47%

4.29%

+4.18%

Volatility

QLD vs. SPMO - Volatility Comparison

ProShares Ultra QQQ (QLD) has a higher volatility of 13.69% compared to Invesco S&P 500 Momentum ETF (SPMO) at 10.53%. This indicates that QLD's price experiences larger fluctuations and is considered to be riskier than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QLDSPMODifference

Volatility (1M)

Calculated over the trailing 1-month period

13.69%

10.53%

+3.16%

Volatility (6M)

Calculated over the trailing 6-month period

31.99%

21.52%

+10.47%

Volatility (1Y)

Calculated over the trailing 1-year period

38.62%

23.90%

+14.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

45.76%

20.60%

+25.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

44.97%

20.92%

+24.05%

QLD vs. SPMO - Expense Ratio Comparison

QLD has a 0.95% expense ratio, which is higher than SPMO's 0.13% expense ratio.

Dividends

QLD vs. SPMO - Dividend Comparison

QLD's dividend yield for the trailing twelve months is around 0.14%, less than SPMO's 0.73% yield.

PositionTTM20252024202320222021202020192018201720162015
QLD
ProShares Ultra QQQ		0.14%0.17%0.25%0.33%0.31%0.00%0.00%0.13%0.06%0.02%0.21%0.11%
SPMO
Invesco S&P 500 Momentum ETF		0.73%0.73%0.48%1.63%1.66%0.52%1.27%1.39%1.05%0.77%1.94%0.36%

Frequently Asked Questions

QLD and SPMO have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QLD has higher volatility (13.69%) compared to SPMO (10.53%). In terms of maximum drawdown, QLD dropped -83.13% vs SPMO's -30.95%.

On 10-year performance, QLD leads with 32.56% vs 19.57% for SPMO. On fees, SPMO is cheaper at 0.13% per year. On volatility, SPMO has been the lower-risk option at 10.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QLD has performed better with a 32.56% return vs 19.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPMO is cheaper with a 0.13% expense ratio, compared with 0.95% for QLD.

SPMO has the higher dividend yield at 0.73%, compared with 0.14% for QLD.

QLD is categorized as Leveraged Equities, while SPMO is Momentum. QLD tracks NASDAQ-100 Index (200%), while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for QLD and 0.13% for SPMO.

SPMO currently has the higher Sharpe Ratio (1.07 vs 0.95), 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.

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