QLD vs. SSO

Last updated Jun 13, 2026

QLD (ProShares Ultra QQQ) and SSO (ProShares Ultra S&P500) are both Leveraged Equities funds from ProShares - QLD tracks the NASDAQ-100 Index (200%) while SSO tracks the S&P 500. Both are passively managed. Over the past 10 years, QLD returned 35.67%/yr vs 24.02%/yr for SSO. Their correlation of 0.89 suggests significant overlap in exposure. QLD charges 0.95%/yr vs 0.87%/yr for SSO.

Performance

QLD vs. SSO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ (QLD) and ProShares Ultra S&P500 (SSO). 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 higher than SSO's 15.08% return. Over the past 10 years, QLD has outperformed SSO with an annualized return of 35.67%, while SSO has yielded a comparatively lower 24.02% 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%

SSO

• 1D: 1.03%
• 1M: -0.82%
• YTD: 15.08%
• 6M: 15.47%
• 1Y: 43.79%
• 3Y*: 34.18%
• 5Y*: 18.57%
• 10Y*: 24.02%

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

QLD vs. SSO - 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%
SSO ProShares Ultra S&P500	15.08%	26.19%	43.48%	46.65%	-38.98%	60.57%	21.54%	63.45%	-14.60%	44.35%

Correlation

The correlation between QLD and SSO is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006	0.89

The correlation between QLD and SSO has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

QLD vs. SSO - Sectors Allocation Comparison

Sectors	QLD	SSO
Technology	53.8%	35.6%
Communication Services	15.8%	11.2%
Consumer Cyclical	12.3%	10.1%
Consumer Defensive	7.7%	4.9%
Healthcare	4.2%	8.5%
Industrials	2.8%	8.3%
Utilities	1.4%	2.4%
Basic Materials	1.1%	1.8%
Energy	0.6%	3.5%
Financial Services	0.2%	11.8%
Real Estate	0.1%	1.9%

Return for Risk

QLD vs. SSO — 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

SSO

SSO Risk / Return Rank: 59
SSO Sharpe Ratio Rank: 62
SSO Sortino Ratio Rank: 55
SSO Omega Ratio Rank: 58
SSO Calmar Ratio Rank: 55
SSO Martin Ratio Rank: 66

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. SSO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ (QLD) and ProShares Ultra S&P500 (SSO). 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	SSO	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.79	+0.24
Sortino ratio: Return per unit of downside risk	2.48	2.33	+0.15
Omega ratio: Gain probability vs. loss probability	1.33	1.31	+0.02
Calmar ratio: Return relative to maximum drawdown	2.78	2.42	+0.35
Martin ratio: Return relative to average drawdown	9.46	10.37	-0.90

QLD vs. SSO - Sharpe Ratio Comparison

The current QLD Sharpe Ratio is 2.04, which is comparable to the SSO Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of QLD and SSO, 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. SSO - Drawdown Comparison

The maximum QLD drawdown since its inception was -83.13%, roughly equal to the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for QLD and SSO.

Drawdown Indicators

	QLD	SSO	Difference
Max Drawdown Largest peak-to-trough decline	-83.13%	-84.67%	+1.54%
Max Drawdown (1Y) Largest decline over 1 year	-25.13%	-18.17%	-6.96%
Max Drawdown (3Y) Largest decline over 3 years	-42.29%	-35.21%	-7.08%
Max Drawdown (5Y) Largest decline over 5 years	-63.68%	-46.73%	-16.95%
Max Drawdown (10Y) Largest decline over 10 years	-63.68%	-59.34%	-4.34%
Current Drawdown Current decline from peak	-7.11%	-4.94%	-2.17%
Average Drawdown Average peak-to-trough decline	-18.16%	-19.55%	+1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.36%	4.24%	+3.12%

Volatility

QLD vs. SSO - Volatility Comparison

ProShares Ultra QQQ (QLD) has a higher volatility of 15.14% compared to ProShares Ultra S&P500 (SSO) at 8.74%. This indicates that QLD's price experiences larger fluctuations and is considered to be riskier than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLD	SSO	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.14%	8.74%	+6.40%
Volatility (6M) Calculated over the trailing 6-month period	27.51%	19.17%	+8.34%
Volatility (1Y) Calculated over the trailing 1-year period	34.29%	24.54%	+9.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.07%	33.78%	+11.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.73%	35.95%	+8.78%

QLD vs. SSO - Expense Ratio Comparison

QLD has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.

Dividends

QLD vs. SSO - Dividend Comparison

QLD's dividend yield for the trailing twelve months is around 0.13%, less than SSO's 0.64% 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%
SSO ProShares Ultra S&P500	0.64%	0.68%	0.85%	0.18%	0.50%	0.18%	0.20%	0.50%	0.75%	0.39%	0.51%	0.63%

Frequently Asked Questions

Can I hold both QLD and SSO in my portfolio?

With a correlation of 0.93, QLD and SSO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, QLD or SSO?

QLD has higher volatility (15.14%) compared to SSO (8.74%). In terms of maximum drawdown, QLD dropped -83.13% vs SSO's -84.67%.

Which ETF is better, QLD or SSO?

On 10-year performance, QLD leads with 35.67% vs 24.02% for SSO. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 8.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLD or SSO?

Over the 10-year period, QLD has performed better with a 35.67% return vs 24.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLD or SSO?

SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for QLD.

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

SSO has the higher dividend yield at 0.64%, compared with 0.13% for QLD.

What is the main difference between QLD and SSO?

QLD tracks NASDAQ-100 Index (200%), while SSO tracks S&P 500. Their fees differ too: 0.95% for QLD and 0.87% for SSO.

Which has better risk-adjusted returns?

QLD currently has the higher Sharpe Ratio (2.04 vs 1.79), 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.