QLD vs. TPYP

Last updated Jul 17, 2026

QLD (ProShares Ultra QQQ) and TPYP (Tortoise North American Pipeline Fund) are both exchange-traded funds - QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%), while TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index. Both are passively managed. Over the past 10 years, QLD returned 33.87%/yr vs 11.64%/yr for TPYP. At a 0.33 correlation, their price movements are largely independent. QLD charges 0.95%/yr vs 0.40%/yr for TPYP.

Performance

QLD vs. TPYP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ (QLD) and Tortoise North American Pipeline Fund (TPYP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with QLD having a 25.90% return and TPYP slightly lower at 25.44%. Over the past 10 years, QLD has outperformed TPYP with an annualized return of 33.87%, while TPYP has yielded a comparatively lower 11.64% annualized return.

QLD

• 1D: -3.32%
• 1M: -7.16%
• 6M: 23.22%
• YTD: 25.90%
• 1Y: 48.13%
• 3Y*: 37.48%
• 5Y*: 19.69%
• 10Y*: 33.87%

TPYP

• 1D: 1.14%
• 1M: 5.16%
• 6M: 24.02%
• YTD: 25.44%
• 1Y: 28.86%
• 3Y*: 25.90%
• 5Y*: 19.93%
• 10Y*: 11.64%

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

QLD vs. TPYP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QLD ProShares Ultra QQQ	25.90%	30.36%	42.82%	117.72%	-60.52%	54.67%	88.90%	81.69%	-8.31%	70.34%
TPYP Tortoise North American Pipeline Fund	25.44%	7.59%	37.37%	10.51%	16.09%	34.97%	-20.99%	23.35%	-11.13%	2.27%

Correlation

The correlation between QLD and TPYP is -0.21, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jun 30, 2015	0.33

The correlation between QLD and TPYP shifts across timeframes, from -0.21 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.

QLD vs. TPYP - Sectors Allocation Comparison

Sectors	QLD	TPYP
Technology	58.7%	-
Communication Services	14.3%	-
Consumer Cyclical	11.4%	-
Consumer Defensive	6.4%	-
Healthcare	3.7%	-
Industrials	2.6%	0.1%
Utilities	1.2%	22.0%
Basic Materials	1.0%	0.1%
Energy	0.5%	68.7%
Financial Services	0.2%	2.4%
Real Estate	0.1%	-

Return for Risk

QLD vs. TPYP — Risk / Return Rank

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

QLD

QLD Risk / Return Rank: 44
QLD Sharpe Ratio Rank: 45
QLD Sortino Ratio Rank: 41
QLD Omega Ratio Rank: 42
QLD Calmar Ratio Rank: 46
QLD Martin Ratio Rank: 47

TPYP

TPYP Risk / Return Rank: 80
TPYP Sharpe Ratio Rank: 83
TPYP Sortino Ratio Rank: 83
TPYP Omega Ratio Rank: 77
TPYP Calmar Ratio Rank: 90
TPYP Martin Ratio Rank: 70

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. TPYP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ (QLD) and Tortoise North American Pipeline Fund (TPYP). 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	TPYP	Difference
Sharpe ratio: Return per unit of total volatility	1.30	2.11	-0.81
Sortino ratio: Return per unit of downside risk	1.78	2.97	-1.19
Omega ratio: Gain probability vs. loss probability	1.23	1.36	-0.13
Calmar ratio: Return relative to maximum drawdown	1.92	4.24	-2.31
Martin ratio: Return relative to average drawdown	6.24	10.13	-3.89

QLD vs. TPYP - Sharpe Ratio Comparison

The current QLD Sharpe Ratio is 1.30, which is lower than the TPYP Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of QLD and TPYP, 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. TPYP - Drawdown Comparison

The maximum QLD drawdown since its inception was -83.13%, which is greater than TPYP's maximum drawdown of -51.91%. Use the drawdown chart below to compare losses from any high point for QLD and TPYP.

Drawdown Indicators

	QLD	TPYP	Difference
Max Drawdown Largest peak-to-trough decline	-83.13%	-51.91%	-31.22%
Max Drawdown (1Y) Largest decline over 1 year	-25.13%	-6.84%	-18.29%
Max Drawdown (3Y) Largest decline over 3 years	-42.29%	-13.17%	-29.12%
Max Drawdown (5Y) Largest decline over 5 years	-63.68%	-17.96%	-45.72%
Max Drawdown (10Y) Largest decline over 10 years	-63.68%	-51.91%	-11.77%
Current Drawdown Current decline from peak	-11.84%	-1.03%	-10.81%
Average Drawdown Average peak-to-trough decline	-18.11%	-7.85%	-10.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.73%	2.86%	+4.87%

Volatility

QLD vs. TPYP - Volatility Comparison

ProShares Ultra QQQ (QLD) has a higher volatility of 14.98% compared to Tortoise North American Pipeline Fund (TPYP) at 5.12%. This indicates that QLD's price experiences larger fluctuations and is considered to be riskier than TPYP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLD	TPYP	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.98%	5.12%	+9.86%
Volatility (6M) Calculated over the trailing 6-month period	30.86%	10.89%	+19.97%
Volatility (1Y) Calculated over the trailing 1-year period	37.22%	13.73%	+23.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.59%	17.44%	+28.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.86%	21.90%	+22.96%

QLD vs. TPYP - Expense Ratio Comparison

QLD has a 0.95% expense ratio, which is higher than TPYP's 0.40% expense ratio.

Dividends

QLD vs. TPYP - Dividend Comparison

QLD's dividend yield for the trailing twelve months is around 0.13%, less than TPYP's 3.15% 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%
TPYP Tortoise North American Pipeline Fund	3.15%	3.91%	3.95%	4.83%	4.48%	4.86%	6.14%	4.45%	4.58%	3.71%	3.49%	2.56%

Frequently Asked Questions

Can I hold both QLD and TPYP in my portfolio?

QLD and TPYP have a correlation of -0.21, 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 TPYP?

QLD has higher volatility (14.98%) compared to TPYP (5.12%). In terms of maximum drawdown, QLD dropped -83.13% vs TPYP's -51.91%.

Which ETF is better, QLD or TPYP?

On 10-year performance, QLD leads with 33.87% vs 11.64% for TPYP. On fees, TPYP is cheaper at 0.40% per year. On volatility, TPYP has been the lower-risk option at 5.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLD or TPYP?

Over the 10-year period, QLD has performed better with a 33.87% return vs 11.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLD or TPYP?

TPYP is cheaper with a 0.40% expense ratio, compared with 0.95% for QLD.

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

TPYP has the higher dividend yield at 3.15%, compared with 0.13% for QLD.

What is the main difference between QLD and TPYP?

QLD is categorized as Leveraged Equities, while TPYP is Energy Equities. QLD tracks NASDAQ-100 Index (200%), while TPYP tracks Tortoise North American Pipeline Index. They also come from different issuers: ProShares and Tortoise. Their fees differ too: 0.95% for QLD and 0.40% for TPYP.

Which has better risk-adjusted returns?

TPYP currently has the higher Sharpe Ratio (2.11 vs 1.30), 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.