QLD vs. TQQQ

Last updated Jun 6, 2026

QLD (ProShares Ultra QQQ) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds from ProShares - QLD tracks the NASDAQ-100 Index (200%) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, QLD returned 34.57%/yr vs 42.84%/yr for TQQQ. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.95% expense ratio.

Performance

QLD vs. TQQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, QLD achieves a 27.20% return, which is significantly lower than TQQQ's 38.79% return. Over the past 10 years, QLD has underperformed TQQQ with an annualized return of 34.57%, while TQQQ has yielded a comparatively higher 42.84% annualized return.

QLD

• 1D: -9.57%
• 1M: 1.92%
• YTD: 27.20%
• 6M: 22.35%
• 1Y: 67.86%
• 3Y*: 44.68%
• 5Y*: 23.00%
• 10Y*: 34.57%

TQQQ

• 1D: -14.28%
• 1M: 2.07%
• YTD: 38.79%
• 6M: 30.51%
• 1Y: 103.91%
• 3Y*: 60.11%
• 5Y*: 24.09%
• 10Y*: 42.84%

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

QLD vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QLD ProShares Ultra QQQ	27.20%	30.36%	42.82%	117.72%	-60.52%	54.67%	88.90%	81.69%	-8.31%	70.34%
TQQQ ProShares UltraPro QQQ	38.79%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%

Correlation

The correlation between QLD and TQQQ is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010	1.00

The correlation between QLD and TQQQ has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

QLD vs. TQQQ - Sectors Allocation Comparison

Sectors	QLD	TQQQ
Technology	53.8%	53.8%
Communication Services	15.8%	15.8%
Consumer Cyclical	12.3%	12.3%
Consumer Defensive	7.7%	7.7%
Healthcare	4.2%	4.2%
Industrials	2.8%	2.8%
Utilities	1.4%	1.4%
Basic Materials	1.1%	1.1%
Energy	0.6%	0.6%
Financial Services	0.2%	0.2%
Real Estate	0.1%	0.1%

Return for Risk

QLD vs. TQQQ — Risk / Return Rank

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

QLD

QLD Risk / Return Rank: 56
QLD Sharpe Ratio Rank: 62
QLD Sortino Ratio Rank: 52
QLD Omega Ratio Rank: 55
QLD Calmar Ratio Rank: 56
QLD Martin Ratio Rank: 55

TQQQ

TQQQ Risk / Return Rank: 56
TQQQ Sharpe Ratio Rank: 64
TQQQ Sortino Ratio Rank: 50
TQQQ Omega Ratio Rank: 54
TQQQ Calmar Ratio Rank: 58
TQQQ Martin Ratio Rank: 54

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. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ (QLD) and ProShares UltraPro QQQ (TQQQ). 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.

	QLD	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.05	2.10	-0.05
Sortino ratio: Return per unit of downside risk	2.47	2.41	+0.06
Omega ratio: Gain probability vs. loss probability	1.34	1.33	+0.01
Calmar ratio: Return relative to maximum drawdown	2.71	2.83	-0.11
Martin ratio: Return relative to average drawdown	9.41	9.20	+0.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QLD vs. TQQQ - Sharpe Ratio Comparison

The current QLD Sharpe Ratio is 2.05, which is comparable to the TQQQ Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of QLD and TQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QLD	TQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	2.10	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.36	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	0.65	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.71	-0.13

Drawdowns

QLD vs. TQQQ - Drawdown Comparison

The maximum QLD drawdown since its inception was -83.13%, roughly equal to the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for QLD and TQQQ.

Drawdown Indicators

	QLD	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-83.13%	-81.66%	-1.47%
Max Drawdown (1Y) Largest decline over 1 year	-25.13%	-36.97%	+11.84%
Max Drawdown (3Y) Largest decline over 3 years	-42.29%	-58.04%	+15.75%
Max Drawdown (5Y) Largest decline over 5 years	-63.68%	-81.66%	+17.98%
Max Drawdown (10Y) Largest decline over 10 years	-63.68%	-81.66%	+17.98%
Current Drawdown Current decline from peak	-10.93%	-16.25%	+5.32%
Average Drawdown Average peak-to-trough decline	-18.17%	-18.52%	+0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.23%	11.33%	-4.10%

Volatility

QLD vs. TQQQ - Volatility Comparison

The current volatility for ProShares Ultra QQQ (QLD) is 13.48%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 20.42%. This indicates that QLD experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLD	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.48%	20.42%	-6.94%
Volatility (6M) Calculated over the trailing 6-month period	26.19%	39.33%	-13.14%
Volatility (1Y) Calculated over the trailing 1-year period	33.33%	49.81%	-16.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.91%	66.79%	-21.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.66%	66.11%	-21.45%

QLD vs. TQQQ - Expense Ratio Comparison

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

Dividends

QLD vs. TQQQ - Dividend Comparison

QLD's dividend yield for the trailing twelve months is around 0.13%, less than TQQQ's 0.43% 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%
TQQQ ProShares UltraPro QQQ	0.43%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%

Frequently Asked Questions

Can I hold both QLD and TQQQ in my portfolio?

With a correlation of 1.00, QLD and TQQQ 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 TQQQ?

TQQQ has higher volatility (20.42%) compared to QLD (13.48%). In terms of maximum drawdown, QLD dropped -83.13% vs TQQQ's -81.66%.

Which ETF is better, QLD or TQQQ?

On 10-year performance, TQQQ leads with 42.84% vs 34.57% for QLD. Both ETFs have the same 0.95% expense ratio. On volatility, QLD has been the lower-risk option at 13.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLD or TQQQ?

Over the 10-year period, TQQQ has performed better with a 42.84% return vs 34.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLD or TQQQ?

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

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

TQQQ has the higher dividend yield at 0.43%, compared with 0.13% for QLD.

What is the main difference between QLD and TQQQ?

QLD tracks NASDAQ-100 Index (200%), while TQQQ tracks NASDAQ-100 Index (300%).

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (2.10 vs 2.05), 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.