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QLD vs. TQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QLD vs. TQQQ

Last updated Aug 5, 2026
Documentation

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 33.47%/yr vs 40.86%/yr for TQQQ. Their 1.00 correlation means they have historically moved very closely together. 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.

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Returns By Period

In the year-to-date period, QLD achieves a 31.43% return, which is significantly lower than TQQQ's 42.48% return. Over the past 10 years, QLD has underperformed TQQQ with an annualized return of 33.47%, while TQQQ has yielded a comparatively higher 40.86% annualized return.

QLD

1D
6.74%
1M
2.04%
6M
31.34%
YTD
31.43%
1Y
51.55%
3Y*
42.34%
5Y*
19.16%
10Y*
33.47%
ALL TIME*
25.28%

TQQQ

1D
10.09%
1M
2.00%
6M
43.02%
YTD
42.48%
1Y
72.20%
3Y*
55.55%
5Y*
17.84%
10Y*
40.86%
ALL TIME*
43.57%
*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
$439.83M$394.41M$441.82M

TQQQ

ProShares UltraPro QQQ
$4.74B$4.51B$5.37B

QLD vs. TQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QLD
ProShares Ultra QQQ		31.43%30.36%42.82%117.72%-60.52%54.67%88.90%81.69%-8.31%70.34%
TQQQ
ProShares UltraPro QQQ		42.48%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 - they have historically moved very closely together. At this level, their price movements offset little of one another.

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

1.00

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

1.00

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

1.00

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

1.00

Correlation (All Time)
Calculated using the full available price history since Feb 11, 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

60.9%
53.8%

Communication Services

13.1%
15.8%

Consumer Cyclical

10.7%
12.3%

Consumer Defensive

6.3%
7.7%

Healthcare

3.6%
4.2%

Industrials

2.7%
2.8%

Utilities

1.1%
1.4%

Basic Materials

1.0%
1.1%

Energy

0.5%
0.6%

Financial Services

0.2%
0.2%

Real Estate

0.1%
0.1%

Technology

QLD
60.9%
TQQQ
53.8%

Communication Services

QLD
13.1%
TQQQ
15.8%

Consumer Cyclical

QLD
10.7%
TQQQ
12.3%

Consumer Defensive

QLD
6.3%
TQQQ
7.7%

Healthcare

QLD
3.6%
TQQQ
4.2%

Industrials

QLD
2.7%
TQQQ
2.8%

Utilities

QLD
1.1%
TQQQ
1.4%

Basic Materials

QLD
1.0%
TQQQ
1.1%

Energy

QLD
0.5%
TQQQ
0.6%

Financial Services

QLD
0.2%
TQQQ
0.2%

Real Estate

QLD
0.1%
TQQQ
0.1%

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

ProShares UltraPro QQQ

Often compared with QLD:
QLD vs. QQQQLD vs. SSOQLD vs. QQQMQLD vs. UPROQLD vs. VOOQLD vs. SPYQLD vs. ROM
Often compared with TQQQ:
TQQQ vs. QQQTQQQ vs. SOXLTQQQ vs. SQQQTQQQ vs. UPROTQQQ vs. SPXLTQQQ vs. TECLTQQQ vs. SPY

Return for Risk

QLD vs. TQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
QLD
QLD Risk / Return Rank: 4747
Overall Rank
QLD Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
QLD Sortino Ratio Rank: 4545
Sortino Ratio Rank
QLD Omega Ratio Rank: 4444
Omega Ratio Rank
QLD Calmar Ratio Rank: 5151
Calmar Ratio Rank
QLD Martin Ratio Rank: 4848
Martin Ratio Rank
TQQQ
TQQQ Risk / Return Rank: 4545
Overall Rank
TQQQ Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
TQQQ Sortino Ratio Rank: 4444
Sortino Ratio Rank
TQQQ Omega Ratio Rank: 4242
Omega Ratio Rank
TQQQ Calmar Ratio Rank: 4949
Calmar Ratio Rank
TQQQ Martin Ratio Rank: 4444
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. 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.

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.

QLDTQQQDifference
Sharpe ratioReturn per unit of total volatility
1.33
1.25

+0.08

Sortino ratioReturn per unit of downside risk
1.85
1.79

+0.06

Omega ratioGain probability vs. loss probability

1.23

1.22

+0.01

Calmar ratioReturn relative to maximum drawdown

2.06

1.96

+0.10

Martin ratioReturn relative to average drawdown

6.06

5.43

+0.63

QLD vs. TQQQ - Sharpe Ratio Comparison

The current QLD Sharpe Ratio is 1.33, which is comparable to the TQQQ Sharpe Ratio of 1.25. 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.

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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.

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Drawdown Indicators

QLDTQQQDifference

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

-7.97%

-14.02%

+6.05%

Average Drawdown

Average peak-to-trough decline

-18.10%

-18.49%

+0.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.53%

13.34%

-4.81%

Volatility

QLD vs. TQQQ - Volatility Comparison

The current volatility for ProShares Ultra QQQ (QLD) is 15.17%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 22.54%. 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.

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Volatility by Period

QLDTQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

15.17%

22.54%

-7.37%

Volatility (6M)

Calculated over the trailing 6-month period

32.66%

48.77%

-16.11%

Volatility (1Y)

Calculated over the trailing 1-year period

39.07%

58.29%

-19.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

45.90%

68.25%

-22.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

45.04%

66.68%

-21.64%

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 0.50% yield.

PositionTTM20252024202320222021202020192018201720162015
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		0.50%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

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.

TQQQ has higher volatility (22.54%) compared to QLD (15.17%). In terms of maximum drawdown, QLD dropped -83.13% vs TQQQ's -81.66%.

On 10-year performance, TQQQ leads with 40.86% vs 33.47% for QLD. Both ETFs have the same 0.95% expense ratio. On volatility, QLD has been the lower-risk option at 15.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, TQQQ has performed better with a 40.86% return vs 33.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

TQQQ has the higher dividend yield at 0.50%, compared with 0.13% for QLD.

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

QLD currently has the higher Sharpe Ratio (1.33 vs 1.25), 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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