QLD vs. TSMG

Last updated Jun 20, 2026

QLD (ProShares Ultra QQQ) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. QLD is passively managed, while TSMG is actively managed. Over the past year, QLD returned 81.13% vs 270.51% for TSMG. A 0.68 correlation means they provide meaningful diversification when combined. QLD charges 0.95%/yr vs 0.75%/yr for TSMG.

Performance

QLD vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ (QLD) and Leverage Shares 2X Long TSM Daily ETF (TSMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QLD achieves a 39.09% return, which is significantly lower than TSMG's 104.06% return.

QLD

• 1D: 4.65%
• 1M: 6.37%
• YTD: 39.09%
• 6M: 37.88%
• 1Y: 81.13%
• 3Y*: 45.69%
• 5Y*: 24.22%
• 10Y*: 36.48%

TSMG

• 1D: 13.76%
• 1M: 28.74%
• YTD: 104.06%
• 6M: 123.68%
• 1Y: 270.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QLD vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
QLD ProShares Ultra QQQ	39.09%	33.65%
TSMG Leverage Shares 2X Long TSM Daily ETF	104.06%	71.03%

Correlation

The correlation between QLD and TSMG is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025	0.68

The correlation between QLD and TSMG has been stable across timeframes, ranging from 0.65 to 0.68 - a consistent structural relationship.

Return for Risk

QLD vs. TSMG — Risk / Return Rank

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

QLD

QLD Risk / Return Rank: 67
QLD Sharpe Ratio Rank: 77
QLD Sortino Ratio Rank: 62
QLD Omega Ratio Rank: 65
QLD Calmar Ratio Rank: 68
QLD Martin Ratio Rank: 63

TSMG

TSMG Risk / Return Rank: 88
TSMG Sharpe Ratio Rank: 95
TSMG Sortino Ratio Rank: 82
TSMG Omega Ratio Rank: 75
TSMG Calmar Ratio Rank: 95
TSMG Martin Ratio Rank: 94

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. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ (QLD) and Leverage Shares 2X Long TSM Daily ETF (TSMG). 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	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	2.32	3.60	-1.28
Sortino ratio: Return per unit of downside risk	2.76	3.42	-0.66
Omega ratio: Gain probability vs. loss probability	1.37	1.42	-0.05
Calmar ratio: Return relative to maximum drawdown	3.25	7.72	-4.47
Martin ratio: Return relative to average drawdown	11.03	24.74	-13.71

QLD vs. TSMG - Sharpe Ratio Comparison

The current QLD Sharpe Ratio is 2.32, which is lower than the TSMG Sharpe Ratio of 3.60. The chart below compares the historical Sharpe Ratios of QLD and TSMG, 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. TSMG - Drawdown Comparison

The maximum QLD drawdown since its inception was -83.13%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for QLD and TSMG.

Drawdown Indicators

	QLD	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-83.13%	-63.67%	-19.46%
Max Drawdown (1Y) Largest decline over 1 year	-25.13%	-35.29%	+10.16%
Max Drawdown (3Y) Largest decline over 3 years	-42.29%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-63.68%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-63.68%	—	—
Current Drawdown Current decline from peak	-2.61%	0.00%	-2.61%
Average Drawdown Average peak-to-trough decline	-18.14%	-16.70%	-1.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.38%	11.00%	-3.62%

Volatility

QLD vs. TSMG - Volatility Comparison

The current volatility for ProShares Ultra QQQ (QLD) is 17.01%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 29.25%. This indicates that QLD experiences smaller price fluctuations and is considered to be less risky than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLD	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.01%	29.25%	-12.24%
Volatility (6M) Calculated over the trailing 6-month period	28.48%	59.57%	-31.09%
Volatility (1Y) Calculated over the trailing 1-year period	35.11%	75.62%	-40.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.23%	82.61%	-37.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.81%	82.61%	-37.80%

QLD vs. TSMG - Expense Ratio Comparison

QLD has a 0.95% expense ratio, which is higher than TSMG's 0.75% expense ratio.

Dividends

QLD vs. TSMG - Dividend Comparison

QLD's dividend yield for the trailing twelve months is around 0.12%, less than TSMG's 5.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QLD ProShares Ultra QQQ	0.12%	0.17%	0.25%	0.33%	0.31%	0.00%	0.00%	0.13%	0.06%	0.02%	0.21%	0.11%
TSMG Leverage Shares 2X Long TSM Daily ETF	5.63%	11.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QLD and TSMG in my portfolio?

QLD and TSMG have a correlation of 0.65, 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 TSMG?

TSMG has higher volatility (29.25%) compared to QLD (17.01%). In terms of maximum drawdown, QLD dropped -83.13% vs TSMG's -63.67%.

Which ETF is better, QLD or TSMG?

On 1-year performance, TSMG leads with 270.51% vs 81.13% for QLD. On fees, TSMG is cheaper at 0.75% per year. On volatility, QLD has been the lower-risk option at 17.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLD or TSMG?

Over the 1-year period, TSMG has performed better with a 270.51% return vs 81.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLD or TSMG?

TSMG is cheaper with a 0.75% expense ratio, compared with 0.95% for QLD.

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

TSMG has the higher dividend yield at 5.63%, compared with 0.12% for QLD.

What is the main difference between QLD and TSMG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for QLD and 0.75% for TSMG.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (3.60 vs 2.32), 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.