QLD vs. UGA
QLD (ProShares Ultra QQQ) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%), while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, QLD returned 36.27%/yr vs 14.31%/yr for UGA. At a 0.20 correlation, their price movements are largely independent. QLD charges 0.95%/yr vs 0.75%/yr for UGA.
Performance
QLD vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, QLD achieves a 29.58% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, QLD has outperformed UGA with an annualized return of 36.27%, while UGA has yielded a comparatively lower 14.31% annualized return.
QLD
- 1D
- -6.61%
- 1M
- -2.02%
- YTD
- 29.58%
- 6M
- 26.13%
- 1Y
- 66.80%
- 3Y*
- 43.61%
- 5Y*
- 21.41%
- 10Y*
- 36.27%
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
QLD vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 29.58% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between QLD and UGA is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.20 |
The correlation between QLD and UGA shifts across timeframes, from -0.18 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
QLD vs. UGA — Risk / Return Rank
QLD
UGA
QLD vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ (QLD) and United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.30 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.67 | 3.17 | -0.49 |
| Martin ratioReturn relative to average drawdown | 9.05 | 9.39 | -0.34 |
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Drawdowns
QLD vs. UGA - Drawdown Comparison
The maximum QLD drawdown since its inception was -83.13%, roughly equal to the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for QLD and UGA.
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Drawdown Indicators
| QLD | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.13% | -86.59% | +3.46% |
Max Drawdown (1Y)Largest decline over 1 year | -25.13% | -18.96% | -6.17% |
Max Drawdown (3Y)Largest decline over 3 years | -42.29% | -26.68% | -15.61% |
Max Drawdown (5Y)Largest decline over 5 years | -63.68% | -38.11% | -25.57% |
Max Drawdown (10Y)Largest decline over 10 years | -63.68% | -75.89% | +12.21% |
Current DrawdownCurrent decline from peak | -9.26% | -18.05% | +8.79% |
Average DrawdownAverage peak-to-trough decline | -18.14% | -36.69% | +18.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.40% | 6.43% | +0.97% |
Volatility
QLD vs. UGA - Volatility Comparison
ProShares Ultra QQQ (QLD) has a higher volatility of 18.22% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that QLD's price experiences larger fluctuations and is considered to be riskier than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QLD | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.22% | 9.24% | +8.98% |
Volatility (6M)Calculated over the trailing 6-month period | 28.95% | 30.57% | -1.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.77% | 35.22% | +0.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.34% | 34.45% | +10.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.80% | 37.22% | +7.58% |
QLD vs. UGA - Expense Ratio Comparison
QLD has a 0.95% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
QLD vs. UGA - Dividend Comparison
QLD's dividend yield for the trailing twelve months is around 0.13%, while UGA has not paid dividends to shareholders.
| 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% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QLD and UGA have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QLD has higher volatility (18.22%) compared to UGA (9.24%). In terms of maximum drawdown, QLD dropped -83.13% vs UGA's -86.59%.
On 10-year performance, QLD leads with 36.27% vs 14.31% for UGA. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 9.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QLD has performed better with a 36.27% return vs 14.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.95% for QLD.
QLD has the higher dividend yield at 0.13%, compared with 0.00% for UGA.
QLD is categorized as Leveraged Equities, while UGA is Oil & Gas. QLD tracks NASDAQ-100 Index (200%), while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for QLD and 0.75% for UGA.
QLD currently has the higher Sharpe Ratio (1.88 vs 1.73), 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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