QLD vs. UGE

Last updated Jun 9, 2026

QLD (ProShares Ultra QQQ) and UGE (ProShares Ultra Consumer Goods) are both Leveraged Equities funds from ProShares - QLD tracks the NASDAQ-100 Index (200%) while UGE tracks the Dow Jones U.S. Consumer Goods Index (200%). Both are passively managed. Over the past 10 years, QLD returned 35.29%/yr vs 7.78%/yr for UGE. A 0.55 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

QLD vs. UGE - Performance Comparison

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

Returns By Period

In the year-to-date period, QLD achieves a 31.05% return, which is significantly higher than UGE's 11.48% return. Over the past 10 years, QLD has outperformed UGE with an annualized return of 35.29%, while UGE has yielded a comparatively lower 7.78% annualized return.

QLD

• 1D: 3.03%
• 1M: 0.58%
• YTD: 31.05%
• 6M: 26.63%
• 1Y: 69.67%
• 3Y*: 46.32%
• 5Y*: 23.57%
• 10Y*: 35.29%

UGE

• 1D: -0.91%
• 1M: -3.18%
• YTD: 11.48%
• 6M: 12.68%
• 1Y: 0.71%
• 3Y*: 5.80%
• 5Y*: -2.13%
• 10Y*: 7.78%

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

QLD vs. UGE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QLD ProShares Ultra QQQ	31.05%	30.36%	42.82%	117.72%	-60.52%	54.67%	88.90%	81.69%	-8.31%	70.34%
UGE ProShares Ultra Consumer Goods	11.48%	-5.21%	16.40%	2.38%	-46.78%	42.44%	56.64%	58.28%	-30.14%	32.38%

Correlation

The correlation between QLD and UGE is -0.11, 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	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	0.55

The correlation between QLD and UGE shifts across timeframes, from -0.11 (1 year) to 0.55 (all time), reflecting how their relationship changes across market environments.

QLD vs. UGE - Sectors Allocation Comparison

Sectors	QLD	UGE
Technology	53.8%	-
Communication Services	15.8%	-
Consumer Cyclical	12.3%	1.0%
Consumer Defensive	7.7%	99.0%
Healthcare	4.2%	-
Industrials	2.8%	-
Utilities	1.4%	-
Basic Materials	1.1%	-
Energy	0.6%	-
Financial Services	0.2%	-
Real Estate	0.1%	-

Return for Risk

QLD vs. UGE — Risk / Return Rank

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

QLD

QLD Risk / Return Rank: 63
QLD Sharpe Ratio Rank: 72
QLD Sortino Ratio Rank: 59
QLD Omega Ratio Rank: 62
QLD Calmar Ratio Rank: 62
QLD Martin Ratio Rank: 59

UGE

UGE Risk / Return Rank: 10
UGE Sharpe Ratio Rank: 10
UGE Sortino Ratio Rank: 10
UGE Omega Ratio Rank: 10
UGE Calmar Ratio Rank: 10
UGE Martin Ratio Rank: 10

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. UGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ (QLD) and ProShares Ultra Consumer Goods (UGE). 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	UGE	Difference
Sharpe ratio: Return per unit of total volatility	2.10	0.03	+2.07
Sortino ratio: Return per unit of downside risk	2.52	0.22	+2.30
Omega ratio: Gain probability vs. loss probability	1.34	1.03	+0.32
Calmar ratio: Return relative to maximum drawdown	2.79	0.04	+2.75
Martin ratio: Return relative to average drawdown	9.64	0.07	+9.57
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. UGE - Sharpe Ratio Comparison

The current QLD Sharpe Ratio is 2.10, which is higher than the UGE Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of QLD and UGE, 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	UGE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	0.03	+2.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	-0.07	+0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.24	+0.56
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.34	+0.25

Drawdowns

QLD vs. UGE - Drawdown Comparison

The maximum QLD drawdown since its inception was -83.13%, which is greater than UGE's maximum drawdown of -71.36%. Use the drawdown chart below to compare losses from any high point for QLD and UGE.

Drawdown Indicators

	QLD	UGE	Difference
Max Drawdown Largest peak-to-trough decline	-83.13%	-71.36%	-11.77%
Max Drawdown (1Y) Largest decline over 1 year	-25.13%	-18.95%	-6.18%
Max Drawdown (3Y) Largest decline over 3 years	-42.29%	-24.80%	-17.49%
Max Drawdown (5Y) Largest decline over 5 years	-63.68%	-56.55%	-7.13%
Max Drawdown (10Y) Largest decline over 10 years	-63.68%	-57.14%	-6.54%
Current Drawdown Current decline from peak	-8.24%	-37.02%	+28.78%
Average Drawdown Average peak-to-trough decline	-18.16%	-18.74%	+0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.25%	10.54%	-3.29%

Volatility

QLD vs. UGE - Volatility Comparison

ProShares Ultra QQQ (QLD) has a higher volatility of 13.78% compared to ProShares Ultra Consumer Goods (UGE) at 8.15%. This indicates that QLD's price experiences larger fluctuations and is considered to be riskier than UGE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLD	UGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.78%	8.15%	+5.63%
Volatility (6M) Calculated over the trailing 6-month period	26.34%	19.62%	+6.72%
Volatility (1Y) Calculated over the trailing 1-year period	33.42%	25.05%	+8.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.95%	31.32%	+13.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.68%	33.10%	+11.58%

QLD vs. UGE - Expense Ratio Comparison

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

Dividends

QLD vs. UGE - Dividend Comparison

QLD's dividend yield for the trailing twelve months is around 0.13%, less than UGE's 2.19% 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%
UGE ProShares Ultra Consumer Goods	2.19%	2.54%	1.43%	1.20%	0.74%	0.20%	0.41%	0.86%	0.76%	0.68%	0.76%	0.60%

Frequently Asked Questions

Can I hold both QLD and UGE in my portfolio?

QLD and UGE have a correlation of -0.11, 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 UGE?

QLD has higher volatility (13.78%) compared to UGE (8.15%). In terms of maximum drawdown, QLD dropped -83.13% vs UGE's -71.36%.

Which ETF is better, QLD or UGE?

On 10-year performance, QLD leads with 35.29% vs 7.78% for UGE. Both ETFs have the same 0.95% expense ratio. On volatility, UGE has been the lower-risk option at 8.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLD or UGE?

Over the 10-year period, QLD has performed better with a 35.29% return vs 7.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLD or UGE?

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

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

UGE has the higher dividend yield at 2.19%, compared with 0.13% for QLD.

What is the main difference between QLD and UGE?

QLD tracks NASDAQ-100 Index (200%), while UGE tracks Dow Jones U.S. Consumer Goods Index (200%).

Which has better risk-adjusted returns?

QLD currently has the higher Sharpe Ratio (2.10 vs 0.03), 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.