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QLD vs. ULE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QLD vs. ULE

Last updated Jun 9, 2026

QLD (ProShares Ultra QQQ) and ULE (ProShares Ultra Euro) are both exchange-traded funds - QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%), while ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, QLD returned 35.29%/yr vs -2.62%/yr for ULE. At a 0.18 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

QLD vs. ULE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ (QLD) and ProShares Ultra Euro (ULE). 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 31.05% return, which is significantly higher than ULE's -4.29% return. Over the past 10 years, QLD has outperformed ULE with an annualized return of 35.29%, while ULE has yielded a comparatively lower -2.62% 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%

ULE

1D
0.00%
1M
-4.32%
YTD
-4.29%
6M
-2.71%
1Y
0.60%
3Y*
3.87%
5Y*
-4.12%
10Y*
-2.62%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QLD vs. ULE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QLD
ProShares Ultra QQQ		31.05%30.36%42.82%117.72%-60.52%54.67%88.90%81.69%-8.31%70.34%
ULE
ProShares Ultra Euro		-4.29%25.97%-11.73%5.08%-15.51%-15.66%14.74%-8.90%-13.40%23.92%

Correlation

The correlation between QLD and ULE is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.23

Correlation (3Y)
Calculated over the trailing 3-year period

0.17

Correlation (5Y)
Calculated over the trailing 5-year period

0.23

Correlation (10Y)
Calculated over the trailing 10-year period

0.14

Correlation (All Time)
Calculated using the full available price history since Nov 26, 2008

0.18

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 Ultra Euro

Often compared with QLD:
QLD vs. QQQQLD vs. TQQQQLD vs. SSOQLD vs. QQQMQLD vs. UPROQLD vs. VOOQLD vs. SPY
Often compared with ULE:
ULE vs. EUOULE vs. UGLULE vs. AGQULE vs. YCLULE vs. QQQULE vs. VOOULE vs. EURUSD=X

Return for Risk

QLD vs. ULE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QLD
QLD Risk / Return Rank: 6363
Overall Rank
QLD Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
QLD Sortino Ratio Rank: 5959
Sortino Ratio Rank
QLD Omega Ratio Rank: 6262
Omega Ratio Rank
QLD Calmar Ratio Rank: 6262
Calmar Ratio Rank
QLD Martin Ratio Rank: 5959
Martin Ratio Rank
ULE
ULE Risk / Return Rank: 1010
Overall Rank
ULE Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
ULE Sortino Ratio Rank: 99
Sortino Ratio Rank
ULE Omega Ratio Rank: 99
Omega Ratio Rank
ULE Calmar Ratio Rank: 1010
Calmar Ratio Rank
ULE Martin Ratio Rank: 1010
Martin Ratio Rank
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. ULE - Risk-Adjusted Trends Comparison

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

QLDULEDifference
Sharpe ratioReturn per unit of total volatility
2.10
0.05

+2.05

Sortino ratioReturn per unit of downside risk
2.52
0.16

+2.36

Omega ratioGain probability vs. loss probability

1.34

1.02

+0.32

Calmar ratioReturn relative to maximum drawdown

2.79

0.06

+2.73

Martin ratioReturn relative to average drawdown

9.64

0.12

+9.52

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. ULE - Sharpe Ratio Comparison

The current QLD Sharpe Ratio is 2.10, which is higher than the ULE Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of QLD and ULE, 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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Sharpe Ratios by Period

QLDULEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.10

0.05

+2.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.53

-0.26

+0.78

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.79

-0.17

+0.97

Sharpe Ratio (All Time)

Calculated using the full available price history

0.58

-0.22

+0.80

Drawdowns

QLD vs. ULE - Drawdown Comparison

The maximum QLD drawdown since its inception was -83.13%, which is greater than ULE's maximum drawdown of -72.74%. Use the drawdown chart below to compare losses from any high point for QLD and ULE.

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Drawdown Indicators

QLDULEDifference

Max Drawdown

Largest peak-to-trough decline

-83.13%

-72.74%

-10.39%

Max Drawdown (1Y)

Largest decline over 1 year

-25.13%

-10.40%

-14.73%

Max Drawdown (3Y)

Largest decline over 3 years

-42.29%

-17.44%

-24.85%

Max Drawdown (5Y)

Largest decline over 5 years

-63.68%

-40.65%

-23.03%

Max Drawdown (10Y)

Largest decline over 10 years

-63.68%

-51.30%

-12.38%

Current Drawdown

Current decline from peak

-8.24%

-62.64%

+54.40%

Average Drawdown

Average peak-to-trough decline

-18.16%

-46.07%

+27.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.25%

4.87%

+2.38%

Volatility

QLD vs. ULE - Volatility Comparison

ProShares Ultra QQQ (QLD) has a higher volatility of 13.78% compared to ProShares Ultra Euro (ULE) at 2.64%. This indicates that QLD's price experiences larger fluctuations and is considered to be riskier than ULE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QLDULEDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.78%

2.64%

+11.14%

Volatility (6M)

Calculated over the trailing 6-month period

26.34%

8.87%

+17.47%

Volatility (1Y)

Calculated over the trailing 1-year period

33.42%

13.35%

+20.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

44.95%

16.13%

+28.82%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

44.68%

15.22%

+29.46%

QLD vs. ULE - Expense Ratio Comparison

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

Dividends

QLD vs. ULE - Dividend Comparison

QLD's dividend yield for the trailing twelve months is around 0.13%, while ULE has not paid dividends to shareholders.

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%
ULE
ProShares Ultra Euro		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 ULE have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QLD has higher volatility (13.78%) compared to ULE (2.64%). In terms of maximum drawdown, QLD dropped -83.13% vs ULE's -72.74%.

On 10-year performance, QLD leads with 35.29% vs -2.62% for ULE. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.64%. 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 35.29% return vs -2.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

QLD has the higher dividend yield at 0.13%, compared with 0.00% for ULE.

QLD is categorized as Leveraged Equities, while ULE is Leveraged Currency. QLD tracks NASDAQ-100 Index (200%), while ULE tracks USD/EUR Exchange Rate (-200%).

QLD currently has the higher Sharpe Ratio (2.10 vs 0.05), 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.

Portfolio Optimizer

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