QLD vs. ULE

Last updated Jun 30, 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 35.71%/yr vs -2.56%/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.

Returns By Period

In the year-to-date period, QLD achieves a 33.17% return, which is significantly higher than ULE's -6.01% return. Over the past 10 years, QLD has outperformed ULE with an annualized return of 35.71%, while ULE has yielded a comparatively lower -2.56% annualized return.

QLD

• 1D: 5.12%
• 1M: -4.79%
• YTD: 33.17%
• 6M: 30.30%
• 1Y: 61.44%
• 3Y*: 43.22%
• 5Y*: 21.44%
• 10Y*: 35.71%

ULE

• 1D: 0.73%
• 1M: -3.98%
• YTD: -6.01%
• 6M: -6.72%
• 1Y: -6.36%
• 3Y*: 2.13%
• 5Y*: -3.34%
• 10Y*: -2.56%

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

QLD vs. ULE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QLD ProShares Ultra QQQ	33.17%	30.36%	42.82%	117.72%	-60.52%	54.67%	88.90%	81.69%	-8.31%	70.34%
ULE ProShares Ultra Euro	-6.01%	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 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
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 25, 2008	0.18

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: 55
QLD Sharpe Ratio Rank: 60
QLD Sortino Ratio Rank: 51
QLD Omega Ratio Rank: 53
QLD Calmar Ratio Rank: 58
QLD Martin Ratio Rank: 55

ULE

ULE Risk / Return Rank: 5
ULE Sharpe Ratio Rank: 5
ULE Sortino Ratio Rank: 5
ULE Omega Ratio Rank: 5
ULE Calmar Ratio Rank: 5
ULE Martin Ratio Rank: 4

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.

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	ULE	Difference
Sharpe ratio: Return per unit of total volatility	1.71	-0.49	+2.20
Sortino ratio: Return per unit of downside risk	2.19	-0.63	+2.82
Omega ratio: Gain probability vs. loss probability	1.29	0.93	+0.36
Calmar ratio: Return relative to maximum drawdown	2.46	-0.55	+3.00
Martin ratio: Return relative to average drawdown	8.22	-1.18	+9.40

QLD vs. ULE - Sharpe Ratio Comparison

The current QLD Sharpe Ratio is 1.71, which is higher than the ULE Sharpe Ratio of -0.49. 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.

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.

Drawdown Indicators

	QLD	ULE	Difference
Max Drawdown Largest peak-to-trough decline	-83.13%	-72.74%	-10.39%
Max Drawdown (1Y) Largest decline over 1 year	-25.13%	-11.67%	-13.46%
Max Drawdown (3Y) Largest decline over 3 years	-42.29%	-17.44%	-24.85%
Max Drawdown (5Y) Largest decline over 5 years	-63.68%	-37.69%	-25.99%
Max Drawdown (10Y) Largest decline over 10 years	-63.68%	-51.30%	-12.38%
Current Drawdown Current decline from peak	-6.75%	-63.31%	+56.56%
Average Drawdown Average peak-to-trough decline	-18.13%	-46.11%	+27.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.50%	5.40%	+2.10%

Volatility

QLD vs. ULE - Volatility Comparison

ProShares Ultra QQQ (QLD) has a higher volatility of 18.80% compared to ProShares Ultra Euro (ULE) at 2.81%. 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.

Volatility by Period

	QLD	ULE	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.80%	2.81%	+15.99%
Volatility (6M) Calculated over the trailing 6-month period	29.45%	8.88%	+20.57%
Volatility (1Y) Calculated over the trailing 1-year period	36.15%	13.12%	+23.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.40%	16.10%	+29.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.79%	15.10%	+29.69%

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.

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%
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

Can I hold both QLD and ULE in my portfolio?

QLD and ULE have a correlation of 0.21, 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 ULE?

QLD has higher volatility (18.80%) compared to ULE (2.81%). In terms of maximum drawdown, QLD dropped -83.13% vs ULE's -72.74%.

Which ETF is better, QLD or ULE?

On 10-year performance, QLD leads with 35.71% vs -2.56% for ULE. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLD or ULE?

Over the 10-year period, QLD has performed better with a 35.71% return vs -2.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLD or ULE?

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

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

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

What is the main difference between QLD and 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%).

Which has better risk-adjusted returns?

QLD currently has the higher Sharpe Ratio (1.71 vs -0.49), 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.