QQXL vs. QLD

Last updated Jun 4, 2026

QQXL (ProShares Ultra QQQ Top 30) and QLD (ProShares Ultra QQQ) are both Leveraged Equities funds from ProShares. QQXL is actively managed, while QLD is passively managed. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.95% expense ratio.

Performance

QQXL vs. QLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ Top 30 (QQXL) and ProShares Ultra QQQ (QLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with QQXL having a 43.77% return and QLD slightly lower at 42.06%.

QQXL

• 1D: -0.49%
• 1M: 21.56%
• YTD: 43.77%
• 6M: 41.18%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QLD

• 1D: -0.53%
• 1M: 21.54%
• YTD: 42.06%
• 6M: 37.45%
• 1Y: 85.49%
• 3Y*: 50.15%
• 5Y*: 25.75%
• 10Y*: 36.10%

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

QQXL vs. QLD - Yearly Performance Comparison

	2026 (YTD)	2025
QQXL ProShares Ultra QQQ Top 30	43.77%	8.66%
QLD ProShares Ultra QQQ	42.06%	10.38%

Correlation

The correlation between QQXL and QLD is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 18, 2025	0.98

Return for Risk

QQXL vs. QLD — Risk / Return Rank

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

QLD

QLD Risk / Return Rank: 69
QLD Sharpe Ratio Rank: 81
QLD Sortino Ratio Rank: 67
QLD Omega Ratio Rank: 67
QLD Calmar Ratio Rank: 67
QLD Martin Ratio Rank: 64

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.

QQXL vs. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ Top 30 (QQXL) and ProShares Ultra QQQ (QLD). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	QQXL	QLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.70	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.58	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.81	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.04	0.60	+1.45

Drawdowns

QQXL vs. QLD - Drawdown Comparison

The maximum QQXL drawdown since its inception was -27.34%, smaller than the maximum QLD drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for QQXL and QLD.

Drawdown Indicators

	QQXL	QLD	Difference
Max Drawdown Largest peak-to-trough decline	-27.34%	-83.13%	+55.79%
Max Drawdown (1Y) Largest decline over 1 year	—	-25.13%	—
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	-0.49%	-0.53%	+0.04%
Average Drawdown Average peak-to-trough decline	-6.76%	-18.17%	+11.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.20%	—

Volatility

Volatility by Period

	QQXL	QLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.90%	—
Volatility (6M) Calculated over the trailing 6-month period	—	24.08%	—
Volatility (1Y) Calculated over the trailing 1-year period	36.98%	31.85%	+5.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.98%	44.74%	-7.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.98%	44.56%	-7.58%

QQXL vs. QLD - Expense Ratio Comparison

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

Dividends

QQXL vs. QLD - Dividend Comparison

QQXL's dividend yield for the trailing twelve months is around 0.45%, more than QLD's 0.12% 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%
QQXL ProShares Ultra QQQ Top 30	0.45%	0.08%	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 QQXL and QLD in my portfolio?

With a correlation of 0.98, QQXL and QLD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, QQXL or QLD?

Both ETFs have the same 0.95% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QQXL or QLD?

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

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

QQXL has the higher dividend yield at 0.45%, compared with 0.12% for QLD.