QULL vs. LQQ.PA

Last updated Jun 16, 2026

QULL (ETRACS 2x Leveraged MSCI US Quality Factor TR ETN) and LQQ.PA (Lyxor UCITS NASDAQ-100 Daily Leverage) are both exchange-traded funds - QULL is a Leveraged Equities fund tracking the MSCI USA Sector Neutral Quality Index, while LQQ.PA is a Nasdaq-100 fund tracking the Nasdaq 100® Leverage (2x) index. Both are passively managed. Over the past 3 years, QULL returned 31.36%/yr vs 45.59%/yr for LQQ.PA. A 0.55 correlation means they provide meaningful diversification when combined. QULL charges 0.95%/yr vs 0.60%/yr for LQQ.PA.

Performance

QULL vs. LQQ.PA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) and Lyxor UCITS NASDAQ-100 Daily Leverage (LQQ.PA). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

QULL is traded in USD, while LQQ.PA is traded in EUR. To make them comparable, the LQQ.PA values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, QULL achieves a 18.41% return, which is significantly lower than LQQ.PA's 38.52% return.

QULL

• 1D: 2.19%
• 1M: 7.87%
• YTD: 18.41%
• 6M: 17.51%
• 1Y: 44.24%
• 3Y*: 31.36%
• 5Y*: 17.03%
• 10Y*: —

LQQ.PA

• 1D: 5.65%
• 1M: 7.74%
• YTD: 38.52%
• 6M: 40.94%
• 1Y: 81.81%
• 3Y*: 45.59%
• 5Y*: —
• 10Y*: —

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

QULL vs. LQQ.PA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN	18.41%	17.61%	38.03%	48.44%
LQQ.PA Lyxor UCITS NASDAQ-100 Daily Leverage	38.52%	29.49%	47.29%	82.44%

Correlation

The correlation between QULL and LQQ.PA is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (All Time) Calculated using the full available price history since Mar 10, 2023	0.55

The correlation between QULL and LQQ.PA has been stable across timeframes, ranging from 0.55 to 0.58 - a consistent structural relationship.

Return for Risk

QULL vs. LQQ.PA — Risk / Return Rank

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

QULL

QULL Risk / Return Rank: 56
QULL Sharpe Ratio Rank: 58
QULL Sortino Ratio Rank: 56
QULL Omega Ratio Rank: 52
QULL Calmar Ratio Rank: 52
QULL Martin Ratio Rank: 63

LQQ.PA

LQQ.PA Risk / Return Rank: 76
LQQ.PA Sharpe Ratio Rank: 86
LQQ.PA Sortino Ratio Rank: 76
LQQ.PA Omega Ratio Rank: 75
LQQ.PA Calmar Ratio Rank: 78
LQQ.PA Martin Ratio Rank: 67

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.

QULL vs. LQQ.PA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) and Lyxor UCITS NASDAQ-100 Daily Leverage (LQQ.PA). 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.

	QULL	LQQ.PA	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.48	-0.67
Sortino ratio: Return per unit of downside risk	2.49	3.10	-0.61
Omega ratio: Gain probability vs. loss probability	1.31	1.39	-0.08
Calmar ratio: Return relative to maximum drawdown	2.41	3.53	-1.12
Martin ratio: Return relative to average drawdown	10.73	11.73	-1.01

QULL vs. LQQ.PA - Sharpe Ratio Comparison

The current QULL Sharpe Ratio is 1.81, which is comparable to the LQQ.PA Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of QULL and LQQ.PA, 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

QULL vs. LQQ.PA - Drawdown Comparison

The maximum QULL drawdown since its inception was -51.83%, which is greater than LQQ.PA's maximum drawdown of -42.34%. Use the drawdown chart below to compare losses from any high point for QULL and LQQ.PA.

Drawdown Indicators

	QULL	LQQ.PA	Difference
Max Drawdown Largest peak-to-trough decline	-51.83%	-42.34%	-9.49%
Max Drawdown (1Y) Largest decline over 1 year	-18.43%	-22.81%	+4.38%
Max Drawdown (3Y) Largest decline over 3 years	-36.82%	-42.34%	+5.52%
Max Drawdown (5Y) Largest decline over 5 years	-51.83%	—	—
Current Drawdown Current decline from peak	0.00%	-1.42%	+1.42%
Average Drawdown Average peak-to-trough decline	-13.97%	-6.61%	-7.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.14%	6.90%	-2.76%

Volatility

QULL vs. LQQ.PA - Volatility Comparison

The current volatility for ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) is 5.94%, while Lyxor UCITS NASDAQ-100 Daily Leverage (LQQ.PA) has a volatility of 12.75%. This indicates that QULL experiences smaller price fluctuations and is considered to be less risky than LQQ.PA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QULL	LQQ.PA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.94%	12.75%	-6.81%
Volatility (6M) Calculated over the trailing 6-month period	19.16%	25.30%	-6.14%
Volatility (1Y) Calculated over the trailing 1-year period	24.58%	32.54%	-7.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.66%	35.74%	-0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.08%	35.74%	-0.66%

QULL vs. LQQ.PA - Expense Ratio Comparison

QULL has a 0.95% expense ratio, which is higher than LQQ.PA's 0.60% expense ratio.

Dividends

QULL vs. LQQ.PA - Dividend Comparison

Neither QULL nor LQQ.PA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both QULL and LQQ.PA in my portfolio?

QULL and LQQ.PA have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QULL or LQQ.PA?

On fees, LQQ.PA is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QULL or LQQ.PA?

LQQ.PA is cheaper with a 0.60% expense ratio, compared with 0.95% for QULL.

What is the main difference between QULL and LQQ.PA?

QULL is categorized as Leveraged Equities, while LQQ.PA is Nasdaq-100. QULL tracks MSCI USA Sector Neutral Quality Index, while LQQ.PA tracks Nasdaq 100® Leverage (2x) index. They also come from different issuers: UBS and Amundi. Their fees differ too: 0.95% for QULL and 0.60% for LQQ.PA.