QULL vs. QLD
Compare and contrast key facts about ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) and ProShares Ultra QQQ (QLD).
QULL and QLD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QULL is a passively managed fund by UBS that tracks the performance of the MSCI USA Sector Neutral Quality Index. It was launched on Feb 5, 2021. QLD is a passively managed fund by ProShares that tracks the performance of the NASDAQ-100 Index (200%). It was launched on Jun 21, 2006. Both QULL and QLD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
QULL vs. QLD - Performance Comparison
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QULL vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN | -8.08% | 17.61% | 38.03% | 57.07% | -42.00% | 51.36% |
QLD ProShares Ultra QQQ | -13.35% | 30.36% | 42.82% | 117.72% | -60.52% | 39.33% |
Returns By Period
In the year-to-date period, QULL achieves a -8.08% return, which is significantly higher than QLD's -13.35% return.
QULL
- 1D
- 6.13%
- 1M
- -12.81%
- YTD
- -8.08%
- 6M
- -4.77%
- 1Y
- 18.86%
- 3Y*
- 26.25%
- 5Y*
- 13.54%
- 10Y*
- —
QLD
- 1D
- 6.72%
- 1M
- -10.26%
- YTD
- -13.35%
- 6M
- -11.03%
- 1Y
- 37.53%
- 3Y*
- 35.41%
- 5Y*
- 15.27%
- 10Y*
- 29.40%
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QULL vs. QLD - Expense Ratio Comparison
Both QULL and QLD have an expense ratio of 0.95%.
Return for Risk
QULL vs. QLD — Risk / Return Rank
QULL
QLD
QULL vs. QLD - 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 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.
| QULL | QLD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.50 | 0.84 | -0.33 |
Sortino ratioReturn per unit of downside risk | 1.01 | 1.43 | -0.42 |
Omega ratioGain probability vs. loss probability | 1.14 | 1.20 | -0.06 |
Calmar ratioReturn relative to maximum drawdown | 0.84 | 1.49 | -0.65 |
Martin ratioReturn relative to average drawdown | 3.97 | 4.88 | -0.92 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| QULL | QLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.50 | 0.84 | -0.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 0.34 | +0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.66 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.53 | -0.10 |
Correlation
The correlation between QULL and QLD is 0.90, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
QULL vs. QLD - Dividend Comparison
QULL has not paid dividends to shareholders, while QLD's dividend yield for the trailing twelve months is around 0.19%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QLD ProShares Ultra QQQ | 0.19% | 0.17% | 0.25% | 0.33% | 0.31% | 0.00% | 0.00% | 0.13% | 0.06% | 0.02% | 0.21% | 0.11% |
Drawdowns
QULL vs. QLD - Drawdown Comparison
The maximum QULL drawdown since its inception was -51.83%, smaller than the maximum QLD drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for QULL and QLD.
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Drawdown Indicators
| QULL | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.83% | -83.13% | +31.30% |
Max Drawdown (1Y)Largest decline over 1 year | -24.81% | -25.13% | +0.32% |
Max Drawdown (5Y)Largest decline over 5 years | -51.83% | -63.68% | +11.85% |
Max Drawdown (10Y)Largest decline over 10 years | — | -63.68% | — |
Current DrawdownCurrent decline from peak | -13.42% | -20.10% | +6.68% |
Average DrawdownAverage peak-to-trough decline | -14.46% | -18.30% | +3.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.27% | 7.67% | -2.40% |
Volatility
QULL vs. QLD - Volatility Comparison
The current volatility for ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) is 11.40%, while ProShares Ultra QQQ (QLD) has a volatility of 12.96%. This indicates that QULL experiences smaller price fluctuations and is considered to be less risky than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QULL | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.40% | 12.96% | -1.56% |
Volatility (6M)Calculated over the trailing 6-month period | 19.77% | 25.55% | -5.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.56% | 44.91% | -7.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.65% | 44.77% | -9.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.50% | 44.47% | -8.97% |