SLV vs. QLD
SLV (iShares Silver Trust) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, SLV returned 13.99%/yr vs 35.67%/yr for QLD. At a 0.18 correlation, their price movements are largely independent. SLV charges 0.50%/yr vs 0.95%/yr for QLD.
Performance
SLV vs. QLD - Performance Comparison
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Returns By Period
In the year-to-date period, SLV achieves a -4.86% return, which is significantly lower than QLD's 32.65% return. Over the past 10 years, SLV has underperformed QLD with an annualized return of 13.99%, while QLD has yielded a comparatively higher 35.67% annualized return.
SLV
- 1D
- 0.77%
- 1M
- -18.83%
- YTD
- -4.86%
- 6M
- 9.25%
- 1Y
- 85.90%
- 3Y*
- 41.27%
- 5Y*
- 18.83%
- 10Y*
- 13.99%
QLD
- 1D
- 1.30%
- 1M
- -0.55%
- YTD
- 32.65%
- 6M
- 32.82%
- 1Y
- 73.89%
- 3Y*
- 44.57%
- 5Y*
- 23.24%
- 10Y*
- 35.67%
SLV vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SLV iShares Silver Trust | -4.86% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
QLD ProShares Ultra QQQ | 32.65% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
Correlation
The correlation between SLV and QLD is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006 | 0.18 |
The correlation between SLV and QLD shifts across timeframes, from 0.18 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SLV vs. QLD — Risk / Return Rank
SLV
QLD
SLV vs. QLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) 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.
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.
| SLV | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.33 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.89 | 2.78 | -0.89 |
| Martin ratioReturn relative to average drawdown | 4.10 | 9.46 | -5.36 |
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Drawdowns
SLV vs. QLD - Drawdown Comparison
The maximum SLV drawdown since its inception was -76.28%, smaller than the maximum QLD drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for SLV and QLD.
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Drawdown Indicators
| SLV | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.28% | -83.13% | +6.85% |
Max Drawdown (1Y)Largest decline over 1 year | -45.40% | -25.13% | -20.27% |
Max Drawdown (3Y)Largest decline over 3 years | -45.40% | -42.29% | -3.11% |
Max Drawdown (5Y)Largest decline over 5 years | -45.40% | -63.68% | +18.28% |
Max Drawdown (10Y)Largest decline over 10 years | -45.40% | -63.68% | +18.28% |
Current DrawdownCurrent decline from peak | -41.96% | -7.11% | -34.85% |
Average DrawdownAverage peak-to-trough decline | -44.66% | -18.16% | -26.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.88% | 7.36% | +13.52% |
Volatility
SLV vs. QLD - Volatility Comparison
iShares Silver Trust (SLV) has a higher volatility of 16.34% compared to ProShares Ultra QQQ (QLD) at 15.14%. This indicates that SLV's price experiences larger fluctuations and is considered to be riskier 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
| SLV | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.34% | 15.14% | +1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 59.10% | 27.51% | +31.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.82% | 34.29% | +25.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.46% | 45.07% | -8.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.00% | 44.73% | -12.73% |
SLV vs. QLD - Expense Ratio Comparison
SLV has a 0.50% expense ratio, which is lower than QLD's 0.95% expense ratio.
Dividends
SLV vs. QLD - Dividend Comparison
SLV has not paid dividends to shareholders, while QLD's dividend yield for the trailing twelve months is around 0.13%.
| 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% |
SLV iShares Silver Trust | 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
SLV and QLD have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (16.34%) compared to QLD (15.14%). In terms of maximum drawdown, SLV dropped -76.28% vs QLD's -83.13%.
On 10-year performance, QLD leads with 35.67% vs 13.99% for SLV. On fees, SLV is cheaper at 0.50% per year. On volatility, QLD has been the lower-risk option at 15.14%. 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 35.67% return vs 13.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLV is cheaper with a 0.50% expense ratio, compared with 0.95% for QLD.
QLD has the higher dividend yield at 0.13%, compared with 0.00% for SLV.
SLV is categorized as Silver, while QLD is Leveraged Equities. SLV tracks LBMA Silver Price, while QLD tracks NASDAQ-100 Index (200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.50% for SLV and 0.95% for QLD.
QLD currently has the higher Sharpe Ratio (2.04 vs 1.44), 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.
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