SPMO vs. QLD

Last updated Jun 14, 2026

SPMO (Invesco S&P 500 Momentum ETF) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - SPMO is a Momentum fund tracking the S&P 500 Momentum Index, while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, SPMO returned 20.86%/yr vs 35.67%/yr for QLD. A 0.76 correlation means they provide meaningful diversification when combined. SPMO charges 0.13%/yr vs 0.95%/yr for QLD.

Performance

SPMO vs. QLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Momentum ETF (SPMO) and ProShares Ultra QQQ (QLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPMO achieves a 28.15% return, which is significantly lower than QLD's 32.65% return. Over the past 10 years, SPMO has underperformed QLD with an annualized return of 20.86%, while QLD has yielded a comparatively higher 35.67% annualized return.

SPMO

• 1D: 1.26%
• 1M: 6.27%
• YTD: 28.15%
• 6M: 28.70%
• 1Y: 44.90%
• 3Y*: 41.53%
• 5Y*: 23.50%
• 10Y*: 20.86%

QLD

• 1D: 1.30%
• 1M: 2.58%
• YTD: 32.65%
• 6M: 32.82%
• 1Y: 73.89%
• 3Y*: 44.57%
• 5Y*: 23.24%
• 10Y*: 35.67%

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

SPMO vs. QLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPMO Invesco S&P 500 Momentum ETF	28.15%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	25.93%	-0.92%	27.76%
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 SPMO and QLD is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015	0.76

The correlation between SPMO and QLD shifts across timeframes, from 0.76 (all time) to 0.87 (1 year), reflecting how their relationship changes across market environments.

SPMO vs. QLD - Sectors Allocation Comparison

Sectors	SPMO	QLD
Technology	54.9%	58.7%
Industrials	11.1%	2.6%
Communication Services	8.2%	14.3%
Healthcare	6.4%	3.7%
Financial Services	5.9%	0.2%
Consumer Defensive	4.1%	6.4%
Energy	3.1%	0.5%
Utilities	2.5%	1.2%
Basic Materials	1.5%	1.0%
Consumer Cyclical	1.2%	11.4%
Real Estate	1.0%	0.1%

Return for Risk

SPMO vs. QLD — Risk / Return Rank

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

SPMO

SPMO Risk / Return Rank: 79
SPMO Sharpe Ratio Rank: 81
SPMO Sortino Ratio Rank: 78
SPMO Omega Ratio Rank: 80
SPMO Calmar Ratio Rank: 77
SPMO Martin Ratio Rank: 78

QLD

QLD Risk / Return Rank: 64
QLD Sharpe Ratio Rank: 73
QLD Sortino Ratio Rank: 61
QLD Omega Ratio Rank: 64
QLD Calmar Ratio Rank: 64
QLD Martin Ratio Rank: 61

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.

SPMO vs. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Momentum ETF (SPMO) 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.

	SPMO	QLD	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.04	+0.21
Sortino ratio: Return per unit of downside risk	2.98	2.48	+0.50
Omega ratio: Gain probability vs. loss probability	1.41	1.33	+0.08
Calmar ratio: Return relative to maximum drawdown	3.44	2.78	+0.66
Martin ratio: Return relative to average drawdown	13.01	9.46	+3.55

SPMO vs. QLD - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 2.24, which is comparable to the QLD Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of SPMO and QLD, 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

SPMO vs. QLD - Drawdown Comparison

The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum QLD drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for SPMO and QLD.

Drawdown Indicators

	SPMO	QLD	Difference
Max Drawdown Largest peak-to-trough decline	-30.95%	-83.13%	+52.18%
Max Drawdown (1Y) Largest decline over 1 year	-12.70%	-25.13%	+12.43%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	-42.29%	+22.16%
Max Drawdown (5Y) Largest decline over 5 years	-22.74%	-63.68%	+40.94%
Max Drawdown (10Y) Largest decline over 10 years	-30.95%	-63.68%	+32.73%
Current Drawdown Current decline from peak	-1.68%	-7.11%	+5.43%
Average Drawdown Average peak-to-trough decline	-4.60%	-18.16%	+13.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	7.36%	-4.01%

Volatility

SPMO vs. QLD - Volatility Comparison

The current volatility for Invesco S&P 500 Momentum ETF (SPMO) is 10.29%, while ProShares Ultra QQQ (QLD) has a volatility of 15.14%. This indicates that SPMO 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.

Volatility by Period

	SPMO	QLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.29%	15.14%	-4.85%
Volatility (6M) Calculated over the trailing 6-month period	16.73%	27.51%	-10.78%
Volatility (1Y) Calculated over the trailing 1-year period	19.48%	34.29%	-14.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.65%	45.07%	-25.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.48%	44.73%	-24.25%

SPMO vs. QLD - Expense Ratio Comparison

SPMO has a 0.13% expense ratio, which is lower than QLD's 0.95% expense ratio.

Dividends

SPMO vs. QLD - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.67%, more than QLD's 0.13% yield.

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%
SPMO Invesco S&P 500 Momentum ETF	0.67%	0.73%	0.48%	1.63%	1.66%	0.52%	1.27%	1.39%	1.05%	0.77%	1.94%	0.36%

Frequently Asked Questions

Can I hold both SPMO and QLD in my portfolio?

SPMO and QLD have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPMO or QLD?

QLD has higher volatility (15.14%) compared to SPMO (10.29%). In terms of maximum drawdown, SPMO dropped -30.95% vs QLD's -83.13%.

Which ETF is better, SPMO or QLD?

On 10-year performance, QLD leads with 35.67% vs 20.86% for SPMO. On fees, SPMO is cheaper at 0.13% per year. On volatility, SPMO has been the lower-risk option at 10.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPMO or QLD?

Over the 10-year period, QLD has performed better with a 35.67% return vs 20.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPMO or QLD?

SPMO is cheaper with a 0.13% expense ratio, compared with 0.95% for QLD.

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

SPMO has the higher dividend yield at 0.67%, compared with 0.13% for QLD.

What is the main difference between SPMO and QLD?

SPMO is categorized as Momentum, while QLD is Leveraged Equities. SPMO tracks S&P 500 Momentum Index, while QLD tracks NASDAQ-100 Index (200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.13% for SPMO and 0.95% for QLD.

Which has better risk-adjusted returns?

SPMO currently has the higher Sharpe Ratio (2.24 vs 2.04), 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.