SPXB vs. QLD

Last updated Jun 4, 2026

SPXB (ProShares S&P 500 Bond ETF) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - SPXB is a Corporate Bonds fund tracking the S&P 500 MarketAxess Investment Grade Corporate Bond Index, while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. At a 0.19 correlation, their price movements are largely independent. SPXB charges 0.15%/yr vs 0.95%/yr for QLD.

Performance

SPXB vs. QLD - Performance Comparison

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

Returns By Period

SPXB

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 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)

SPXB vs. QLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SPXB ProShares S&P 500 Bond ETF	0.00%	0.00%	-3.45%	8.83%	-16.66%	-1.89%	10.33%	15.34%	1.13%
QLD ProShares Ultra QQQ	42.06%	30.36%	42.82%	117.72%	-60.52%	54.67%	88.90%	81.69%	-12.90%

Correlation

The correlation between SPXB and QLD is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (All Time) Calculated using the full available price history since May 4, 2018	0.19

Return for Risk

SPXB 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.

SPXB vs. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Bond ETF (SPXB) 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

	SPXB	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	—	0.60	—

Drawdowns

Drawdown Indicators

	SPXB	QLD	Difference
Max Drawdown Largest peak-to-trough decline	—	-83.13%	—
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	—	-0.53%	—
Average Drawdown Average peak-to-trough decline	—	-18.17%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.20%	—

Volatility

Volatility by Period

	SPXB	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	—	31.85%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	44.74%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	44.56%	—

SPXB vs. QLD - Expense Ratio Comparison

SPXB has a 0.15% expense ratio, which is lower than QLD's 0.95% expense ratio.

Dividends

SPXB vs. QLD - Dividend Comparison

SPXB has not paid dividends to shareholders, while QLD's dividend yield for the trailing twelve months is around 0.12%.

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%
SPXB ProShares S&P 500 Bond ETF	0.00%	0.00%	1.22%	4.04%	3.14%	2.00%	2.64%	3.48%	2.52%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPXB and QLD in my portfolio?

SPXB and QLD have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPXB or QLD?

On fees, SPXB is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXB or QLD?

SPXB is cheaper with a 0.15% expense ratio, compared with 0.95% for QLD.

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

QLD has the higher dividend yield at 0.12%, compared with 0.00% for SPXB.

What is the main difference between SPXB and QLD?

SPXB is categorized as Corporate Bonds, while QLD is Leveraged Equities. SPXB tracks S&P 500 MarketAxess Investment Grade Corporate Bond Index, while QLD tracks NASDAQ-100 Index (200%). Their fees differ too: 0.15% for SPXB and 0.95% for QLD.