SPXT vs. QLD

Last updated Jun 4, 2026

SPXT (ProShares S&P 500 Ex-Technology ETF) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - SPXT is a S&P 500 fund tracking the S&P 500 Ex-Information Technology Index, while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, SPXT returned 11.34%/yr vs 36.10%/yr for QLD. A 0.64 correlation means they provide meaningful diversification when combined. SPXT charges 0.09%/yr vs 0.95%/yr for QLD.

Performance

SPXT vs. QLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Technology ETF (SPXT) 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, SPXT achieves a 2.70% return, which is significantly lower than QLD's 42.06% return. Over the past 10 years, SPXT has underperformed QLD with an annualized return of 11.34%, while QLD has yielded a comparatively higher 36.10% annualized return.

SPXT

• 1D: -0.15%
• 1M: -1.41%
• YTD: 2.70%
• 6M: 3.39%
• 1Y: 15.02%
• 3Y*: 16.34%
• 5Y*: 9.16%
• 10Y*: 11.34%

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)

SPXT vs. QLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXT ProShares S&P 500 Ex-Technology ETF	2.70%	15.10%	19.93%	16.23%	-14.24%	26.36%	10.44%	26.88%	-7.06%	16.99%
QLD ProShares Ultra QQQ	42.06%	30.36%	42.82%	117.72%	-60.52%	54.67%	88.90%	81.69%	-8.31%	70.34%

Correlation

The correlation between SPXT and QLD is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Sep 25, 2015	0.64

The correlation between SPXT and QLD shifts across timeframes, from 0.64 (all time) to 0.77 (5 years), reflecting how their relationship changes across market environments.

SPXT vs. QLD - Sectors Allocation Comparison

Sectors	SPXT	QLD
Financial Services	18.0%	0.2%
Communication Services	17.0%	15.8%
Consumer Cyclical	15.9%	12.3%
Healthcare	13.5%	4.2%
Industrials	12.2%	2.8%
Consumer Defensive	7.3%	7.7%
Energy	5.1%	0.6%
Utilities	4.1%	1.4%
Real Estate	2.9%	0.1%
Basic Materials	2.8%	1.1%
Technology	1.0%	53.8%

Return for Risk

SPXT vs. QLD — Risk / Return Rank

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

SPXT

SPXT Risk / Return Rank: 41
SPXT Sharpe Ratio Rank: 40
SPXT Sortino Ratio Rank: 41
SPXT Omega Ratio Rank: 38
SPXT Calmar Ratio Rank: 38
SPXT Martin Ratio Rank: 49

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.

SPXT vs. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Technology ETF (SPXT) 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.

	SPXT	QLD	Difference
Sharpe ratio: Return per unit of total volatility	1.46	2.70	-1.24
Sortino ratio: Return per unit of downside risk	2.11	3.16	-1.05
Omega ratio: Gain probability vs. loss probability	1.26	1.41	-0.16
Calmar ratio: Return relative to maximum drawdown	1.91	3.42	-1.51
Martin ratio: Return relative to average drawdown	8.32	11.92	-3.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXT vs. QLD - Sharpe Ratio Comparison

The current SPXT Sharpe Ratio is 1.46, which is lower than the QLD Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of SPXT 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.

Sharpe Ratios by Period

	SPXT	QLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	2.70	-1.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.58	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.81	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.60	+0.13

Drawdowns

SPXT vs. QLD - Drawdown Comparison

The maximum SPXT drawdown since its inception was -34.38%, smaller than the maximum QLD drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for SPXT and QLD.

Drawdown Indicators

	SPXT	QLD	Difference
Max Drawdown Largest peak-to-trough decline	-34.38%	-83.13%	+48.75%
Max Drawdown (1Y) Largest decline over 1 year	-7.90%	-25.13%	+17.23%
Max Drawdown (3Y) Largest decline over 3 years	-15.58%	-42.29%	+26.71%
Max Drawdown (5Y) Largest decline over 5 years	-21.47%	-63.68%	+42.21%
Max Drawdown (10Y) Largest decline over 10 years	-34.38%	-63.68%	+29.30%
Current Drawdown Current decline from peak	-2.52%	-0.53%	-1.99%
Average Drawdown Average peak-to-trough decline	-4.14%	-18.17%	+14.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	7.20%	-5.39%

Volatility

SPXT vs. QLD - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Technology ETF (SPXT) is 2.57%, while ProShares Ultra QQQ (QLD) has a volatility of 8.90%. This indicates that SPXT 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

	SPXT	QLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.57%	8.90%	-6.33%
Volatility (6M) Calculated over the trailing 6-month period	7.53%	24.08%	-16.55%
Volatility (1Y) Calculated over the trailing 1-year period	10.34%	31.85%	-21.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.71%	44.74%	-30.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.23%	44.56%	-28.33%

SPXT vs. QLD - Expense Ratio Comparison

SPXT has a 0.09% expense ratio, which is lower than QLD's 0.95% expense ratio.

Dividends

SPXT vs. QLD - Dividend Comparison

SPXT's dividend yield for the trailing twelve months is around 1.39%, more than QLD's 0.12% yield.

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%
SPXT ProShares S&P 500 Ex-Technology ETF	1.39%	1.38%	1.29%	1.53%	1.86%	1.15%	1.63%	1.63%	2.03%	1.55%	2.67%	0.56%

Frequently Asked Questions

Can I hold both SPXT and QLD in my portfolio?

SPXT and QLD have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXT or QLD?

QLD has higher volatility (8.90%) compared to SPXT (2.57%). In terms of maximum drawdown, SPXT dropped -34.38% vs QLD's -83.13%.

Which ETF is better, SPXT or QLD?

On 10-year performance, QLD leads with 36.10% vs 11.34% for SPXT. On fees, SPXT is cheaper at 0.09% per year. On volatility, SPXT has been the lower-risk option at 2.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXT or QLD?

Over the 10-year period, QLD has performed better with a 36.10% return vs 11.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXT or QLD?

SPXT is cheaper with a 0.09% expense ratio, compared with 0.95% for QLD.

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

SPXT has the higher dividend yield at 1.39%, compared with 0.12% for QLD.

What is the main difference between SPXT and QLD?

SPXT is categorized as S&P 500, while QLD is Leveraged Equities. SPXT tracks S&P 500 Ex-Information Technology Index, while QLD tracks NASDAQ-100 Index (200%). Their fees differ too: 0.09% for SPXT and 0.95% for QLD.

Which has better risk-adjusted returns?

QLD currently has the higher Sharpe Ratio (2.70 vs 1.46), 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.