SPYD vs. QLD

Last updated Jun 14, 2026

SPYD (State Street SPDR Portfolio S&P 500 High Dividend ETF) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - SPYD is a S&P 500 fund tracking the S&P 500 High Dividend Index, while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, SPYD returned 9.09%/yr vs 35.67%/yr for QLD. At a 0.44 correlation, their price movements are largely independent. SPYD charges 0.07%/yr vs 0.95%/yr for QLD.

Performance

SPYD vs. QLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) 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, SPYD achieves a 14.73% return, which is significantly lower than QLD's 32.65% return. Over the past 10 years, SPYD has underperformed QLD with an annualized return of 9.09%, while QLD has yielded a comparatively higher 35.67% annualized return.

SPYD

• 1D: 1.05%
• 1M: 5.32%
• YTD: 14.73%
• 6M: 14.21%
• 1Y: 20.93%
• 3Y*: 14.69%
• 5Y*: 7.64%
• 10Y*: 9.09%

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%

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

SPYD vs. QLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	14.73%	4.65%	15.34%	3.91%	-1.17%	32.73%	-11.64%	21.20%	-4.89%	12.67%
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 SPYD and QLD is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Oct 22, 2015	0.44

Over the past year, the correlation between SPYD and QLD has dropped to 0.14 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.

SPYD vs. QLD - Sectors Allocation Comparison

Sectors	SPYD	QLD
Real Estate	26.5%	0.1%
Consumer Defensive	16.0%	6.4%
Financial Services	11.9%	0.2%
Utilities	11.2%	1.2%
Energy	8.5%	0.5%
Consumer Cyclical	7.3%	11.4%
Healthcare	5.3%	3.7%
Communication Services	4.8%	14.3%
Technology	3.2%	58.7%
Basic Materials	3.0%	1.0%
Industrials	2.3%	2.6%

Return for Risk

SPYD vs. QLD — Risk / Return Rank

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

SPYD

SPYD Risk / Return Rank: 58
SPYD Sharpe Ratio Rank: 57
SPYD Sortino Ratio Rank: 63
SPYD Omega Ratio Rank: 52
SPYD Calmar Ratio Rank: 64
SPYD Martin Ratio Rank: 54

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.

SPYD vs. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) 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.

	SPYD	QLD	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.04	-0.35
Sortino ratio: Return per unit of downside risk	2.53	2.48	+0.05
Omega ratio: Gain probability vs. loss probability	1.29	1.33	-0.04
Calmar ratio: Return relative to maximum drawdown	2.80	2.78	+0.02
Martin ratio: Return relative to average drawdown	8.14	9.46	-1.32

SPYD vs. QLD - Sharpe Ratio Comparison

The current SPYD Sharpe Ratio is 1.69, which is comparable to the QLD Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of SPYD 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

SPYD vs. QLD - Drawdown Comparison

The maximum SPYD drawdown since its inception was -46.42%, smaller than the maximum QLD drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for SPYD and QLD.

Drawdown Indicators

	SPYD	QLD	Difference
Max Drawdown Largest peak-to-trough decline	-46.42%	-83.13%	+36.71%
Max Drawdown (1Y) Largest decline over 1 year	-7.05%	-25.13%	+18.08%
Max Drawdown (3Y) Largest decline over 3 years	-16.13%	-42.29%	+26.16%
Max Drawdown (5Y) Largest decline over 5 years	-22.25%	-63.68%	+41.43%
Max Drawdown (10Y) Largest decline over 10 years	-46.42%	-63.68%	+17.26%
Current Drawdown Current decline from peak	0.00%	-7.11%	+7.11%
Average Drawdown Average peak-to-trough decline	-6.15%	-18.16%	+12.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	7.36%	-4.94%

Volatility

SPYD vs. QLD - Volatility Comparison

The current volatility for State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) is 2.92%, while ProShares Ultra QQQ (QLD) has a volatility of 15.14%. This indicates that SPYD 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

	SPYD	QLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.92%	15.14%	-12.22%
Volatility (6M) Calculated over the trailing 6-month period	7.74%	27.51%	-19.77%
Volatility (1Y) Calculated over the trailing 1-year period	11.70%	34.29%	-22.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.15%	45.07%	-28.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.78%	44.73%	-24.95%

SPYD vs. QLD - Expense Ratio Comparison

SPYD has a 0.07% expense ratio, which is lower than QLD's 0.95% expense ratio.

Dividends

SPYD vs. QLD - Dividend Comparison

SPYD's dividend yield for the trailing twelve months is around 4.05%, 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%
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	4.05%	4.52%	4.31%	4.66%	5.01%	3.68%	4.95%	4.42%	4.75%	4.63%	4.34%	1.13%

Frequently Asked Questions

Can I hold both SPYD and QLD in my portfolio?

SPYD and QLD have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYD or QLD?

QLD has higher volatility (15.14%) compared to SPYD (2.92%). In terms of maximum drawdown, SPYD dropped -46.42% vs QLD's -83.13%.

Which ETF is better, SPYD or QLD?

On 10-year performance, QLD leads with 35.67% vs 9.09% for SPYD. On fees, SPYD is cheaper at 0.07% per year. On volatility, SPYD has been the lower-risk option at 2.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYD or QLD?

Over the 10-year period, QLD has performed better with a 35.67% return vs 9.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYD or QLD?

SPYD is cheaper with a 0.07% expense ratio, compared with 0.95% for QLD.

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

SPYD has the higher dividend yield at 4.05%, compared with 0.13% for QLD.

What is the main difference between SPYD and QLD?

SPYD is categorized as S&P 500, while QLD is Leveraged Equities. SPYD tracks S&P 500 High Dividend Index, while QLD tracks NASDAQ-100 Index (200%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.07% for SPYD and 0.95% for QLD.

Which has better risk-adjusted returns?

QLD currently has the higher Sharpe Ratio (2.04 vs 1.69), 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.