UBT vs. QLD
UBT (ProShares Ultra 20+ Year Treasury) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - UBT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (200%), while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, UBT returned -9.26%/yr vs 34.28%/yr for QLD. At a correlation of -0.19, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UBT vs. QLD - Performance Comparison
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Returns By Period
In the year-to-date period, UBT achieves a -5.35% return, which is significantly lower than QLD's 28.12% return. Over the past 10 years, UBT has underperformed QLD with an annualized return of -9.26%, while QLD has yielded a comparatively higher 34.28% annualized return.
UBT
- 1D
- -1.15%
- 1M
- -3.39%
- 6M
- -6.26%
- YTD
- -5.35%
- 1Y
- -0.34%
- 3Y*
- -10.62%
- 5Y*
- -20.04%
- 10Y*
- -9.26%
QLD
- 1D
- -3.81%
- 1M
- -3.42%
- 6M
- 23.12%
- YTD
- 28.12%
- 1Y
- 52.34%
- 3Y*
- 39.12%
- 5Y*
- 19.39%
- 10Y*
- 34.28%
UBT vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | -5.35% | 2.03% | -21.81% | -3.68% | -55.54% | -12.14% | 31.87% | 24.46% | -6.54% | 16.12% |
QLD ProShares Ultra QQQ | 28.12% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
Correlation
The correlation between UBT and QLD is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2010 | -0.19 |
The correlation between UBT and QLD shifts across timeframes, from -0.19 (all time) to 0.16 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UBT vs. QLD — Risk / Return Rank
UBT
QLD
UBT vs. QLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) 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.
| UBT | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.44 | ||
| Sortino ratioReturn per unit of downside risk | -1.80 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.25 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 2.09 | -2.11 |
| Martin ratioReturn relative to average drawdown | -0.04 | 6.85 | -6.90 |
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Drawdowns
UBT vs. QLD - Drawdown Comparison
The maximum UBT drawdown since its inception was -78.90%, smaller than the maximum QLD drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for UBT and QLD.
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Drawdown Indicators
| UBT | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.90% | -83.13% | +4.23% |
Max Drawdown (1Y)Largest decline over 1 year | -16.86% | -25.13% | +8.27% |
Max Drawdown (3Y)Largest decline over 3 years | -35.81% | -42.29% | +6.48% |
Max Drawdown (5Y)Largest decline over 5 years | -72.49% | -63.68% | -8.81% |
Max Drawdown (10Y)Largest decline over 10 years | -78.90% | -63.68% | -15.22% |
Current DrawdownCurrent decline from peak | -77.30% | -10.29% | -67.01% |
Average DrawdownAverage peak-to-trough decline | -32.57% | -18.11% | -14.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.73% | 7.66% | +0.07% |
Volatility
UBT vs. QLD - Volatility Comparison
The current volatility for ProShares Ultra 20+ Year Treasury (UBT) is 5.91%, while ProShares Ultra QQQ (QLD) has a volatility of 17.17%. This indicates that UBT 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.
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Volatility by Period
| UBT | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.91% | 17.17% | -11.26% |
Volatility (6M)Calculated over the trailing 6-month period | 13.46% | 30.63% | -17.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.75% | 37.07% | -18.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.20% | 45.56% | -14.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.18% | 44.86% | -15.68% |
UBT vs. QLD - Expense Ratio Comparison
Both UBT and QLD have an expense ratio of 0.95%.
Dividends
UBT vs. QLD - Dividend Comparison
UBT's dividend yield for the trailing twelve months is around 3.62%, 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% |
UBT ProShares Ultra 20+ Year Treasury | 3.62% | 4.26% | 4.50% | 3.54% | 0.30% | 0.00% | 0.26% | 1.50% | 1.55% | 1.37% | 0.75% | 1.56% |
Frequently Asked Questions
UBT and QLD have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QLD has higher volatility (17.17%) compared to UBT (5.91%). In terms of maximum drawdown, UBT dropped -78.90% vs QLD's -83.13%.
On 10-year performance, QLD leads with 34.28% vs -9.26% for UBT. Both ETFs have the same 0.95% expense ratio. On volatility, UBT has been the lower-risk option at 5.91%. 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 34.28% return vs -9.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UBT and QLD have the same expense ratio: 0.95% per year.
UBT has the higher dividend yield at 3.62%, compared with 0.13% for QLD.
UBT is categorized as Leveraged Bonds, while QLD is Leveraged Equities. UBT tracks Barclays Capital U.S. 20+ Year Treasury Index (200%), while QLD tracks NASDAQ-100 Index (200%).
QLD currently has the higher Sharpe Ratio (1.42 vs -0.02), 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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