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 ICE U.S. Treasury 20+ Year Bond Index (200% Daily), while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, UBT returned -9.80%/yr vs 32.56%/yr for QLD. Their -0.19 correlation means they have often moved in opposite directions in the past. 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 -9.88% return, which is significantly lower than QLD's 18.94% return. Over the past 10 years, UBT has underperformed QLD with an annualized return of -9.80%, while QLD has yielded a comparatively higher 32.56% annualized return.
UBT
- 1D
- -1.93%
- 1M
- -8.39%
- 6M
- -9.39%
- YTD
- -9.88%
- 1Y
- -9.99%
- 3Y*
- -10.25%
- 5Y*
- -21.36%
- 10Y*
- -9.80%
- ALL TIME*
- 0.25%
QLD
- 1D
- 1.20%
- 1M
- -7.66%
- 6M
- 16.78%
- YTD
- 18.94%
- 1Y
- 42.18%
- 3Y*
- 35.01%
- 5Y*
- 17.45%
- 10Y*
- 32.56%
- ALL TIME*
- 24.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $408.78M | $399.91M | $439.78M | |
| $559.65K | $668.92K | $852.70K |
UBT vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | -9.88% | 2.03% | -21.81% | -3.68% | -55.54% | -12.14% | 31.87% | 24.46% | -6.54% | 16.12% |
QLD ProShares Ultra QQQ | 18.94% | 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 historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.16 |
Correlation (3Y) Balances recent behavior with more history. | 0.11 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.07 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 | -1.35 | ||
| Sortino ratioReturn per unit of downside risk | -1.88 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.18 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 1.46 | -1.86 |
| Martin ratioReturn relative to average drawdown | -0.86 | 4.32 | -5.18 |
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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 | -18.25% | -25.13% | +6.88% |
Max Drawdown (3Y)Largest decline over 3 years | -31.18% | -42.29% | +11.11% |
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 | -78.38% | -16.72% | -61.66% |
Average DrawdownAverage peak-to-trough decline | -32.72% | -18.11% | -14.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.51% | 8.47% | +0.04% |
Volatility
UBT vs. QLD - Volatility Comparison
The current volatility for ProShares Ultra 20+ Year Treasury (UBT) is 5.14%, while ProShares Ultra QQQ (QLD) has a volatility of 13.69%. 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 | 5.14% | 13.69% | -8.55% |
Volatility (6M)Calculated over the trailing 6-month period | 13.53% | 31.99% | -18.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.53% | 38.62% | -20.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.09% | 45.76% | -14.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.17% | 44.97% | -15.80% |
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 3.80%, more than QLD's 0.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 0.14% | 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 | 3.80% | 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 (13.69%) compared to UBT (5.14%). In terms of maximum drawdown, UBT dropped -78.90% vs QLD's -83.13%.
On 10-year performance, QLD leads with 32.56% vs -9.80% for UBT. Both ETFs have the same 0.95% expense ratio. On volatility, UBT has been the lower-risk option at 5.14%. 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 32.56% return vs -9.80%. 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 3.80%, compared with 0.14% for QLD.
UBT is categorized as Leveraged Bonds, while QLD is Leveraged Equities. UBT tracks ICE U.S. Treasury 20+ Year Bond Index (200% Daily), while QLD tracks NASDAQ-100 Index (200%).
QLD currently has the higher Sharpe Ratio (0.95 vs -0.40), 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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