UPLT vs. QLD

Last updated Jun 30, 2026

UPLT (ProShares Ultra Platinum K-1 Free ETF) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - UPLT is a Leveraged Commodities fund actively managed by ProShares, while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). UPLT is actively managed, while QLD is passively managed. At a 0.44 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

UPLT vs. QLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Platinum K-1 Free ETF (UPLT) and ProShares Ultra QQQ (QLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

UPLT

• 1D: -5.97%
• 1M: -34.63%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QLD

• 1D: 5.12%
• 1M: -4.79%
• YTD: 33.17%
• 6M: 30.30%
• 1Y: 61.44%
• 3Y*: 43.22%
• 5Y*: 21.44%
• 10Y*: 35.71%

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

UPLT vs. QLD - Yearly Performance Comparison

	2026 (YTD)
UPLT ProShares Ultra Platinum K-1 Free ETF	-46.55%
QLD ProShares Ultra QQQ	22.91%

Correlation

The correlation between UPLT and QLD is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 21, 2026	0.44

Return for Risk

UPLT vs. QLD — Risk / Return Rank

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

UPLT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

QLD

QLD Risk / Return Rank: 55
QLD Sharpe Ratio Rank: 60
QLD Sortino Ratio Rank: 51
QLD Omega Ratio Rank: 53
QLD Calmar Ratio Rank: 58
QLD Martin Ratio Rank: 55

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.

UPLT vs. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Platinum K-1 Free ETF (UPLT) 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.

	UPLT	QLD	Difference
Sharpe ratio: Return per unit of total volatility	—	1.71	—
Sortino ratio: Return per unit of downside risk	—	2.19	—
Omega ratio: Gain probability vs. loss probability	—	1.29	—
Calmar ratio: Return relative to maximum drawdown	—	2.46	—
Martin ratio: Return relative to average drawdown	—	8.22	—

Drawdowns

UPLT vs. QLD - Drawdown Comparison

The maximum UPLT drawdown since its inception was -48.98%, smaller than the maximum QLD drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for UPLT and QLD.

Drawdown Indicators

	UPLT	QLD	Difference
Max Drawdown Largest peak-to-trough decline	-48.98%	-83.13%	+34.15%
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	-48.53%	-6.75%	-41.78%
Average Drawdown Average peak-to-trough decline	-22.26%	-18.13%	-4.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.50%	—

Volatility

Volatility by Period

	UPLT	QLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	18.80%	—
Volatility (6M) Calculated over the trailing 6-month period	—	29.45%	—
Volatility (1Y) Calculated over the trailing 1-year period	82.73%	36.15%	+46.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.73%	45.40%	+37.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.73%	44.79%	+37.94%

UPLT vs. QLD - Expense Ratio Comparison

Both UPLT and QLD have an expense ratio of 0.95%.

Dividends

UPLT vs. QLD - Dividend Comparison

UPLT's dividend yield for the trailing twelve months is around 0.29%, 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%
UPLT ProShares Ultra Platinum K-1 Free ETF	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UPLT and QLD in my portfolio?

UPLT and QLD have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UPLT or QLD?

Both ETFs have the same 0.95% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UPLT or QLD?

UPLT and QLD have the same expense ratio: 0.95% per year.

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

UPLT has the higher dividend yield at 0.29%, compared with 0.13% for QLD.

What is the main difference between UPLT and QLD?

UPLT is categorized as Leveraged Commodities, while QLD is Leveraged Equities.