XS2D.L vs. QLD

Last updated Apr 1, 2026

Compare and contrast key facts about Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C (XS2D.L) and ProShares Ultra QQQ (QLD).

XS2D.L and QLD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XS2D.L is a passively managed fund by Xtrackers that tracks the performance of the S&P 500 2x Leveraged Daily Index. It was launched on Mar 18, 2010. QLD is a passively managed fund by ProShares that tracks the performance of the NASDAQ-100 Index (200%). It was launched on Jun 21, 2006. Both XS2D.L and QLD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XS2D.L vs. QLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C (XS2D.L) and ProShares Ultra QQQ (QLD). The values are adjusted to include any dividend payments, if applicable.

XS2D.L vs. QLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XS2D.L Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C	-13.55%	26.58%	45.65%	48.87%	-39.09%	63.03%	20.96%	62.86%	-15.93%	43.49%
QLD ProShares Ultra QQQ	-13.35%	30.36%	42.82%	117.72%	-60.52%	54.67%	88.90%	81.69%	-8.31%	70.34%

Returns By Period

The year-to-date returns for both investments are quite close, with XS2D.L having a -13.55% return and QLD slightly higher at -13.35%. Over the past 10 years, XS2D.L has underperformed QLD with an annualized return of 21.00%, while QLD has yielded a comparatively higher 29.40% annualized return.

XS2D.L

• 1D: 1.56%
• 1M: -12.47%
• YTD: -13.55%
• 6M: -8.15%
• 1Y: 26.93%
• 3Y*: 28.37%
• 5Y*: 15.43%
• 10Y*: 21.00%

QLD

• 1D: 6.72%
• 1M: -10.26%
• YTD: -13.35%
• 6M: -11.03%
• 1Y: 37.53%
• 3Y*: 35.41%
• 5Y*: 15.27%
• 10Y*: 29.40%

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

XS2D.L vs. QLD - Expense Ratio Comparison

XS2D.L has a 0.60% expense ratio, which is lower than QLD's 0.95% expense ratio.

QLD

ProShares Ultra QQQ

XS2D.L

Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C

Return for Risk

XS2D.L vs. QLD — Risk / Return Rank

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

XS2D.L

XS2D.L Risk / Return Rank: 44
XS2D.L Sharpe Ratio Rank: 45
XS2D.L Sortino Ratio Rank: 47
XS2D.L Omega Ratio Rank: 47
XS2D.L Calmar Ratio Rank: 38
XS2D.L Martin Ratio Rank: 45

QLD

QLD Risk / Return Rank: 57
QLD Sharpe Ratio Rank: 51
QLD Sortino Ratio Rank: 59
QLD Omega Ratio Rank: 58
QLD Calmar Ratio Rank: 63
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.

XS2D.L vs. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C (XS2D.L) 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.

	XS2D.L	QLD	Difference
Sharpe ratio Return per unit of total volatility	0.85	0.84	+0.01
Sortino ratio Return per unit of downside risk	1.32	1.43	-0.11
Omega ratio Gain probability vs. loss probability	1.19	1.20	-0.02
Calmar ratio Return relative to maximum drawdown	1.01	1.49	-0.48
Martin ratio Return relative to average drawdown	4.46	4.88	-0.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XS2D.L vs. QLD - Sharpe Ratio Comparison

The current XS2D.L Sharpe Ratio is 0.85, which is comparable to the QLD Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of XS2D.L and QLD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XS2D.L	QLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	0.84	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.34	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.66	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.53	+0.20

Correlation

The correlation between XS2D.L and QLD is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

XS2D.L vs. QLD - Dividend Comparison

XS2D.L has not paid dividends to shareholders, while QLD's dividend yield for the trailing twelve months is around 0.19%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XS2D.L Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QLD ProShares Ultra QQQ	0.19%	0.17%	0.25%	0.33%	0.31%	0.00%	0.00%	0.13%	0.06%	0.02%	0.21%	0.11%

Drawdowns

XS2D.L vs. QLD - Drawdown Comparison

The maximum XS2D.L drawdown since its inception was -59.31%, smaller than the maximum QLD drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for XS2D.L and QLD.

Drawdown Indicators

	XS2D.L	QLD	Difference
Max Drawdown Largest peak-to-trough decline	-59.31%	-83.13%	+23.82%
Max Drawdown (1Y) Largest decline over 1 year	-22.93%	-25.13%	+2.20%
Max Drawdown (5Y) Largest decline over 5 years	-46.01%	-63.68%	+17.67%
Max Drawdown (10Y) Largest decline over 10 years	-59.31%	-63.68%	+4.37%
Current Drawdown Current decline from peak	-15.61%	-20.10%	+4.49%
Average Drawdown Average peak-to-trough decline	-9.09%	-18.30%	+9.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.20%	7.67%	-2.47%

Volatility

XS2D.L vs. QLD - Volatility Comparison

The current volatility for Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C (XS2D.L) is 8.03%, while ProShares Ultra QQQ (QLD) has a volatility of 12.96%. This indicates that XS2D.L 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

	XS2D.L	QLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.03%	12.96%	-4.93%
Volatility (6M) Calculated over the trailing 6-month period	16.72%	25.55%	-8.83%
Volatility (1Y) Calculated over the trailing 1-year period	31.46%	44.91%	-13.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.62%	44.77%	-13.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.29%	44.47%	-12.18%