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XXXX vs. QLD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XXXX vs. QLD

Last updated Apr 17, 2026

XXXX (MAX S&P 500 4X Leveraged ETN) and QLD (ProShares Ultra QQQ) are both Leveraged Equities funds — XXXX tracks the S&P 500 while QLD tracks the NASDAQ-100 Index (200%). Both are passively managed. Over the past year, XXXX returned 126.19% vs 92.76% for QLD. Their correlation of 0.94 suggests significant overlap in exposure. XXXX charges 2.95%/yr vs 0.95%/yr for QLD.

Performance

XXXX vs. QLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MAX S&P 500 4X Leveraged ETN (XXXX) and ProShares Ultra QQQ (QLD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XXXX achieves a 1.09% return, which is significantly lower than QLD's 6.26% return.

XXXX

1D
0.91%
1M
16.18%
YTD
1.09%
6M
7.63%
1Y
126.19%
3Y*
—
5Y*
—
10Y*
—

QLD

1D
0.93%
1M
11.92%
YTD
6.26%
6M
9.72%
1Y
92.76%
3Y*
45.75%
5Y*
17.62%
10Y*
31.88%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XXXX vs. QLD - Yearly Performance Comparison

2026 (YTD)202520242023
XXXX
MAX S&P 500 4X Leveraged ETN		1.09%17.36%61.36%16.31%
QLD
ProShares Ultra QQQ		6.26%30.36%42.82%11.70%

Correlation

The correlation between XXXX and QLD is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification — they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.95

Correlation (All Time)
Calculated using the full available price history since Dec 6, 2023

0.94

The correlation between XXXX and QLD has been stable across timeframes, ranging from 0.94 to 0.95 — a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

MAX S&P 500 4X Leveraged ETN

ProShares Ultra QQQ

Often compared with XXXX:
XXXX vs. ^VVIXXXXX vs. TQQQXXXX vs. CPSMXXXX vs. SPXLXXXX vs. POCTXXXX vs. FNGUXXXX vs. SPY
Often compared with QLD:
QLD vs. QQQQLD vs. TQQQQLD vs. SSOQLD vs. QQQMQLD vs. UPROQLD vs. VOOQLD vs. SPY

Return for Risk

XXXX vs. QLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XXXX
XXXX Risk / Return Rank: 5353
Overall Rank
XXXX Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
XXXX Sortino Ratio Rank: 5252
Sortino Ratio Rank
XXXX Omega Ratio Rank: 5353
Omega Ratio Rank
XXXX Calmar Ratio Rank: 4343
Calmar Ratio Rank
XXXX Martin Ratio Rank: 4747
Martin Ratio Rank
QLD
QLD Risk / Return Rank: 6464
Overall Rank
QLD Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
QLD Sortino Ratio Rank: 6767
Sortino Ratio Rank
QLD Omega Ratio Rank: 6666
Omega Ratio Rank
QLD Calmar Ratio Rank: 5353
Calmar Ratio Rank
QLD Martin Ratio Rank: 5151
Martin Ratio Rank
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.

XXXX vs. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAX S&P 500 4X Leveraged ETN (XXXX) 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.

XXXXQLDDifference

Sharpe ratio

Return per unit of total volatility

2.48

2.80

-0.32

Sortino ratio

Return per unit of downside risk

2.86

3.30

-0.44

Omega ratio

Gain probability vs. loss probability

1.38

1.43

-0.06

Calmar ratio

Return relative to maximum drawdown

2.80

3.25

-0.45

Martin ratio

Return relative to average drawdown

10.56

11.24

-0.68

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XXXX vs. QLD - Sharpe Ratio Comparison

The current XXXX Sharpe Ratio is 2.48, which is comparable to the QLD Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of XXXX 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.

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Sharpe Ratios by Period

XXXXQLDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.48

2.80

-0.32

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.40

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.72

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.66

0.56

+0.10

Drawdowns

XXXX vs. QLD - Drawdown Comparison

The maximum XXXX drawdown since its inception was -62.27%, smaller than the maximum QLD drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for XXXX and QLD.

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Drawdown Indicators

XXXXQLDDifference

Max Drawdown

Largest peak-to-trough decline

-62.27%

-83.13%

+20.86%

Max Drawdown (1Y)

Largest decline over 1 year

-37.25%

-25.13%

-12.12%

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

-6.98%

-2.02%

-4.96%

Average Drawdown

Average peak-to-trough decline

-12.15%

-18.29%

+6.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.87%

7.26%

+2.61%

Volatility

XXXX vs. QLD - Volatility Comparison

MAX S&P 500 4X Leveraged ETN (XXXX) has a higher volatility of 22.06% compared to ProShares Ultra QQQ (QLD) at 13.63%. This indicates that XXXX's price experiences larger fluctuations and is considered to be riskier 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

XXXXQLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

22.06%

13.63%

+8.43%

Volatility (6M)

Calculated over the trailing 6-month period

37.56%

25.22%

+12.34%

Volatility (1Y)

Calculated over the trailing 1-year period

52.24%

34.09%

+18.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

61.73%

44.80%

+16.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

61.73%

44.49%

+17.24%

XXXX vs. QLD - Expense Ratio Comparison

XXXX has a 2.95% expense ratio, which is higher than QLD's 0.95% expense ratio.

Dividends

XXXX vs. QLD - Dividend Comparison

XXXX has not paid dividends to shareholders, while QLD's dividend yield for the trailing twelve months is around 0.16%.

TTM20252024202320222021202020192018201720162015
XXXX
MAX S&P 500 4X Leveraged ETN		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		0.16%0.17%0.25%0.33%0.31%0.00%0.00%0.13%0.06%0.02%0.21%0.11%