ProShares Ultra QQQ

QLD

Market cap $9.85B

TQQQ and QLD both deliver leveraged exposure to the Nasdaq-100, but TQQQ amplifies daily moves by 3x versus QLD's 2x. TQQQ has a higher one-year return but also a deeper five-year drawdown, reflecting greater risk.

I am downgrading ProShares Ultra QQQ ETF from Buy to Sell due to its underperformance in a sideways, volatile market. QLD's 2x leveraged derivatives strategy fails to deliver returns when equities and indices remain flat, leading to NAV erosion. I recommend rotating into the Global X NASDAQ 100 Covered Call ETF, which offers capital preservation and an 11.6% TTM yield in the current environment.

QLD takes a much heavier tilt into technology and communication services than SSO. Both funds deliver similar one-year total returns, but QLD has shown deeper historical drawdowns.

QLD charges a slightly higher expense ratio and yields less than SPXL SPXL delivered a stronger five-year growth of $1,000 and a higher beta, but both funds saw similarly steep drawdowns QLD leans more heavily into technology and Nasdaq-100 names, while SPXL offers broader S&P 500 exposure These 10 Stocks Could Mint the Next Wave of Millionaires ›

SOXL and QLD both use daily leverage resets, but SOXL amplifies semiconductor sector moves while QLD targets the broader tech-heavy Nasdaq-100. SOXL saw a 103.9% one-year return as of Feb. 4, 2026, but with a much deeper five-year drawdown and higher volatility than QLD.

QLD carries a higher expense ratio and a much lower yield compared to SSO. QLD delivered a stronger one-year return but experienced a substantially deeper five-year drawdown.

QLD leans even more heavily into technology and communication services than SSO, amplifying sector concentration risk QLD has delivered a higher 1-year total return but has also suffered a much steeper historical drawdown QLD charges a slightly higher expense ratio and pays a lower dividend yield than SSO These 10 Stocks Could Mint the Next Wave of Millionaires ›

SOXL offers much higher leverage and volatility than QLD, with a five-year max drawdown over 90%. QLD holds a more diversified tech-heavy portfolio across 121 stocks, while SOXL focuses exclusively on semiconductors.

ProShares - Ultra QQQ (NYSEMKT:QLD) charges a slightly higher expense ratio and has much larger assets under management (AUM) than Direxion Daily S&P 500 Bull 3X Shares (NYSEMKT:SPXL). SPXL and QLD have nearly identical five-year drawdowns, but SPXL delivered higher five-year growth for $1,000 invested.

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