QLD vs SSO: returns, risk and drawdowns compared
ProShares Ultra QQQ against ProShares Ultra S&P500, over the same 6 years (July 2020 to November 2026) with dividends reinvested.
Data updated November 2026
QLD
ProShares Ultra QQQ
10,000 became
19,726
- A year on average
- +11.2%
- Annual volatility
- 44.5%
- Deepest fall
- −60.6%
- Worst month
- −40.9%
SSO
ProShares Ultra S&P500
10,000 became
20,745
- A year on average
- +12.0%
- Annual volatility
- 35.8%
- Deepest fall
- −54.5%
- Worst month
- −43.9%
SSO came out ahead by 0.9 percentage points a year from July 2020 to November 2026. QLD swung more (44.5% against 35.8% a year). The correlation of monthly returns was 0.92: they moved almost in lockstep.
Growth of 10,000: QLD vs SSO
Who was ahead, and when
The gap between the two over the previous three years, at each month-end. Above zero QLD had returned more, below zero SSO. QLD was ahead in 55% of the 42 three-year periods.
Annualised 3-year return of QLD minus that of SSO, in percentage points a year.
Falls from the previous high
Month-end values. Deepest fall: QLD −60.6%, SSO −54.5%.
All the figures
| QLD | SSO | |
|---|---|---|
| Annual return (CAGR) | +11.2% | +12.0% |
| Total return | +97% | +107% |
| Annual volatility | 44.5% | 35.8% |
| Deepest fall (month-end) | −60.6% | −54.5% |
| Worst month | −40.9% | −43.9% |
| Best month | +32.9% | +22.5% |
| Positive months | 58% | 57% |
| Best year | 2023: +117.3% | 2021: +60.3% |
| Worst year | 2022: −60.6% | 2022: −39.1% |
| 1-year return | −1.2% | +11.2% |
| 5 years, a year | −4.2% | −1.9% |
| 10 years, a year | +22.1% | — |
| Trading currency | USD | USD |
First nine rows: the same 77 months for both funds. Trailing returns: to each fund’s last close.
Year by year
Full calendar years both funds were trading. The higher of the two each year is in bold.
Holding both: half QLD, half SSO
| QLD alone | SSO alone | 50/50 | |
|---|---|---|---|
| A year on average | +11.2% | +12.0% | +12.0% |
| Annual volatility | 44.5% | 35.8% | 39.4% |
| Deepest fall (month-end) | −60.6% | −54.5% | −53.6% |
| Worst month | −40.9% | −43.9% | −42.4% |
With a correlation of 0.92 the mix behaved almost like either fund alone: its volatility of 39.4% sits between the two. Rebalanced to 50/50 every month, before costs.
Questions
Which has returned more, QLD or SSO?
From July 2020 to November 2026, QLD returned +11.2% a year and SSO +12.0% a year, with dividends reinvested. Over rolling 3-year periods QLD did better in 55% of cases. Past returns do not predict future returns.
Which is riskier, QLD or SSO?
Over the same months annual volatility was 44.5% for QLD and 35.8% for SSO; the deepest fall from a month-end high was 60.6% and 54.5%, and the worst single month −40.9% and −43.9%.
How correlated are QLD and SSO?
The correlation of their monthly returns was 0.92: they moved almost in lockstep. Holding both adds little diversification compared with holding one.
What about holding both QLD and SSO?
Half in each, rebalanced every month, returned +12.0% a year over the same period, with 39.4% annual volatility and a deepest month-end fall of 53.6%.
More comparisons
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.