QQQ vs QLD: returns, risk and drawdowns compared
Invesco QQQ Trust against ProShares Ultra QQQ, over the same 19 years (December 2006 to October 2026) with dividends reinvested.
Data updated October 2026
QQQ
Invesco QQQ Trust
10,000 became
190,613
- A year on average
- +16.0%
- Annual volatility
- 18.7%
- Deepest fall
- −49.7%
- Worst month
- −15.6%
QLD
ProShares Ultra QQQ
10,000 became
296,926
- A year on average
- +18.6%
- Annual volatility
- 39.3%
- Deepest fall
- −81.6%
- Worst month
- −40.9%
QLD came out ahead by 2.6 percentage points a year from December 2006 to October 2026. QLD swung more (39.3% against 18.7% a year). The correlation of monthly returns was 0.94: they moved almost in lockstep.
Growth of 10,000: QQQ vs QLD
Who was ahead, and when
The gap between the two over the previous three years, at each month-end. Above zero QQQ had returned more, below zero QLD. QQQ was ahead in 27% of the 204 three-year periods.
Annualised 3-year return of QQQ minus that of QLD, in percentage points a year.
Falls from the previous high
Month-end values. Deepest fall: QQQ −49.7%, QLD −81.6%.
All the figures
| QQQ | QLD | |
|---|---|---|
| Annual return (CAGR) | +16.0% | +18.6% |
| Total return | +1806% | +2869% |
| Annual volatility | 18.7% | 39.3% |
| Deepest fall (month-end) | −49.7% | −81.6% |
| Worst month | −15.6% | −40.9% |
| Best month | +15.6% | +32.9% |
| Positive months | 63% | 62% |
| Best year | 2023: +54.9% | 2009: +121.2% |
| Worst year | 2008: −41.7% | 2008: −72.9% |
| 1-year return | +19.5% | −1.2% |
| 5 years, a year | +14.5% | −4.2% |
| 10 years, a year | +20.6% | +22.1% |
| Trading currency | USD | USD |
First nine rows: the same 239 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 QQQ, half QLD
| QQQ alone | QLD alone | 50/50 | |
|---|---|---|---|
| A year on average | +16.0% | +18.6% | +18.1% |
| Annual volatility | 18.7% | 39.3% | 28.6% |
| Deepest fall (month-end) | −49.7% | −81.6% | −68.9% |
| Worst month | −15.6% | −40.9% | −24.3% |
With a correlation of 0.94 the mix behaved almost like either fund alone: its volatility of 28.6% sits between the two. Rebalanced to 50/50 every month, before costs.
Questions
Which has returned more, QQQ or QLD?
From December 2006 to October 2026, QQQ returned +16.0% a year and QLD +18.6% a year, with dividends reinvested. Over rolling 3-year periods QQQ did better in 27% of cases. Past returns do not predict future returns.
Which is riskier, QQQ or QLD?
Over the same months annual volatility was 18.7% for QQQ and 39.3% for QLD; the deepest fall from a month-end high was 49.7% and 81.6%, and the worst single month −15.6% and −40.9%.
How correlated are QQQ and QLD?
The correlation of their monthly returns was 0.94: they moved almost in lockstep. Holding both adds little diversification compared with holding one.
What about holding both QQQ and QLD?
Half in each, rebalanced every month, returned +18.1% a year over the same period, with 28.6% annual volatility and a deepest month-end fall of 68.9%.
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.