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ETF Comparison

QLD vs QQQ: What 2x Daily Leverage Actually Changes

A head-to-head of ProShares Ultra QQQ and Invesco QQQ Trust covering leverage mechanics, daily-reset decay, volatility, cost, and distributions.

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

  • QLDInvestors who want broad equity exposure.
  • QQQInvestors who want a growth tilt and can accept bigger swings for higher upside.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

QLD has outpaced QQQ over the trailing twelve months, posting a 41.89% total return against 24.84%. The lead holds up over 10 years too: QLD has compounded at 33.88% a year, against 21.10% for QQQ. QQQ has been the steadier holding, though — annualized volatility of 20.4% against 40.5% for QLD. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD cumulative1Y cumulative3Y annualized5Y annualized10Y annualizedSince Jun 2006Volatility Sharpe Sortino Max drawdown
QLD40.15%41.89%48.53%21.92%33.88%25.60%40.5%0.871.24-42.3%
QQQ22.67%24.84%28.26%16.47%21.10%16.63%20.4%1.011.46-22.8%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Jun 2006” measures every fund from June 21, 2006 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricQLDQQQ
Full nameProShares Ultra QQQInvesco QQQ Trust
IssuerProSharesInvesco
Last Close$98.13 as of October 2, 2026$749.58 as of October 2, 2026
Distribution rate0.11%0.40%
Trailing 12-month yield0.13%0.41%
Distribution Safety Score™ 6097
Safety-Adjusted Yield 0.07%0.39%
Expense ratio0.89%0.18%
AUM$15.2B$501B
Distribution frequencyQuarterlyQuarterly
Underlying indexNasdaq-100 IndexNasdaq-100 Index
ObjectiveSeeks daily investment results, before fees, that correspond to two times the daily performance of the Nasdaq-100 Index.Track the Nasdaq-100 Index, which includes 100 of the largest non-financial Nasdaq stocks.
Asset classEquityEquity
Inception date06/19/200603/10/1999
Beta2.611.26
Last dividend$0.027$0.75143 declared, pays 10/08/2026
Ex-dividend date09/23/202609/21/2026

Bottom lineChoose QLD if you want broad equity exposure. Choose QQQ if you want a growth tilt and can accept bigger swings for higher upside.

QLD vs QQQ: 2x daily vs the index once

Same Nasdaq-100. QLD resets each day at twice the move. That compounding is the product — and the risk. Yield is not the decision.

QLDQQQ
Exposure2x the Nasdaq-100, reset dailyNasdaq-100, 1x
Typical useTrading vehicleCore growth holding
Expense ratio0.89%0.18%
Distribution rate0.11%0.40%

How the risk works

Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.

  • Daily leverage reset. QLD targets a multiple of the index's DAILY move, resetting every session. Over weeks and months the compounding of daily resets (volatility decay) can drag returns far below the stated multiple, especially in choppy markets — and losses are magnified the same way gains are.

Learn the mechanics: Why daily-reset leverage decays

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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

ProShares
ETFs170
Total AUM$129B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

ProShares is known for offering leveraged and inverse ETFs that provide amplified exposure to market movements, along with thematic and income-focused strategies. Their fund lineup spans digital assets (including Bitcoin and Ethereum exposure through BITO and EETH), dividend strategies like the Dividend Aristocrats fund (NOBL), covered call income strategies, and leveraged/inverse products that track major indices with 2x or 3x daily multipliers (such as SSO and TQQQ for tech-heavy portfolios). With 23 ETFs across specialized families including leveraged products, money market funds, and sector-specific offerings, ProShares serves investors seeking both traditional income and alternative exposure strategies.

See our curated list of related YouTube videos on QLD.

See all ProShares ETFs
Invesco
ETFs246
Total AUM$1012B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Invesco is a major ETF provider known for offering a comprehensive lineup spanning multiple asset classes and investment strategies. The company specializes in income-focused products including dividend, covered call, and bond strategies, while also maintaining broad exposure across equity, factor-based, thematic, and ESG investing themes. Invesco's portfolio ranges from index-tracking funds to alternatives and specialized offerings like digital assets and BulletShares, making it one of the more expansive ETF families available to investors.

See our curated list of related YouTube videos on QQQ.

See all Invesco ETFs

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Quick verdict

QLD (ProShares Ultra QQQ) and QQQ (Invesco QQQ Trust) are both quarterly-pay dividend ETFs, but they take different approaches.

QQQ offers the higher yield at 0.40% vs 0.11% for QLD. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

QQQ is cheaper with an expense ratio of 0.18% compared to 0.89%.

QQQ is the larger fund by assets ($501B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment, QLD would generate roughly $2.75 cash per distribution, while QQQ would produce $10.00 cash per distribution, at current distribution rates. Both pay quarterly distributions.

QLD yield0.11%
QQQ yield0.40%
Cash diff on $10K$7.25

Cost & efficiency

Over 10 years on $10,000, QLD would cost approximately $890 in fees vs $180 for QQQ (simplified, not compounded). The $710.00 difference may be offset by yield or performance.

QLD ER0.89%
QQQ ER0.18%

Strategy & risk

Both QLD and QQQ wrap Nasdaq-100 Index with similar strategies (leverage and growth). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic. Beta is 2.61 for QLD and 1.26 for QQQ, making QQQ the less volatile of the two by this measure.

QLD beta2.61
QQQ beta1.26

Fund details

QLD is managed by ProShares (launched 06/19/2006) with $15.2B in assets. QQQ is managed by Invesco (launched 03/10/1999) with $501B in assets.

QLD AUM$15.2B
QQQ AUM$501B
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Frequently asked questions

What is the difference between QLD and QQQ?

QQQ (Invesco QQQ Trust) tracks the Nasdaq-100 once. QLD (ProShares Ultra QQQ) seeks twice the index's daily move, then resets. That daily reset is the whole decision: in a steady grind higher, 2x can outpace the index; in a choppy or falling tape, compounding works against you and the fund can lag a simple 2x of the long-term move. QLD also costs 0.89% against 0.18% for QQQ. Distributions are 0.11% and 0.40% as of October 2026 — neither is an income fund. QLD is a trading vehicle, not a substitute for QQQ.

What is the current distribution rate for QLD and QQQ?

QLD currently distributes 0.11% and QQQ 0.40%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is QLD or QQQ better for dividend income?

It depends on your goals. QQQ currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

Can I hold both QLD and QQQ?

You can, but expect significant overlap. Both funds use similar strategies on Nasdaq-100 Index, so holding them together gives you two wrappers around effectively the same exposure — not true diversification. Weigh issuer, fee, and yield differences rather than treating them as complementary.

Is QLD or QQQ safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — QQQ scores 97, QLD scores 60, so QQQ's payout currently looks the more resilient of the two. QQQ has also shown lower price volatility (beta 1.26 vs 2.61 for QLD). No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.

Which has lower fees, QLD or QQQ?

QLD has an expense ratio of 0.89% while QQQ charges 0.18%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in QLD vs QQQ generate?

At current rates, $10,000 in QLD would generate roughly $2.75 cash per distribution ($11.00 annually). The same in QQQ would produce about $10.00 cash per distribution ($40.00 annually).

Which has performed better historically, QLD or QQQ?

QLD has outpaced QQQ over the trailing twelve months, posting a 41.89% total return against 24.84%. The lead holds up over 10 years too: QLD has compounded at 33.88% a year, against 21.10% for QQQ. QQQ has been the steadier holding, though — annualized volatility of 20.4% against 40.5% for QLD. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

QLD vs QQQ — at a glance

Generated October 3, 2026.

Overview

QLD and QQQ are both ETFs tracking the Nasdaq-100 Index, which holds 100 of the largest non-financial companies listed on Nasdaq. The critical difference: QLD uses 2x daily leverage to amplify returns, while QQQ tracks the index directly with no leverage. QLD targets traders and tactical allocators seeking short-term directional bets on tech and growth stocks; QQQ serves long-term buy-and-hold investors.

How they differ

QLD's 2x leverage creates a beta of 2.61 versus QQQ's 1.26, meaning QLD aims to deliver roughly double the daily percentage move of the Nasdaq-100. QLD's much smaller asset base of $15.2B versus QQQ's $501B reflects its niche positioning for tactical traders rather than core holdings. Both distribute quarterly, but QQQ's 0.40% yield exceeds QLD's 0.11%, though neither fund prioritizes income.

Who each is best for

QLD: Fits investors with a short- to intermediate-term time horizon who want magnified exposure to Nasdaq-100 price moves and can stomach double the daily volatility, whether as a tactical satellite holding or timing-dependent position.

QQQ: Designed for long-term equity allocators seeking unlevered, broad exposure to large-cap growth and technology stocks through a low-cost, tax-efficient structure held as a core holding or strategic allocation.

Key risks to know

  • Leverage decay and volatility drag. QLD's 2x daily reset mechanism means that in choppy or mean-reverting markets, it will tend to underperform 2x the index return over periods longer than one day. Rising realized volatility compounds this slippage.
  • Leverage amplifies drawdowns. A 20% decline in the Nasdaq-100 translates to roughly a 40% loss in QLD (before fees and reset effects), making recovery to break-even far steeper than in QQQ.
  • Concentration in mega-cap technology. Both funds track the same Nasdaq-100 Index, so they share heavy weighting to a handful of semiconductor, software, and AI-adjacent mega-cap stocks. Sector-specific shocks or valuation resets hit both proportionally, though leverage magnifies the impact in QLD.

Bottom line

QLD and QQQ serve fundamentally different holding periods and risk appetites. Past performance does not guarantee future results, and leverage magnifies both gains and losses on a daily basis.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

Dividend growth vs. high yield Yield on cost, explained How expense ratios eat returns

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These comparisons follow the Dividend Vision methodology.