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ETF Comparison

QLD vs QQQ vs TQQQ: The Index, or Daily Leverage?

A side-by-side of Invesco QQQ, ProShares Ultra QQQ, and UltraPro QQQ covering daily reset, cost, and why the levered funds are not substitutes.

Data updated August 19, 2026

Best for

  • QLDInvestors who want broad equity exposure.
  • QQQInvestors who want a growth tilt and can accept bigger swings for higher upside.
  • TQQQInvestors who want higher current income (0.94% vs 0.13% for QLD).

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Visual comparison

Key metrics

Projected income on $10K

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

Total returns

TQQQ tops the group over the trailing twelve months with a 55.74% total return, against QLD at 41.69% and QQQ at 24.68%. Across the 10-year window, TQQQ has the strongest compounding at 40.15% a year. 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.
SymbolYTD1Y3Y5Y10YSince Feb 2010Volatility Sharpe Sortino Max drawdown
QLD28.86%41.69%43.55%19.57%33.03%33.07%40.7%0.781.11-42.3%
QQQ17.07%24.68%26.08%15.29%20.68%19.47%20.5%0.921.32-22.8%
TQQQ38.20%55.74%57.62%18.41%40.15%42.58%60.7%0.680.94-58.0%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 19, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Feb 2010” measures every fund from February 11, 2010 — the youngest fund's first trading day — 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.
MetricQLDQQQTQQQ
Full nameProShares Ultra QQQInvesco QQQ TrustProShares UltraPro QQQ
IssuerProSharesInvescoProShares
Last Close$90.65 as of August 19, 2026$717.51 as of August 19, 2026$72.53 as of August 19, 2026
Distribution yield0.13%0.45%0.94%
Distribution Safety Score™ 569756
Expense ratio0.95%0.18%0.82%
AUM$14.5B$496B$38.5B
Distribution frequencyQuarterlyQuarterlyQuarterly
Underlying indexNasdaq-100 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.Seek daily investment results, before fees, that correspond to three times the daily performance of the Nasdaq-100 Index.
Asset classEquityEquityEquity
Inception date06/19/200603/10/199902/09/2010
Beta2.61.264.02
Last dividend$0.0610$0.8135$0.1710
Ex-dividend date06/24/202606/22/202606/24/2026

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 and TQQQ target 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
ETFs169
Total AUM$130B

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 and TQQQ.

See all ProShares ETFs
Invesco
ETFs247
Total AUM$1008B

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), QQQ (Invesco QQQ Trust), TQQQ (ProShares UltraPro QQQ) are dividend ETFs that take different approaches.

TQQQ offers the highest reported yield at 0.94%, followed by QQQ at 0.45%, QLD at 0.13%.

QQQ is the cheapest with an expense ratio of 0.18%, compared to 0.82% for TQQQ and 0.95% for QLD.

QQQ is the largest fund by assets ($496B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment: QLD generates ~$1.08/month, QQQ generates ~$3.75/month, TQQQ generates ~$7.83/month at current distribution rates.

QLD yield0.13%
QQQ yield0.45%
TQQQ yield0.94%

Cost & efficiency

Over 10 years on $10,000: QLD costs ~$950, QQQ costs ~$180, TQQQ costs ~$820 in fees (simplified, not compounded).

QLD ER0.95%
QQQ ER0.18%
TQQQ ER0.82%

Strategy & risk

All of these funds wrap Nasdaq-100 Index with similar approaches (QLD: leverage, QQQ: growth, TQQQ: leverage). The differences are yield target, fee, and issuer — not the underlying mechanic.

QLD beta2.6
QQQ beta1.26
TQQQ beta4.02

Fund details

QLD is managed by ProShares (launched 06/19/2006) with $14.5B in assets. QQQ is managed by Invesco (launched 03/10/1999) with $496B in assets. TQQQ is managed by ProShares (launched 02/09/2010) with $38.5B in assets.

QLD AUM$14.5B
QQQ AUM$496B
TQQQ AUM$38.5B
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Frequently asked questions

What is the difference between QLD, QQQ, and TQQQ?

QQQ (Invesco QQQ Trust) tracks the Nasdaq-100 once. QLD (ProShares Ultra QQQ) seeks twice the daily move. TQQQ (ProShares UltraPro QQQ) seeks three times, then resets. That daily reset is the product: compounding helps in a grind higher and hurts in a choppy tape. Cost is 0.18%, 0.95%, and 0.82% as of August 2026. QLD and TQQQ are trading vehicles, not substitutes for QQQ.

Which of QLD, QQQ, TQQQ is best for dividend income?

It depends on your goals. TQQQ currently offers the highest reported distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility, and funds without an established distribution history have no comparable yield to evaluate. Consider your time horizon and risk tolerance.

What is the difference between QLD, QQQ, TQQQ?

All of these funds track Nasdaq-100 Index with similar approaches — the individual labels (QLD: leverage, QQQ: growth, TQQQ: leverage) describe closely related mechanics. The real differences are yield target (QLD 0.13%, QQQ 0.45%, TQQQ 0.94%), expense ratio, and issuer.

Can I hold QLD, QQQ, TQQQ together?

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

Which of QLD, QQQ and TQQQ is safest?

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 56, TQQQ scores 56, so QQQ's payout currently looks the more resilient of the group. QQQ has also shown lower price volatility (beta 1.26 vs 4.02 for TQQQ). 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 the lowest fees among QLD, QQQ, TQQQ?

QLD has an expense ratio of 0.95%, QQQ has an expense ratio of 0.18%, TQQQ has an expense ratio of 0.82%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 generate in each?

$10,000 in QLD yields ~$1.08/month ($13.00/year). $10,000 in QQQ yields ~$3.75/month ($45.00/year). $10,000 in TQQQ yields ~$7.83/month ($94.00/year).

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QLD vs QQQ vs TQQQ — at a glance

Generated August 15, 2026.

Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.

Overview

QQQ, QLD, and TQQQ all track the Nasdaq-100 Index, but they use dramatically different leverage strategies. QQQ is an unleveraged index tracker; QLD uses 2x daily leverage; TQQQ uses 3x daily leverage. All three are equity ETFs focused on large-cap growth tech and non-financial Nasdaq stocks, but their risk profiles and cost structures diverge sharply because of how leverage compounds over time.

How they differ

The primary distinction is leverage multiplier. QQQ moves one-for-one with the Nasdaq-100, QLD aims for twice daily performance, and TQQQ targets three times daily performance. This isn't just a linear amplification—leverage decay is a structural cost. QLD charges 0.95% in fees and TQQQ charges 0.88%, significantly higher than QQQ's 0.18%, to cover the complexity and daily rebalancing required to maintain their leverage targets.

The second difference is distribution yield. TQQQ pays 0.89%, QQQ pays 0.45%, and QLD pays 0.12%. This spread reflects that leveraged funds distribute returns from their derivative positions and rebalancing, not just the underlying stock dividends. Over long holding periods, the compounding effect of leverage decay can erode NAV substantially—a risk that grows with the leverage multiplier and market volatility.

The third difference is AUM and investor base. QQQ is by far the largest at $479B, reflecting its core role in growth portfolios. TQQQ has $37.8B in AUM, indicating institutional and retail adoption of 3x leverage. QLD has $14.1B, the smallest of the three, suggesting lower demand for 2x leverage specifically.

Who each is best for

  • QQQ: Fits investors seeking passive Nasdaq-100 exposure without leverage, with a long time horizon and tolerance for tech/growth volatility but not amplified daily compounding effects.
  • QLD: Fits investors with strong conviction in Nasdaq upside and short- to medium-term holding horizons who want amplified returns without the extreme leverage of 3x, and who understand daily rebalancing mechanics.
  • TQQQ: Fits tactical traders and investors with high risk tolerance who intend to hold for defined periods (days to weeks) rather than indefinitely, and who view it as a leveraged position to be actively managed rather than a core holding.

Key risks to know

  • Leverage decay in sideways or volatile markets. All three track the same index, but QLD and TQQQ reset their leverage daily. In choppy markets, this daily rebalancing can cause NAV to lag the index by a compounding amount. A market that rises and falls back to its starting point will have cost QLD and TQQQ capital that QQQ didn't lose.
  • Concentration in mega-cap tech. The Nasdaq-100 overweights the largest technology and growth stocks. A sector downturn or multiple compression in those names will hit all three, but QLD and TQQQ amplify the loss. Their beta values (2.6 for QLD, 4.02 for TQQQ, vs. 1.26 for QQQ) show this leverage explicitly.
  • Expense ratio drag with no offsetting yield. QLD and TQQQ carry expense ratios of 0.95% and 0.88% respectively, and their distributions don't compensate for this structural cost over long periods. QQQ's 0.18% fee is vastly lower, making it cheaper to hold even as its yield is lower.
  • Suitability mismatch for long-term buy-and-hold. Leveraged ETFs are designed for tactical positioning. Holding TQQQ or QLD for years subjects the investor to compounding leverage decay and fees that will silently erode returns relative to QQQ, especially in high-volatility periods.

Bottom line

QQQ is the foundation play—low cost, transparent, suitable for multi-decade holding periods. QLD and TQQQ are tactical overlays, not replacements, intended for investors with specific short-term views and the discipline to rebalance or exit. If you want Nasdaq exposure for the long run, QQQ's simplicity and low fees are hard to beat; if you're deploying leverage for a defined trade or market view, TQQQ's greater amplification offers more juice—but both leveraged funds carry daily compounding costs that will work against you in choppy markets. Past performance doesn't predict future results.

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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