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ETF Comparison

QLD vs TQQQ: Two Daily-Reset Nasdaq Levered Funds

A head-to-head of ProShares Ultra QQQ and UltraPro QQQ covering daily reset, cost, and why neither is a substitute for the index.

Data updated September 4, 2026

Best for

  • QLDInvestors who want broad equity exposure.
  • TQQQInvestors who want higher current income (0.95% vs 0.13% for QLD).

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

QLD has lagged TQQQ over the trailing twelve months, posting a 46.45% total return against 63.48%. The lead holds up over 10 years too: TQQQ has compounded at 40.09% a year, against 33.02% for QLD. QLD has been the steadier holding, though — annualized volatility of 40.5% against 60.5% for TQQQ. 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
QLD29.47%46.45%40.32%17.24%33.02%33.01%40.5%0.731.03-42.3%
TQQQ38.79%63.48%52.33%14.93%40.09%42.48%60.5%0.620.87-58.0%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 4, 2026. YTD and 1Y are cumulative; windows of one year or longer 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.
MetricQLDTQQQ
Full nameProShares Ultra QQQProShares UltraPro QQQ
IssuerProSharesProShares
Last Close$90.68 as of September 4, 2026$72.37 as of September 4, 2026
Distribution rate0.13%0.95%
Distribution Safety Score™ 5656
Safety-Adjusted Yield 0.07%0.53%
Expense ratio0.95%0.82%
AUM$13.8B$34.7B
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.Seek daily investment results, before fees, that correspond to three times the daily performance of the Nasdaq-100 Index.
Asset classEquityEquity
Inception date06/19/200602/09/2010
Beta2.614.04
Last dividend$0.061$0.171
Ex-dividend date06/24/202606/24/2026

Bottom lineChoose QLD if you want broad equity exposure. Choose TQQQ if you want higher current income (0.95% vs 0.13% for QLD).

QLD vs TQQQ: 2x or 3x daily Nasdaq-100?

Same index, two daily-reset products. Neither is a substitute for the unlevered Nasdaq-100.

QLDTQQQ
Daily target2x Nasdaq-1003x Nasdaq-100
Expense ratio0.95%0.82%
Daily resetYesYes

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

Model this comparison:
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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$122B

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

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Quick verdict

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

TQQQ offers the higher yield at 0.95% vs 0.13% for QLD. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

TQQQ is cheaper with an expense ratio of 0.82% compared to 0.95%.

TQQQ is the larger fund by assets ($34.7B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose QLD

ProShares Ultra QQQ

  • Want broad equity exposure.
  • Prefer lower volatility — a beta of 2.6 vs 4.0 for TQQQ.

Choose TQQQ

ProShares UltraPro QQQ

  • Want higher current income — TQQQ yields 0.95% vs 0.13% for QLD.
  • Want broad equity exposure.
  • Want to keep costs low — a 0.82% expense ratio vs 0.95% for QLD.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, QLD would generate roughly $1.08/month, while TQQQ would produce $7.92/month, at current distribution rates. Both pay quarterly distributions.

QLD yield0.13%
TQQQ yield0.95%
Monthly diff on $10K$6.83

Cost & efficiency

Over 10 years on $10,000, QLD would cost approximately $950 in fees vs $820 for TQQQ (simplified, not compounded). The $130.00 difference may be offset by yield or performance.

QLD ER0.95%
TQQQ ER0.82%

Strategy & risk

Both QLD and TQQQ wrap Nasdaq-100 Index with similar strategies (leverage and leverage). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic. Beta is 2.61 for QLD and 4.04 for TQQQ, making QLD the less volatile of the two by this measure.

QLD beta2.61
TQQQ beta4.04

Fund details

QLD is managed by ProShares (launched 06/19/2006) with $13.8B in assets. TQQQ is managed by ProShares (launched 02/09/2010) with $34.7B in assets.

QLD AUM$13.8B
TQQQ AUM$34.7B
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Frequently asked questions

What is the difference between QLD and TQQQ?

Same Nasdaq-100 starting point, different daily leverage. QLD (ProShares Ultra QQQ) seeks twice the daily move. TQQQ (ProShares UltraPro QQQ) seeks three times, then resets. That daily reset is the product. Cost is 0.95% versus 0.82%; distributions are 0.13% and 0.95% as of September 2026. Neither is a substitute for the unlevered index.

What is the current distribution rate for QLD and TQQQ?

QLD currently distributes 0.13% and TQQQ 0.95%, based on fund data updated September 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 TQQQ better for dividend income?

It depends on your goals. TQQQ 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 TQQQ?

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 TQQQ safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — they are effectively tied: QLD scores 56, TQQQ scores 56. Neither has a clear safety edge on that measure. QLD has also shown lower price volatility (beta 2.61 vs 4.04 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 lower fees, QLD or TQQQ?

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

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

At current rates, $10,000 in QLD would generate roughly $1.08 per month ($13.00 annually). The same in TQQQ would produce about $7.92 per month ($95.00 annually).

Which has performed better historically, QLD or TQQQ?

QLD has lagged TQQQ over the trailing twelve months, posting a 46.45% total return against 63.48%. The lead holds up over 10 years too: TQQQ has compounded at 40.09% a year, against 33.02% for QLD. QLD has been the steadier holding, though — annualized volatility of 40.5% against 60.5% for TQQQ. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

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QLD vs TQQQ — at a glance

Generated September 5, 2026.

Overview

QLD and TQQQ are both leveraged equity ETFs tracking the Nasdaq-100 Index, issued by ProShares. QLD aims for 2x daily performance, while TQQQ targets 3x daily performance. Both are designed for short-term tactical trades rather than buy-and-hold portfolios, and both reset daily—meaning their long-term returns diverge materially from simple multiples of the underlying index.

How they differ

The fundamental difference is leverage magnitude: TQQQ delivers 3x daily exposure versus QLD's 2x. This creates dramatically different volatility profiles—TQQQ carries a beta of 4.02 versus QLD's 2.6, meaning TQQQ amplifies daily swings by roughly 55% more. TQQQ is also considerably larger, with $34.7B in assets under management compared to QLD's $13.8B, and it commands a lower expense ratio of 0.82% versus QLD's 0.95%.

Who each is best for

  • QLD: Fits traders and tactical allocators seeking amplified Nasdaq exposure without the extreme volatility of 3x leverage; investors with moderate risk appetite who want to overweight tech and growth for weeks or months at a time.
  • TQQQ: Designed for experienced traders making shorter, more aggressive bets on tech momentum; investors comfortable with sharp intraday drawdowns and who actively monitor positions rather than holding passively.

Key risks to know

  • Compounding drag over holding periods longer than days or weeks. Both funds reset daily, so multi-day holding windows create path dependency. A market that rises 10% then falls 10% will leave a non-leveraged index unchanged, but QLD and TQQQ both underperform that round-trip due to rebalancing losses—the longer the hold, the more significant the slippage.
  • TQQQ's extreme leverage amplifies intraday and multiday drawdowns. With a beta of 4.02, a 5% daily drop in the Nasdaq-100 becomes roughly a 20% loss in TQQQ; a typical correction in the underlying could erase weeks of gains in days.
  • Concentration in large-cap tech and mega-cap growth. Both track the Nasdaq-100, which heavily weights NVIDIA, Apple, Microsoft, and similar names. A sector rotation away from mega-cap tech hits both funds hard; their leverage multiplies that impact.
  • NAV decay in flat or choppy markets. During sideways trading—particularly common in consolidation phases—daily rebalancing costs erode NAV even if the index hasn't moved. This is a structural feature of daily resets, not a temporary issue.

Bottom line

If you're making a tactical trade over days to a few weeks and want measurable leverage without extreme volatility, QLD's 2x structure offers a more measured approach; if you're comfortable with significantly higher drawdown risk and have a clear short-term thesis you're actively managing, TQQQ's 3x gives you more bang per basis point of Nasdaq movement. Both are best treated as trading vehicles, not long-term holdings—the daily reset mechanism means extended ownership in either will likely trail a simple QQQ position due to compounding losses in volatile markets. Past performance does not 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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