Key Points
QLD leans even more heavily into technology and communication services than SSO, amplifying sector concentration risk
QLD has delivered a higher 1-year total return but has also suffered a much steeper historical drawdown
QLD charges a slightly higher expense ratio and pays a lower dividend yield than SSO
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ProShares - Ultra QQQ (NYSEMKT:QLD) stands out for its deeper tech focus, higher recent returns, and steeper drawdowns compared to ProShares - Ultra S&P500 (NYSEMKT:SSO), while also carrying a marginally higher fee and lower yield.
This comparison lines up two leveraged exchange-traded funds (ETFs) from ProShares, each aiming to deliver two times the daily performance of a major U.S. equity index: SSO tracks the S&P 500, while QLD targets the tech-heavy Nasdaq-100. Both are designed for tactical traders seeking amplified exposure, but their index choices lead to meaningful differences in risk and return.
Snapshot (Cost & Size)
| Metric | SSO | QLD |
|---|---|---|
| Issuer | ProShares | ProShares |
| Expense ratio | 0.87% | 0.95% |
| 1-yr return (as of 2026-01-30) | 21.0% | 27.6% |
| Dividend yield | 0.6% | 0.2% |
| Beta | 2.01 | 2.31 |
| AUM | $7.8 billion | $10.7 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year weekly returns. The 1-yr return represents total return over the trailing 12 months.
QLD charges a slightly higher fee than SSO, making SSO more affordable for cost-sensitive traders, while QLD’s yield is notably lower, offering less in the way of income for those who value payouts.
Performance & Risk Comparison
| Metric | SSO | QLD |
|---|---|---|
| Max drawdown (5 y) | -46.77% | -63.78% |
| Growth of $1,000 over 5 years | $2,573 | $2,370 |
What's Inside
QLD seeks to double the daily returns of the Nasdaq-100, resulting in a portfolio that is highly concentrated in technology (53%), with additional weightings in communication services (17%) and consumer cyclical stocks (13%). Its top holdings—Nvidia Corp (NASDAQ:NVDA), Apple Inc (NASDAQ:AAPL), and Microsoft Corp (NASDAQ:MSFT)—comprise a sizable portion of assets, and the fund holds 121 positions. QLD has been operating for nearly 20 years and, like SSO, features a daily leverage reset, which can cause performance to diverge from the index over longer holding periods.
By contrast, SSO provides leveraged exposure to the broader S&P 500, with a relatively more diversified sector allocation: technology at 35%, financial services at 13%, and communication services at 11%. Its top holdings are also Nvidia, Apple, and Microsoft, but with slightly smaller weights. SSO holds over 500 companies, further broadening its exposure compared to QLD.
For more guidance on ETF investing, check out the full guide at this link.
What This Means For Investors
For investors interested in a leveraged exchange-traded fund (ETF) for their portfolio, ProShares - Ultra QQQ (QLD) and ProShares - Ultra S&P500 (SSO) both stand out. Here’s what investors need to know about them.
For starters, QLD has more exposure to the technology sector, which helps explain its superior performance but also its larger drawdowns, given the tech sector’s higher volatility. SSO, by contrast, has lower volatility, but often underperforms QLD during prolonged uptrends.
Yet, both of these funds have one feature that investors must consider with caution: Leverage. QLD and SSO both employ leverage to boost returns. However, that leverage cuts both ways. That’s why each fund has experienced significant drawdowns over the last five years. QLD’s max drawdown was nearly 64%; SSO fell by more than 46%.
In summary, QLD and SSO have both generated excellent returns — particularly during bull markets. However, their leverage does make each fund extremely volatile. In other words, these funds are not for the faint of heart. Investors should only consider them if they are willing to stomach extreme drawdowns during corrections or bear markets.
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Jake Lerch has positions in Nvidia. The Motley Fool has positions in and recommends Apple, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
