The key differences between the ProShares – UltraPro QQQ (TQQQ 5.11%) and the ProShares – Ultra QQQ (QLD 3.42%) are leverage level, risk profile, and fund size. TQQQ offers 3x daily leverage and higher volatility, while QLD provides 2x leverage with a gentler drawdown and smaller asset base.
Both TQQQ and QLD are designed for investors seeking magnified exposure to the Nasdaq-100 Index, but they use different leverage multiples. This comparison looks at cost, performance, risk, liquidity, and portfolio makeup to help clarify which leveraged approach may appeal based on your risk tolerance and goals.
Snapshot (cost & size)
| Metric | TQQQ | QLD |
|---|---|---|
| Issuer | ProShares | ProShares |
| Expense ratio | 0.82% | 0.95% |
| 1-yr return (as of Mar. 11, 2026) | 68.4% | 50.8% |
| Dividend yield | 0.69% | 0.2% |
| Beta | 3.59 | 2.34 |
| AUM | $27.3 billion | $9.9 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months.
Both funds are priced similarly, with QLD carrying a nearly identical expense ratio to TQQQ. TQQQ pays a higher dividend yield, which may appeal to those seeking a slightly larger payout from a leveraged product.
Performance & risk comparison
| Metric | TQQQ | QLD |
|---|---|---|
| Max drawdown (5 y) | -81.76% | -63.78% |
| Growth of $1,000 over 5 years | $2,230 | $2,368 |
ProShares Trust – ProShares Ultra Qqq
Today’s Change
(-3.42%) $-2.32
Current Price
$65.58
Key Data Points
Day’s Range
$65.51 – $67.09
52wk Range
$32.36 – $76.67
Volume
5.4M
What’s inside
QLD seeks to deliver twice the daily performance of the Nasdaq-100, using swaps and derivatives to achieve its leverage. The fund holds 121 positions and, as of its nearly 20-year track record, allocates half its assets to technology, with meaningful slices in communication services and consumer cyclical. Its top holdings include Nvidia (NVDA 1.53%), Microsoft (MSFT 0.73%), and Apple (AAPL 1.93%). Like TQQQ, QLD resets its leverage daily, which can lead to path-dependent returns over longer periods.
TQQQ follows the same sector allocations but with 3x leverage, and its top holdings are similar. The fund is much larger, with over $27 billion in assets under management. Both funds carry the daily leverage reset quirk, making them best suited for sophisticated traders rather than long-term investors seeking simple index exposure.
ProShares Trust – ProShares UltraPro Qqq
Today’s Change
(-5.11%) $-2.52
Current Price
$46.83
Key Data Points
Day’s Range
$46.75 – $48.49
52wk Range
$17.50 – $60.69
Volume
131M
What this means for investors
Most ETFs are designed for patient, long-term investors. TQQQ and QLD are emphatically not. These are leveraged funds, meaning they use financial derivatives to deliver multiplied versions of the Nasdaq-100’s daily returns: TQQQ targets three times the index’s daily move, QLD targets two times. If the Nasdaq-100 rises 2% on a given day, TQQQ aims to gain 6% and QLD aims to gain 4%. The reverse is equally true and equally brutal.
The critical word is “daily.” These funds reset their leverage every single day, which means returns over weeks or months can diverge wildly from what simple math suggests. In choppy markets, this daily reset quietly erodes value even when the underlying index ends up roughly flat — a phenomenon traders call volatility decay. Both funds charge fees above 0.80%, reflecting the complex machinery required to maintain leverage.
TQQQ and QLD are tools for sophisticated short-term traders who monitor positions closely, move in and out quickly, and understand exactly what they own. For buy-and-hold investors seeking Nasdaq exposure, a straightforward fund like the Invesco QQQ Trust (QQQ 1.72%) is a far safer and more sensible home.
For more guidance on ETF investing, check out the full guide at this link.