Skip to content
etf.net

QLD vs SAA

ProShares Ultra QQQ

QLDANYSE Arca

ProShares Ultra SmallCap600

SAACNYSE Arca

Overlap

Expense ratio

QLD −0.06pt a year

QLD0.89%SAA0.95%

Avg volume · 30D

QLD 1025.7×the volume

QLD4.15MSAA4.04K

10Y return · a year

QLD +20.4pt

QLD+31.9%SAA+11.5%

QLD vs SAA Performance

Oct 29, 2021 – Oct 30, 2026

+97.9%QLD+9.4%SAA

Oct 29, 2021 to Oct 30, 2026. QLD +97.9%. SAA +9.4%. Use the arrow keys to read each point.−50%50%150%Oct 2021Apr 2024Oct 2026
Expense ratio
QLD 0.89%, better
SAA 0.95%
Fund size
QLD $13.3B
SAA $26M
1Y total return
QLD +10.7%
SAA +34.7%, better
Yield (12M)
QLD 0.15%
SAA 0.74%, better
Holdings
QLD 113
SAA 603
Avg volume (30D)
QLD 4.15M sh, better
SAA 4.04K sh
NAV per share
QLD $82.56
SAA $33.32
52W range

ETF.net Grade

QLD: Cost 72, Risk 66, Mission 95, Tradability 100, Holdings 72, Durability 81. SAA: Cost 51, Risk 65, Mission not scored, Tradability 49, Holdings 79, Durability 69.
Pillar letters and Scores for QLD, SAA, with each pillar’s weight
PillarQLDSAA
Cost30% weightA72HigherC51
Mission25% weightA95Not scored
Risk15% weightB66HigherB65
Tradability15% weightA100HigherC49
Holdings10% weightA72A79Higher
Durability5% weightA81HigherB69

Rank among Leveraged Long (2x & Other) funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. QLD and SAA are both graded against the same 95 Leveraged Long (2x & Other) funds, so their Grades compare head to head.

Leveraged Long (2x & Other)⁠

Category · 95 funds
See all 95 ›

QLD ranks 1st and SAA 22nd of 95 funds in the Leveraged Long (2x & Other) Category.

  1. Rank 1AQLDProShares Ultra QQQScore 77
  2. Rank 2AUYGProShares Ultra FinancialsScore 74
  3. Rank 22CMAGXRoundhill Daily 2X Long Magnificent Seven ETFScore 54
  4. Rank 22CSAAProShares Ultra SmallCap600Score 54
  5. Rank 24CQQXLProShares Ultra QQQ Top 30Score 53

Our read on each fund

ETF.net Research

QLDAProShares Ultra QQQ

SAACProShares Ultra SmallCap600

In short

QLD The 2x dial on the Nasdaq-100. QLD aims for twice the index's daily move, half the dose of the 3x crowd, and it has been running that playbook since 2006. The multiple resets every session.

SAA Two times the daily move of the S&P SmallCap 600, the small-cap index that asks companies to earn money before it lets them in. Running since 2007, it is the quality-screened corner of leveraged small-cap trading.

Stated mandate

QLD The fund seeks daily investment results, before fees and expenses, equal to twice the daily performance of the Nasdaq-100 Index.

SAA ProShares Ultra SmallCap600 aims, before fees and expenses, to deliver daily results equal to twice the daily performance of the S&P SmallCap 600 Index.

Why people hold it

  • QLD Costs 0.89% net of a waiver through September 30, 2027 (0.96% gross), below the leveraged-bull category median and under Ultra stablemates ROM (0.93%) and DDM (0.95%).
  • Hits its stated daily 2x mark with very little drift, one of the tighter implementations among the roughly 100 leveraged bull funds in its group.
  • A multi-billion-dollar, actively traded fund, so entering and exiting rarely means hunting for the other side of the trade.
  • Trading since June 2006, which makes it one of the longest-running leveraged equity funds on the US shelf rather than a recent product-shelf experiment.
  • SAA Aims to deliver 2x the daily move of the S&P SmallCap 600, an index S&P distinguishes from other small-cap benchmarks by its earnings requirement.proshares.comspglobal.com
  • 0.95% net of a waiver through September 30, 2027, near the typical leveraged bull fee and level with DDM's 0.95%.
  • Listed in January 2007, so the daily-reset machinery has run through nearly two decades of markets, 2008 included.
  • Spreads its exposure across roughly 600 small caps, and sits in the top quartile of the leveraged bull funds we grade.

Worth knowing

  • QLD The 2x objective covers one day only. Hold longer and daily resets plus compounding can push results away from twice the index's move over that stretch, in either direction.proshares.com
  • Magnification runs both ways: a down day in the Nasdaq-100 lands on shareholders at roughly double size, same as an up day.
  • Cheap for geared exposure, still well above a plain unleveraged Nasdaq-100 tracker. The waiver is set to lapse September 30, 2027, after which the 0.96% gross rate applies unless renewed.
  • SAA The 2x target resets every day. Hold longer and compounding takes over, so results can diverge from twice the index move over that stretch, most of all in choppy markets.proshares.com
  • A small fund that trades thinly, so bid-ask spreads can run wider than at the headline leveraged ETFs.
  • That 0.95% leans on a waiver set to run through September 30, 2027. Gross expenses are 1.48%.

Full QLD profile⁠

Full SAA profile⁠

QLD vs SAA Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

QLD vs SAA Cost

Overpaying SAA vs QLD

$997

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • QLD 0.89%

    $16,872

  • SAA 0.95%

    $17,869

$10,000
30 years

Cost over time

  • QLD 0.89%
  • SAA 0.95%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530SAA $17,869QLD $16,872

Year by year

YearQLDSAAOverpaying
10$1,576$1,678$102
20$5,953$6,322$369
30$16,872$17,869$997

Expense ratio

  • 0.89%QLD, cheaper
  • 0.95%SAA
  • Middle half of Leveraged Long (2x & Other) funds
  • Median 0.95%

QLD 28th cheapest of 95 funds

SAA 32nd cheapest of 95 funds

QLD vs SAA Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
QLD 0.15%
SAA 0.74%, better
Payout (12M)
QLD $0.12
SAA $0.25
Last payment
QLD $0.03
SAA $0.04
Ex-dividend
QLD Sep 23, 2026
SAA Sep 23, 2026
Paid on
QLD Sep 29, 2026
SAA Sep 29, 2026
Frequency
QLD Quarterly
SAA Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

QLDQuarterly · 21 paymentsAll QLD payments⁠
One bar per payment. 21 payments from 2017 to 2026 YTD. Mar 22, 2017 $0.0012; Jun 21, 2017 $0.00044; Dec 26, 2018 $0.005; Mar 20, 2019 $0.0078; Jun 25, 2019 $0.0052; Dec 24, 2019 $0.0062; Mar 25, 2020 $0.0011; Dec 22, 2022 $0.05; Sep 20, 2023 $0.09; Dec 20, 2023 $0.04; Mar 20, 2024 $0.03; Jun 26, 2024 $0.05; Sep 25, 2024 $0.03; Dec 23, 2024 $0.03; Mar 26, 2025 $0.01; Jun 25, 2025 $0.06; Sep 24, 2025 $0.02; Dec 24, 2025 $0.02; Mar 25, 2026 $0.01; Jun 24, 2026 $0.06; Sep 23, 2026 $0.03. Use the arrow keys to read each point.$0$0.102017202020232026YTD
SAAQuarterly · 22 paymentsAll SAA payments⁠
One bar per payment. 22 payments from 2017 to 2026 YTD. Sep 26, 2018 $0.0012; Dec 26, 2018 $0.04; Mar 20, 2019 $0.0099; Jun 25, 2019 $0.03; Dec 24, 2019 $0.03; Dec 23, 2020 $0.0064; Sep 21, 2022 $0.03; Dec 22, 2022 $0.07; Jun 21, 2023 $0.05; Sep 20, 2023 $0.06; Dec 20, 2023 $0.11; Mar 20, 2024 $0.04; Jun 26, 2024 $0.08; Sep 25, 2024 $0.09; Dec 23, 2024 $0.14; Mar 26, 2025 $0.05; Jun 25, 2025 $0.01; Sep 24, 2025 $0.08; Dec 24, 2025 $0.13; Mar 25, 2026 $0.04; Jun 24, 2026 $0.03; Sep 23, 2026 $0.04. Use the arrow keys to read each point.$0$0.102017202020232026YTD

QLD vs SAA Risk

Fall from peak · 5 years

  • QLD
  • SAA
Oct 29, 2021 to Oct 30, 2026. Worst fall: QLD −63.7% · Dec 2022. Use the arrow keys to read each point.−60%−40%−20%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
QLD 36.7%, betterSAA 38.0%
Return per unit of riskSharpe ratio, 3 years
QLD 1.04, betterSAA 0.68
Worst fallMax drawdown, 5 years
QLD −63.7%SAA −55.3%, better
Market sensitivityBeta, 5 years
QLD 2.46SAA 2.06

QLD and SAA in the news

All news⁠

Popular comparisons

  • QLDAvsUYGA

    ProShares Ultra QQQ · ProShares Ultra Financials

    Expense ratio
    0.89% · 0.93%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • SAACvsUYGA

    ProShares Ultra SmallCap600 · ProShares Ultra Financials

    Expense ratio
    0.95% · 0.93%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • QLDAvsROMA

    ProShares Ultra QQQ · ProShares Ultra Technology

    Expense ratio
    0.89% · 0.93%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • SAACvsROMA

    ProShares Ultra SmallCap600 · ProShares Ultra Technology

    Expense ratio
    0.95% · 0.93%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • QLDAvsDDMB

    ProShares Ultra QQQ · ProShares Ultra Dow30

    Expense ratio
    0.89% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • SAACvsDDMB

    ProShares Ultra SmallCap600 · ProShares Ultra Dow30

    Expense ratio
    0.95% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.