Skip to content
etf.net

QLD vs UPAL

ProShares Ultra QQQ

QLDANYSE Arca

ProShares Ultra Palladium K-1 Free ETF

UPALDNYSE Arca

Overlap

Expense ratio

QLD −0.06pt a year

QLD0.89%UPAL0.95%

Avg volume · 30D

QLD 3821.0×the volume

QLD4.15MUPAL1.09K

QLD vs UPAL Performance

Jul 31, 2026 – Oct 30, 2026

−1.3%QLD−46.8%UPAL

Jul 31, 2026 to Oct 30, 2026. QLD −1.3%. UPAL −46.8%. Use the arrow keys to read each point.−20%20%Jul 2026Sep 2026Oct 2026
Expense ratio
QLD 0.89%, better
UPAL 0.95%
Fund size
QLD $13.3B
UPAL $0
1Y total return
QLD +10.7%
UPAL No data
Yield (12M)
QLD 0.15%
UPAL No data
Holdings
QLD 113
UPAL 1
Avg volume (30D)
QLD 4.15M sh, better
UPAL 1.09K sh
NAV per share
QLD $82.56
UPAL $12.72
52W range

ETF.net Grade

QLD: Cost 72, Risk 66, Mission 95, Tradability 100, Holdings 72, Durability 81. UPAL: Cost 51, Risk 13, Mission 21, Tradability 29, Holdings not scored, Durability 33.
Pillar letters and Scores for QLD, UPAL, with each pillar’s weight
PillarQLDUPAL
Cost30% weightA72HigherC51
Mission25% weightA95HigherF21
Risk15% weightB66HigherF13
Tradability15% weightA100HigherD29
Holdings10% weightA72Not scored
Durability5% weightA81HigherD33

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 UPAL 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 UPAL 75th of 95 funds in the Leveraged Long (2x & Other) Category.

  1. Rank 1AQLDProShares Ultra QQQScore 77
  2. Rank 2AUYGProShares Ultra FinancialsScore 74
  3. Rank 75DTTXUDirexion Daily Technology Top 5 Bull 2X ETFScore 35
  4. Rank 75DUPALProShares Ultra Palladium K-1 Free ETFScore 35
  5. Rank 78DNUGTDirexion Daily Gold Miners Index Bull 2X ETFScore 34

Our read on each fund

ETF.net Research

QLDAProShares Ultra QQQ

UPALDProShares Ultra Palladium K-1 Free ETF

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.

UPAL The first ETF built to target 2x palladium's daily move, and it sends a 1099 instead of a K-1. Swap-based, resets every day, 0.95% net of a waiver through September 30, 2027.

Stated mandate

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

UPAL UPAL seeks daily investment results, before fees and expenses, corresponding to two times the daily performance of palladium. Its objective is designed for a single day rather than a longer holding period.

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.
  • UPAL First ETF aiming at 2x palladium's daily move, built on swaps referencing a physically backed palladium ETF (PALL) rather than futures contracts that need rolling.proshares.comproshares.com 2
  • Form 1099, not a Schedule K-1. It is registered under the 1940 Act, unlike the partnership-structured commodity funds that mail K-1s each spring.proshares.comproshares.com 2
  • At 0.95% net of a waiver through September 30, 2027, it is priced near the typical geared fund and level with ProShares' Ultra Dow30 (DDM, 0.95%), niche metal and all.

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.
  • UPAL The 2x target resets each day. Hold longer and results can drift from twice palladium's move, especially after choppy stretches.
  • That 0.95% is a waived price: gross expenses run 5.57%, waived down through September 30, 2027.
  • Launched in 2026, it is still small and lightly traded, so spreads can swing. Bank swap counterparties, not metal in a vault, stand behind the exposure.proshares.com

Full QLD profile⁠

Full UPAL profile⁠

QLD vs UPAL 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 UPAL Cost

Overpaying UPAL vs QLD

$997

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

  • QLD 0.89%

    $16,872

  • UPAL 0.95%

    $17,869

$10,000
30 years

Cost over time

  • QLD 0.89%
  • UPAL 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$20K051015202530UPAL $17,869QLD $16,872

Year by year

YearQLDUPALOverpaying
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%UPAL
  • Middle half of Leveraged Long (2x & Other) funds
  • Median 0.95%

QLD 28th cheapest of 95 funds

UPAL 32nd cheapest of 95 funds

QLD vs UPAL Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
QLD 0.15%
UPAL No data
Payout (12M)
QLD $0.12
UPAL No data
Last payment
QLD $0.03
UPAL $0.16
Ex-dividend
QLD Sep 23, 2026
UPAL Sep 23, 2026
Paid on
QLD Sep 29, 2026
UPAL Sep 29, 2026
Frequency
QLD Quarterly
UPAL 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
UPALQuarterly · 2 paymentsAll UPAL payments⁠
One bar per payment. 2 payments from 2017 to 2026 YTD. Jun 24, 2026 $0.06; Sep 23, 2026 $0.16. Use the arrow keys to read each point.$0$0.102017202020232026YTD

QLD vs UPAL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
QLD 36.7%UPAL No data
Return per unit of riskSharpe ratio, 3 years
QLD 1.04UPAL No data
Worst fallMax drawdown, 5 years
QLD −63.7%UPAL No data
Market sensitivityBeta, 5 years
QLD 2.46UPAL −1.84

QLD and UPAL 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.

  • UPALDvsUYGA

    ProShares Ultra Palladium K-1 Free ETF · 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.

  • UPALDvsROMA

    ProShares Ultra Palladium K-1 Free ETF · 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.

  • UPALDvsDDMB

    ProShares Ultra Palladium K-1 Free ETF · 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.