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QLD vs UPW

ProShares Ultra QQQ

QLDANYSE Arca

ProShares Ultra Utilities

UPWBNYSE Arca

Overlap

Expense ratio

QLD −0.06pt a year

QLD0.89%UPW0.95%

Avg volume · 30D

QLD 211.6×the volume

QLD4.15MUPW19.6K

10Y return · a year

QLD +23.3pt

QLD+31.9%UPW+8.6%

QLD vs UPW Performance

Oct 29, 2021 – Oct 30, 2026

+97.9%QLD+39.5%UPW

Oct 29, 2021 to Oct 30, 2026. QLD +97.9%. UPW +39.5%. Use the arrow keys to read each point.−50%0%150%Oct 2021Apr 2024Oct 2026
Expense ratio
QLD 0.89%, better
UPW 0.95%
Fund size
QLD $13.3B
UPW $13M
1Y total return
QLD +10.7%, better
UPW −7.7%
Yield (12M)
QLD 0.15%
UPW 1.77%, better
Holdings
QLD 113
UPW 32
Avg volume (30D)
QLD 4.15M sh, better
UPW 19.6K sh
NAV per share
QLD $82.56
UPW $21.49
52W range

ETF.net Grade

QLD: Cost 72, Risk 66, Mission 95, Tradability 100, Holdings 72, Durability 81. UPW: Cost 51, Risk 62, Mission not scored, Tradability 57, Holdings 69, Durability 65.
Pillar letters and Scores for QLD, UPW, with each pillar’s weight
PillarQLDUPW
Cost30% weightA72HigherC51
Mission25% weightA95Not scored
Risk15% weightB66HigherB62
Tradability15% weightA100HigherB57
Holdings10% weightA72HigherB69
Durability5% weightA81HigherB65

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 UPW 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 UPW 20th of 95 funds in the Leveraged Long (2x & Other) Category.

  1. Rank 1AQLDProShares Ultra QQQScore 77
  2. Rank 2AUYGProShares Ultra FinancialsScore 74
  3. Rank 18BUREProShares Ultra Real EstateScore 56
  4. Rank 20BUPWProShares Ultra UtilitiesScore 55
  5. Rank 20BYCLProShares Ultra YenScore 55

Our read on each fund

ETF.net Research

QLDAProShares Ultra QQQ

UPWBProShares Ultra Utilities

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.

UPW Utilities are the market's sleepy defensive corner. UPW is the only ETF that bolts 2x daily leverage onto them, and it has been running that trade since 2007.

Stated mandate

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

UPW The fund seeks daily investment results, before fees and expenses, equal to two times the daily performance of the S&P Utilities Select Sector SM 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.
  • UPW ProShares says UPW is the only ETF targeting 2x the daily return of the utilities sector. One ticker, no rival lineup to price-shop.proshares.com
  • Fee is 0.95% net of a waiver through September 30, 2027, near the typical leveraged bull charge and the same net price as stablemate DDM (0.95%).
  • The benchmark is the utilities inside the S&P 500: a few dozen electric, gas, water and multi-utility names. ProShares moved to that index in 2023 from a broader Dow Jones gauge.proshares.comsec.gov
  • Trading since January 2007, a long run for a leveraged sector fund, and it pays distributions quarterly.

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.
  • UPW The 2x target covers one day only. Over longer holds compounding takes over: choppier, sideways stretches tend to drag results below 2x the index move.sec.gov
  • That 0.95% is net of a waiver. The gross expense ratio is 1.55%, so the sticker price past September 30, 2027 hangs on whether ProShares extends it.
  • Small and lightly traded next to the giant leveraged index ETFs, so bid-ask spreads and the size of your order matter more here.

Full QLD profile⁠

Full UPW profile⁠

QLD vs UPW 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 UPW Cost

Overpaying UPW vs QLD

$997

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

  • QLD 0.89%

    $16,872

  • UPW 0.95%

    $17,869

$10,000
30 years

Cost over time

  • QLD 0.89%
  • UPW 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$20K051015202530UPW $17,869QLD $16,872

Year by year

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

QLD 28th cheapest of 95 funds

UPW 32nd cheapest of 95 funds

QLD vs UPW Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
QLD 0.15%
UPW 1.77%, better
Payout (12M)
QLD $0.12
UPW $0.38
Last payment
QLD $0.03
UPW $0.13
Ex-dividend
QLD Sep 23, 2026
UPW Sep 23, 2026
Paid on
QLD Sep 29, 2026
UPW Sep 29, 2026
Frequency
QLD Quarterly
UPW 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
UPWQuarterly · 13 paymentsAll UPW payments⁠
One bar per payment. 13 payments from 2017 to 2026 YTD. Dec 24, 2019 $0.09; Mar 25, 2020 $0.06; Dec 23, 2020 $0.05; Mar 20, 2024 $0.06; Jun 26, 2024 $0.08; Dec 23, 2024 $0.13; Mar 26, 2025 $0.08; Jun 25, 2025 $0.11; Sep 24, 2025 $0.09; Dec 24, 2025 $0.09; Mar 25, 2026 $0.07; Jun 24, 2026 $0.10; Sep 23, 2026 $0.13. Use the arrow keys to read each point.$0$0.102017202020232026YTD

QLD vs UPW Risk

Fall from peak · 5 years

  • QLD
  • UPW
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%UPW 32.0%, better
Return per unit of riskSharpe ratio, 3 years
QLD 1.04, betterUPW 0.69
Worst fallMax drawdown, 5 years
QLD −63.7%UPW −50.6%, better
Market sensitivityBeta, 5 years
QLD 2.46UPW 0.80

QLD and UPW in the news

All news⁠

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