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QLD vs UWM

ProShares Ultra QQQ

QLDANYSE Arca

ProShares Ultra Russell2000

UWMBNYSE Arca

Overlap

Expense ratio

QLD −0.06pt a year

QLD0.89%UWM0.95%

Avg volume · 30D

QLD 14.7×the volume

QLD4.15MUWM281K

10Y return · a year

QLD +21.1pt

QLD+31.9%UWM+10.8%

QLD vs UWM Performance

Oct 29, 2021 – Oct 30, 2026

+97.9%QLD+0.6%UWM

Oct 29, 2021 to Oct 30, 2026. QLD +97.9%. UWM +0.6%. Use the arrow keys to read each point.−50%50%150%Oct 2021Apr 2024Oct 2026
Expense ratio
QLD 0.89%, better
UWM 0.95%
Fund size
QLD $13.3B
UWM $216M
1Y total return
QLD +10.7%
UWM +20.6%, better
Yield (12M)
QLD 0.15%
UWM 0.86%, better
Holdings
QLD 113
UWM 1968
Avg volume (30D)
QLD 4.15M sh, better
UWM 281K sh
NAV per share
QLD $82.56
UWM $56.94
52W range

ETF.net Grade

QLD: Cost 72, Risk 66, Mission 95, Tradability 100, Holdings 72, Durability 81. UWM: Cost 51, Risk 63, Mission 72, Tradability 85, Holdings 56, Durability 77.
Pillar letters and Scores for QLD, UWM, with each pillar’s weight
PillarQLDUWM
Cost30% weightA72HigherC51
Mission25% weightA95HigherA72
Risk15% weightB66HigherB63
Tradability15% weightA100HigherA85
Holdings10% weightA72HigherB56
Durability5% weightA81HigherA77

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 UWM 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 UWM 9th of 95 funds in the Leveraged Long (2x & Other) Category.

  1. Rank 1AQLDProShares Ultra QQQScore 77
  2. Rank 2AUYGProShares Ultra FinancialsScore 74
  3. Rank 9BMVVProShares Ultra MidCap400Score 63
  4. Rank 9BUWMProShares Ultra Russell2000Score 63
  5. Rank 11BRXLProShares Ultra Health CareScore 61

Our read on each fund

ETF.net Research

QLDAProShares Ultra QQQ

UWMBProShares Ultra Russell2000

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.

UWM A double dose of small caps: UWM aims for twice the Russell 2000's daily move, and it is one of the 2007 originals in the ProShares Ultra lineup. Fee is 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.

UWM UWM seeks daily, pre-fee investment results equal to twice the daily performance of the Russell 2000 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.
  • UWM Twice the daily move of the Russell 2000, an index of about 2,000 small caps rather than a handful of mega-caps. It is a 1940 Act fund, so shareholders get a 1099, not a K-1.proshares.com
  • Trading since January 2007, it has reset its leverage every session through the financial crisis, the 2020 crash and 2022. Few leveraged funds have that much road behind them.proshares.com
  • 0.95% net of a waiver through September 30, 2027 (1.08% gross) sits near the middle of its category on fee; stablemate QLD charges 0.89% net of a waiver through September 30, 2027.
  • Among the stronger implementations in a field of nearly 100 leveraged bull funds, on both how closely it hits its daily target and how smoothly it trades.

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.
  • UWM The 2x is a one-day target. Leverage resets daily, so across choppy weeks the result can land well short of twice the index move, up or down.proshares.com
  • Small caps are jumpy before leverage. ProShares states these funds are for investors who manage positions daily, not set-and-forget holders.proshares.comproshares.com 2
  • If the waiver lapses after September 30, 2027, the fee reverts toward the 1.08% gross figure, and leverage financing costs sit on top of that.

Full QLD profile⁠

Full UWM profile⁠

QLD vs UWM 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 UWM Cost

Overpaying UWM vs QLD

$997

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

  • QLD 0.89%

    $16,872

  • UWM 0.95%

    $17,869

$10,000
30 years

Cost over time

  • QLD 0.89%
  • UWM 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$20K051015202530UWM $17,869QLD $16,872

Year by year

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

QLD 28th cheapest of 95 funds

UWM 32nd cheapest of 95 funds

QLD vs UWM Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
QLD 0.15%
UWM 0.86%, better
Payout (12M)
QLD $0.12
UWM $0.49
Last payment
QLD $0.03
UWM $0.16
Ex-dividend
QLD Sep 23, 2026
UWM Sep 23, 2026
Paid on
QLD Sep 29, 2026
UWM Sep 29, 2026
Frequency
QLD Quarterly
UWM 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$0.202017202020232026YTD
UWMQuarterly · 25 paymentsAll UWM payments⁠
One bar per payment. 25 payments from 2017 to 2026 YTD. Mar 22, 2017 $0.0017; Dec 26, 2017 $0.04; Mar 21, 2018 $0.005; Sep 26, 2018 $0.02; Dec 26, 2018 $0.09; Mar 20, 2019 $0.02; Jun 25, 2019 $0.06; Sep 25, 2019 $0.05; Dec 24, 2019 $0.08; Mar 25, 2020 $0.02; Dec 23, 2020 $0.0033; Dec 22, 2022 $0.13; Sep 20, 2023 $0.02; Dec 20, 2023 $0.11; Mar 20, 2024 $0.06; Jun 26, 2024 $0.11; Sep 25, 2024 $0.13; Dec 23, 2024 $0.18; Mar 26, 2025 $0.08; Jun 25, 2025 $0.02; Sep 24, 2025 $0.20; Dec 24, 2025 $0.20; Mar 25, 2026 $0.07; Jun 24, 2026 $0.06; Sep 23, 2026 $0.16. Use the arrow keys to read each point.$0$0.202017202020232026YTD

QLD vs UWM Risk

Fall from peak · 5 years

  • QLD
  • UWM
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%, betterUWM 38.6%
Return per unit of riskSharpe ratio, 3 years
QLD 1.04, betterUWM 0.78
Worst fallMax drawdown, 5 years
QLD −63.7%UWM −61.6%, better
Market sensitivityBeta, 5 years
QLD 2.46UWM 2.54

QLD and UWM in the news

All news⁠

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