QLD vs SPY
ProShares Ultra QQQ vs State Street SPDR S&P 500 ETF Trust
Which is better, QLD or SPY?
Multi Alternative against Large Cap Blend.
SPY has a lower expense ratio. QLD led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.91.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | QLD | SPY |
|---|---|---|
| Expense Ratio | 0.95% | 0.09%Best |
| AUM | $13.8B | $804.7B |
| Dividend Yield | 0.13% | 0.98% |
| Holdings | 127 | 505 |
| YTD Return | +37.45%Best | +13.82% |
| 1Y Return | +39.42%Best | +16.96% |
| 3Y Return (annualized) | +48.40%Best | +22.97% |
| 5Y Return (annualized) | +20.55%Best | +13.73% |
| Volatility (annualized) | 38.0% | 15.2%Best |
| Max Drawdown | -84.0% | -56.5%Best |
| $10,000 over 5 years | $25,459Best | $19,027 |
| Fund Family | ProShares | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Jun 19, 2006 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jun 21, 2006 to Sep 21, 2026 (20.3 years).
QLD vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
QLD vs SPY Performance
ProShares Ultra QQQ (QLD) is an ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year QLD returned +39.42% while SPY returned +16.96%. Year to date, QLD is up 37.45% versus a gain of 13.82% for SPY.
Over three years, QLD compounded at +48.40% per year against +22.97% for SPY; over five years the annualized figures are +20.55% and +13.73% respectively. Across the full 20-year window we track, QLD has the edge at +24.60% annualized vs +9.82%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QLD has been the more volatile fund, with annualized monthly volatility of 38.0% compared with 15.2% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -84.0% for QLD and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
QLD charges 0.95% per year while SPY charges 0.09%. On a $10,000 position that is $95 vs $9 annually, a gap of $86 per year that compounds over a long holding period. On income, QLD currently yields 0.13% against 0.98% for SPY.
Holdings Overlap
At least 53.9% of SPY's money is in holdings QLD also owns.
Stated as a floor: for QLD, our book for it covers 78.0% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
The two portfolios partly overlap.
87 positions in common, counted across the 103 positions we hold weights for in QLD and 504 in SPY, against full books of 127 and 505.
Top Shared Holdings
| Stock | Weight in QLD | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 5.84% | 8.01% | 2.17% |
| AAPLApple, Inc | 5.08% | 7.26% | 2.18% |
| MSFTMicrosoft Corp | 4.12% | 5.66% | 1.54% |
| AMZNAmazon.Com Inc | 3.05% | 3.79% | 0.74% |
| GOOGLAlphabet Inc,class A | 2.16% | 2.99% | 0.83% |
| MUMicron Technology, Inc. | 3.26% | 1.60% | 1.66% |
| AVGOBroadcom Inc | 1.92% | 2.66% | 0.74% |
| GOOGAlphabet Inc | 2.00% | 2.39% | 0.39% |
| METAMeta Platforms Inc | 1.85% | 1.93% | 0.08% |
| TSLATesla Inc | 2.01% | 1.52% | 0.49% |
53.9% of SPY is already inside QLD.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, QLD or SPY?
QLD has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option, by $86 a year on a $10,000 investment.
Which performed better, QLD or SPY?
Over the past year QLD returned +39.42% vs +16.96% for SPY, so QLD leads on 1-year performance. Over the longest common window we track (20 years), QLD annualized +24.60% vs +9.82% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, QLD or SPY?
QLD has been the more volatile fund at 38.0% annualized versus 15.2% for SPY. Worst drawdown: QLD -84.0% vs SPY -56.5%.
Should I hold both QLD and SPY?
QLD and SPY have a monthly-return correlation of 0.91, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between QLD and SPY?
At least 53.9% of SPY's money is in holdings QLD also owns. Our book for QLD is partial, so the real figure is this or higher. They hold 87 positions in common, counted across the 103 positions we hold weights for in QLD and 504 in SPY.
Which pays a higher dividend, QLD or SPY?
QLD yields 0.13% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than QLD?
SPY has a lower expense ratio. QLD led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.91. Which one suits a particular account depends on what it is for. This is information, not a recommendation.