🤝 BFF Take
SSO Is More Diversified — QLD Is Higher-Octane for Tech Bulls
QLD (ProShares Ultra QQQ) and SSO (ProShares Ultra S&P 500) are 2x leveraged daily-reset ETFs. QLD tracks 2x the daily return of the Nasdaq-100 — 101 tech-heavy stocks. SSO tracks 2x the daily return of the S&P 500 — 503 stocks across all sectors. Both use swaps and derivatives to achieve daily leverage and reset each day, creating volatility decay over time. QLD is more volatile because the Nasdaq-100 is more volatile than the S&P 500 — bigger up days and bigger down days. SSO provides leveraged exposure with slightly more diversification. 2x leverage is more manageable than 3x (TQQQ/UPRO) but still carries meaningful decay risk in choppy markets.
📋 Quick Takeaways
📊QLD = 2x Nasdaq-100 (101 tech stocks); SSO = 2x S&P 500 (503 stocks) — broader underlying index
💸SSO costs 0.89% vs QLD's 0.95% — both expensive relative to unleveraged ETFs due to derivative costs
⚠️Both decay over time in volatile markets — 2x leverage is safer than 3x but still not suitable for long-term buy-and-hold
📊 Data-Based Take: SSO has the lower fee
Whether the lower-cost fund suits your situation depends on your existing holdings, account type, tax situation, and how you use each fund. This is a cost comparison, not a personalized recommendation.
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Reviewed by a CFA® Charterholder · Data updated Jun 2026 · Educational only, not financial advice
SSO
ProShares Ultra S&P 500
📋 QLD vs SSO — Key Facts Side by Side
| Metric |
QLD |
SSO |
| Fund Name |
ProShares Ultra QQQ |
ProShares Ultra S&P 500 |
| Issuer |
ProShares |
ProShares |
| Tracks Index |
Nasdaq-100 Index (2x) |
S&P 500 Index (2x) |
| Expense Ratio |
0.95% |
0.89% ✓ |
| Cost per $10K/yr |
$95.00 |
$89.00 |
| AUM |
$5B |
$4B |
| Holdings |
101 |
503 |
| Inception |
2006 |
2006 |
| 1-Year Return |
+28.60% |
+21.80% |
| 3-Year Return |
+6.40% |
+5.20% |
| 5-Year Return |
+27.80% |
+21.40% |
| Avg Bid-Ask Spread |
0.02% |
0.02% |
Data from ETF BFF database. Returns are annualised. Not investment advice.
📊 QLD vs SSO — Annualised Returns
Annualised returns (trailing, price-based). Past performance does not guarantee future results.
🎯 Should You Buy QLD or SSO?
Choose if...
QLD
- You want tech-heavy large-cap growth exposure via Nasdaq-100 Index (2x)
- You already use ProShares and prefer staying within their fund family
Choose if...
SSO
- You want the lowest fees — saves ~$6/yr per $10K vs QLD
- You want broader diversification (503 holdings vs 101)
- You want focused large-cap US stock exposure via S&P 500 Index (2x)
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❓ QLD vs SSO — Frequently Asked Questions
Is QLD or SSO better for long-term holding?
Neither is designed for traditional long-term buy-and-hold. Both reset daily, creating volatility decay over time. That said, some research suggests that 2x leveraged ETFs on broadly diversified indices (like SSO on the S&P 500) have historically generated higher long-term returns than the unleveraged index — at the cost of significantly worse drawdowns. This strategy requires iron nerves to hold through 50-70% drawdowns without selling. QLD on the more volatile Nasdaq-100 carries even more decay and drawdown risk.
What is the difference between QLD and TQQQ?
QLD provides 2x daily leverage on the Nasdaq-100; TQQQ provides 3x. TQQQ is proportionally more volatile and decays faster. In the 2022 bear market, TQQQ fell ~80% while QLD fell ~60%. If you want leveraged Nasdaq exposure but less extreme risk than TQQQ, QLD is the middle ground. See our TQQQ vs UPRO comparison for the 3x leveraged comparison.
Does volatility decay really matter for 2x ETFs?
Decay matters more for 3x than 2x, but it still applies. In high-volatility markets, a 2x ETF can lag 2x the index return. In trending bull markets, decay is minimal and the leveraged return is close to 2x. The key insight: 2x ETFs reward trend-following in bull markets and punish buy-and-hold in volatile or bear markets. Understanding the market regime is important for managing these positions.
What expense ratio makes sense for a leveraged ETF?
Leveraged ETFs are inherently more expensive than plain-vanilla funds because they use derivatives (swaps, futures) to achieve daily leverage. QLD at 0.95% and SSO at 0.89% are typical for 2x funds. Compare to QQQ at 0.20% and VOO at 0.03%. The fee matters less than the derivative financing cost embedded in the leverage reset — in high-rate environments, this embedded cost rises. The total cost of leverage is higher than just the expense ratio.
Can I use QLD or SSO in a tax-advantaged account?
Yes — leveraged ETFs can be held in IRAs and 401(k)s if your plan allows them. Tax-advantaged accounts are actually a slightly better environment for leveraged ETFs because you avoid the short-term capital gains taxes generated by frequent internal rebalancing. However, the risk profile is unchanged — a 60% drawdown in an IRA account is still a 60% drawdown.
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ℹ️ Data shown is for educational purposes and may not reflect the most current figures. Returns are trailing price-based and exclude dividend reinvestment. Past performance does not guarantee future results. ETF BFF is not a licensed financial advisor — this is not personalized financial advice.