Direxion Daily Semiconductor Bull 3X Shares (NYSEMKT: SOXL) and ProShares - Ultra QQQ (NYSEMKT: QLD) both offer leveraged exposure to high-growth tech themes. Still, SOXL is narrowly focused on semiconductors with triple daily leverage, while QLD delivers double leverage to the broader Nasdaq-100.
NYSEMKT: QLD
Key Data Points
Both funds are designed for aggressive traders seeking amplified returns from technology-driven markets, but they differ in sector focus, leverage level, and risk characteristics. This comparison explores their costs, recent performance, risk profiles, liquidity, and portfolio makeup to help clarify which ETF aligns better with different risk appetites.
Snapshot (cost & size)
| Metric | SOXL | QLD |
|---|---|---|
| Issuer | Direxion | ProShares |
| Net expense ratio | 0.75% | 0.95% |
| 1-yr return (as of 2026-02-04) | 103.9% | 20.6% |
| Dividend yield | 0.4% | 0.2% |
| Beta | 5.12 | 2.28 |
| AUM | $13.8 billion | $10.2 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months.
SOXL is marginally more affordable on an annual basis, while QLD charges a higher fee and offers a lower dividend yield. The yield difference is minimal, but SOXL’s lower cost may appeal to price-sensitive traders.
Performance & risk comparison
| Metric | SOXL | QLD |
|---|---|---|
| Max drawdown (5 y) | -90.6% | -64.6% |
| Growth of $1,000 over 5 years | $1,586 | $2,146 |
What's inside
QLD tracks the daily performance of the Nasdaq-100 with two times leverage, offering exposure to a blend of technology (53%), communication services (16%), and consumer discretionary (13%). The fund holds 101 positions, with top weights in Nvidia (NVDA 1.48%), Apple (AAPL 2.03%), and Microsoft (MSFT 0.48%). With nearly two decades of trading history, QLD resets its leverage daily — meaning compounding effects can significantly impact longer holding periods, especially during volatile stretches.
SOXL, by contrast, is a pure play on the semiconductor industry with 100% technology exposure. Its portfolio is more concentrated, with less than half as many holdings as QLD. Top positions include Nvidia, Advanced Micro Devices, (AMD 3.37%)and Micron Technology (MU 2.98%).
Like QLD, SOXL uses a daily leverage reset, but it magnifies moves by 3x—resulting in both higher potential gains and steeper losses, as seen in its historical drawdowns.
For more guidance on ETF investing, check out the complete guide at this link.
What this means for investors
These ETFs help investors amplify returns based on their conviction in tech stocks. QLD’s 2x leverage offers plenty of upside, but without the severe drawdowns of SOXL, which uses higher leverage. However, SOXL might be better for investors who are specifically making a directional bet on leading semiconductor stocks, given its higher weighting to this industry.
While SOXL offers higher return potential, lower costs, and slightly higher yield, its higher leverage requires excellent timing. If the chip industry slows and chip stocks tumble, investors could suffer severe losses. SOXL is designed for investors who understand the industry and know how to value chip stocks.
Spending on data centers is expected to lift chip industry sales to nearly $1 trillion for the first time in 2026. For aggressive investors, QLD is the safer ETF offering, offering not only upside from growth in tech stocks but also the potential benefit of a broadening bull market into non-tech sectors.
