QLD observed max drawdown: 80.7%
ProShares Ultra QQQ (2x). From its 2007-10-31 peak, QLD fell 80.7% to the 2009-02-28 trough and needed 4.4 years to make a new high (2012-03-31). Computed from 244 months of observed fund history. Fund inception boundary (first available fund observation): 2006-06-21; the monthly analysis runs from 2006-06-30 through 2026-09-30.
Before 2006-06-21, the extended history is simulated. Observed fund drawdowns come first; simulation assumptions and results are separated below.
What is QLD's observed maximum drawdown?
QLD's observed maximum drawdown was 80.7%, from a peak in 2007-10-31 to a trough in 2009-02-28, based on monthly closes from fund prices first observed on 2006-06-21. The sample contains 244 monthly observations through 2026-09-30. Monthly closes can miss deeper daily losses.
| Measure | Value |
|---|---|
| Maximum drawdown | -80.7% |
| Peak | 2007-10-31 |
| Trough | 2009-02-28 |
| Recovered | 2012-03-31 |
| Monthly observations | 244 |
Last verified
What is QLD's observed maximum drawdown?
QLD's observed maximum drawdown was 80.7%, from a peak in 2007-10-31 to a trough in 2009-02-28, based on monthly closes from fund prices first observed on 2006-06-21.
How long did QLD take to recover from its worst drawdown?
QLD took 4.4 years from the 2007-10-31 peak to make a new high in 2012-03-31, based only on observed fund prices.
What was QLD's worst 12-month return?
QLD's worst observed rolling 12-month return was -73.6%, in the 12 months ending 2008-11-30.
QLD observed fund drawdown statistics
2007-10-31 peak to 2009-02-28 trough.
New high reached 2012-03-31.
Share of all months spent below a prior high.
Rolling year ending 2008-11-30.
The biggest QLD drawdowns in observed fund history
| Depth | Peak | Trough | Recovered | Peak to trough | Total underwater |
|---|---|---|---|---|---|
| -80.7% | 2007-10-31 | 2009-02-28 | 2012-03-31 | 16 mo | 4.4 years |
| -60.5% | 2021-12-31 | 2022-12-31 | 2024-05-31 | 12 mo | 2.4 years |
| -33.8% | 2018-08-31 | 2018-12-31 | 2019-10-31 | 4 mo | 14 months |
| -30.4% | 2020-01-31 | 2020-03-31 | 2020-05-31 | 2 mo | 4 months |
| -20.9% | 2025-01-31 | 2025-04-30 | 2025-06-30 | 3 mo | 5 months |
Methodology: observed QLD fund prices only, first available from 2006-06-21. Monthly closing-price statistics cover 2006-06-30 through 2026-09-30; no proxy or pre-inception simulation is included in this table. Educational information, not investment advice.
Before 2006-06-21: simulated from the underlying index with assumptions
This separate series combines observed prices with a modeled pre-inception extension from 1970-01-31 through 2026-10-31. The 2026-10-31 endpoint is the legacy current partial-month bucket/month-end label, not evidence that QLD was observed through that future date. It is not observed QLD performance. The API's observed boundary is 2006-06-21; observed monthly statistics run from 2006-06-30 through 2026-09-30.
- Rebalancing convention: monthly rebalance at month-end close; drawdown statistics use monthly closing prices.
- Leverage factor: 2x daily returns of QQQ, the underlying index proxy, with daily leverage reset and compounding.
- Expense proxy: 0.95% annual expense ratio, deducted daily using 252 trading days per year.
- Financing proxy: FRED DFF (Federal Funds Rate), forward-filled to return dates, with a 0.50% spread on financed exposure (leverage factor minus one); borrowing pays the rate plus spread, while lending earns the rate minus spread.
- When FRED DFF is unavailable, the rate proxy is 2.50%, with the same spread applied.
- Proxy source for QLD: QQQ (synthetic_leverage), from 1926-07-01 to 2006-06-20.
- Proxy source for QQQ: ^NDX (proxy_index), from 1985-10-01 to 1999-03-09.
- Proxy source for QQQ: FF_BIG_GROWTH_DAILY (static), from 1926-06-30 to 1985-09-30.
- Proxy source for SPY: VFINX (proxy_etf), from 1987-01-06 to 1993-01-28.
- Proxy source for SPY: SP500_TR_DAILY (static), from 1976-08-31 to 1987-01-05.
- Proxy source for SPY: spy_tr (static_monthly), from 1900-01-31 to 1976-08-30.
Modeled extended statistics
2000-03-31 peak to 2009-02-28 trough.
New high reached 2020-08-31.
Share of all months spent below a prior high.
Rolling year ending 2001-09-30.
For context, SPY (the S&P 500 baseline) had a maximum drawdown of 50.8% over the same kind of monthly-close analysis.
Modeled extended drawdowns
| Depth | Peak | Trough | Recovered | Peak to trough | Total underwater |
|---|---|---|---|---|---|
| -98.5% | 2000-03-31 | 2009-02-28 | 2020-08-31 | 107 mo | 20.4 years |
| -81.5% | 1972-12-31 | 1974-09-30 | 1986-03-31 | 21 mo | 13.3 years |
| -61.9% | 1987-08-31 | 1987-11-30 | 1991-05-31 | 3 mo | 3.8 years |
| -60.5% | 2021-12-31 | 2022-12-31 | 2024-05-31 | 12 mo | 2.4 years |
| -44.3% | 1970-02-28 | 1970-06-30 | 1971-02-28 | 4 mo | 12 months |
Monthly closing prices, peak-to-trough on total return where available. The pre-inception segment is a reconstruction, not a live fund record, and actual tracking, financing, taxes, spreads, and volatility drag can differ.
Drawdowns are the reason tactical strategies exist
Buy-and-hold QLD means living through every number on this page. BestFolio tracks published TAA strategies whose whole job is cutting these drawdowns, with out-of-sample track records.