FNGG vs. QQUP

Last updated Jun 23, 2026

FNGG (Direxion Daily NYSE FANG+ Bull 2X Shares) and QQUP (ProShares Ultra Top QQQ) are both Leveraged Equities funds - FNGG tracks the NYSE FANG+ Index (2x Leveraged) while QQUP tracks the Nasdaq-100 Mega Index (200%). Both are passively managed. Over the past year, FNGG returned 34.32% vs 45.51% for QQUP. Their correlation of 0.90 suggests significant overlap in exposure. FNGG charges 0.97%/yr vs 0.95%/yr for QQUP.

Performance

FNGG vs. QQUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NYSE FANG+ Bull 2X Shares (FNGG) and ProShares Ultra Top QQQ (QQUP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNGG achieves a 11.08% return, which is significantly higher than QQUP's -0.71% return.

FNGG

• 1D: -5.43%
• 1M: -2.38%
• YTD: 11.08%
• 6M: 9.63%
• 1Y: 34.32%
• 3Y*: 50.53%
• 5Y*: —
• 10Y*: —

QQUP

• 1D: -5.06%
• 1M: -14.08%
• YTD: -0.71%
• 6M: -1.03%
• 1Y: 45.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FNGG vs. QQUP - Yearly Performance Comparison

	2026 (YTD)	2025
FNGG Direxion Daily NYSE FANG+ Bull 2X Shares	11.08%	18.11%
QQUP ProShares Ultra Top QQQ	-0.71%	45.33%

Correlation

The correlation between FNGG and QQUP is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	0.90

The correlation between FNGG and QQUP has been stable across timeframes, ranging from 0.90 to 0.90 - a consistent structural relationship.

Return for Risk

FNGG vs. QQUP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FNGG

FNGG Risk / Return Rank: 21
FNGG Sharpe Ratio Rank: 23
FNGG Sortino Ratio Rank: 24
FNGG Omega Ratio Rank: 23
FNGG Calmar Ratio Rank: 19
FNGG Martin Ratio Rank: 18

QQUP

QQUP Risk / Return Rank: 29
QQUP Sharpe Ratio Rank: 32
QQUP Sortino Ratio Rank: 31
QQUP Omega Ratio Rank: 31
QQUP Calmar Ratio Rank: 26
QQUP Martin Ratio Rank: 26

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FNGG vs. QQUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NYSE FANG+ Bull 2X Shares (FNGG) and ProShares Ultra Top QQQ (QQUP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FNGG	QQUP	Difference
Sharpe ratio: Return per unit of total volatility	0.79	1.15	-0.35
Sortino ratio: Return per unit of downside risk	1.29	1.65	-0.35
Omega ratio: Gain probability vs. loss probability	1.16	1.20	-0.05
Calmar ratio: Return relative to maximum drawdown	0.80	1.21	-0.41
Martin ratio: Return relative to average drawdown	2.07	3.41	-1.34

FNGG vs. QQUP - Sharpe Ratio Comparison

The current FNGG Sharpe Ratio is 0.79, which is lower than the QQUP Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of FNGG and QQUP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FNGG vs. QQUP - Drawdown Comparison

The maximum FNGG drawdown since its inception was -91.33%, which is greater than QQUP's maximum drawdown of -37.67%. Use the drawdown chart below to compare losses from any high point for FNGG and QQUP.

Drawdown Indicators

	FNGG	QQUP	Difference
Max Drawdown Largest peak-to-trough decline	-91.33%	-37.67%	-53.66%
Max Drawdown (1Y) Largest decline over 1 year	-43.01%	-37.67%	-5.34%
Max Drawdown (3Y) Largest decline over 3 years	-47.03%	—	—
Current Drawdown Current decline from peak	-17.85%	-18.85%	+1.00%
Average Drawdown Average peak-to-trough decline	-55.59%	-9.44%	-46.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.60%	13.38%	+3.22%

Volatility

FNGG vs. QQUP - Volatility Comparison

Direxion Daily NYSE FANG+ Bull 2X Shares (FNGG) has a higher volatility of 20.62% compared to ProShares Ultra Top QQQ (QQUP) at 13.80%. This indicates that FNGG's price experiences larger fluctuations and is considered to be riskier than QQUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGG	QQUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.62%	13.80%	+6.82%
Volatility (6M) Calculated over the trailing 6-month period	34.72%	30.56%	+4.16%
Volatility (1Y) Calculated over the trailing 1-year period	43.47%	39.97%	+3.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.79%	39.72%	+28.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.79%	39.72%	+28.07%

FNGG vs. QQUP - Expense Ratio Comparison

FNGG has a 0.97% expense ratio, which is higher than QQUP's 0.95% expense ratio.

Dividends

FNGG vs. QQUP - Dividend Comparison

FNGG's dividend yield for the trailing twelve months is around 10.67%, more than QQUP's 0.49% yield.

Position	TTM	2025	2024	2023	2022	2021
FNGG Direxion Daily NYSE FANG+ Bull 2X Shares	10.67%	11.89%	0.79%	0.88%	0.00%	4.99%
QQUP ProShares Ultra Top QQQ	0.49%	0.29%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FNGG and QQUP in my portfolio?

With a correlation of 0.90, FNGG and QQUP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FNGG or QQUP?

FNGG has higher volatility (20.62%) compared to QQUP (13.80%). In terms of maximum drawdown, FNGG dropped -91.33% vs QQUP's -37.67%.

Which ETF is better, FNGG or QQUP?

On 1-year performance, QQUP leads with 45.51% vs 34.32% for FNGG. On fees, QQUP is cheaper at 0.95% per year. On volatility, QQUP has been the lower-risk option at 13.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGG or QQUP?

Over the 1-year period, QQUP has performed better with a 45.51% return vs 34.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGG or QQUP?

QQUP is cheaper with a 0.95% expense ratio, compared with 0.97% for FNGG.

Which ETF pays a higher dividend yield, FNGG or QQUP?

FNGG has the higher dividend yield at 10.67%, compared with 0.49% for QQUP.

What is the main difference between FNGG and QQUP?

FNGG tracks NYSE FANG+ Index (2x Leveraged), while QQUP tracks Nasdaq-100 Mega Index (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.97% for FNGG and 0.95% for QQUP.

Which has better risk-adjusted returns?

QQUP currently has the higher Sharpe Ratio (1.15 vs 0.79), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.