MAKX vs. IQQQ

Last updated Jul 14, 2026

MAKX (ProShares S&P Kensho Smart Factories ETF) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - MAKX is a Technology Equities fund tracking the S&P Kensho Smart Factories Index, while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, MAKX returned 41.45% vs 25.95% for IQQQ. A 0.72 correlation means they provide meaningful diversification when combined. MAKX charges 0.58%/yr vs 0.55%/yr for IQQQ.

Performance

MAKX vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P Kensho Smart Factories ETF (MAKX) and ProShares Nasdaq-100 High Income ETF (IQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MAKX achieves a 33.58% return, which is significantly higher than IQQQ's 13.67% return.

MAKX

• 1D: -3.25%
• 1M: -4.07%
• 6M: 22.41%
• YTD: 33.58%
• 1Y: 41.45%
• 3Y*: 21.16%
• 5Y*: —
• 10Y*: —

IQQQ

• 1D: -1.84%
• 1M: -1.65%
• 6M: 11.37%
• YTD: 13.67%
• 1Y: 25.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MAKX vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MAKX ProShares S&P Kensho Smart Factories ETF	33.58%	21.63%	11.43%
IQQQ ProShares Nasdaq-100 High Income ETF	13.67%	17.11%	14.82%

Correlation

The correlation between MAKX and IQQQ is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024	0.72

The correlation between MAKX and IQQQ has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.

Return for Risk

MAKX vs. IQQQ — Risk / Return Rank

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

MAKX

MAKX Risk / Return Rank: 51
MAKX Sharpe Ratio Rank: 46
MAKX Sortino Ratio Rank: 44
MAKX Omega Ratio Rank: 43
MAKX Calmar Ratio Rank: 65
MAKX Martin Ratio Rank: 54

IQQQ

IQQQ Risk / Return Rank: 54
IQQQ Sharpe Ratio Rank: 55
IQQQ Sortino Ratio Rank: 50
IQQQ Omega Ratio Rank: 51
IQQQ Calmar Ratio Rank: 59
IQQQ Martin Ratio Rank: 57

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.

MAKX vs. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P Kensho Smart Factories ETF (MAKX) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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.

	MAKX	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.30	1.48	-0.19
Sortino ratio: Return per unit of downside risk	1.83	1.99	-0.16
Omega ratio: Gain probability vs. loss probability	1.23	1.26	-0.03
Calmar ratio: Return relative to maximum drawdown	2.59	2.34	+0.25
Martin ratio: Return relative to average drawdown	7.21	7.74	-0.52

MAKX vs. IQQQ - Sharpe Ratio Comparison

The current MAKX Sharpe Ratio is 1.30, which is comparable to the IQQQ Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of MAKX and IQQQ, 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

MAKX vs. IQQQ - Drawdown Comparison

The maximum MAKX drawdown since its inception was -40.27%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for MAKX and IQQQ.

Drawdown Indicators

	MAKX	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-40.27%	-20.41%	-19.86%
Max Drawdown (1Y) Largest decline over 1 year	-16.05%	-11.13%	-4.92%
Max Drawdown (3Y) Largest decline over 3 years	-29.76%	—	—
Current Drawdown Current decline from peak	-10.77%	-4.54%	-6.23%
Average Drawdown Average peak-to-trough decline	-16.38%	-3.63%	-12.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.76%	3.36%	+2.40%

Volatility

MAKX vs. IQQQ - Volatility Comparison

ProShares S&P Kensho Smart Factories ETF (MAKX) has a higher volatility of 14.36% compared to ProShares Nasdaq-100 High Income ETF (IQQQ) at 7.78%. This indicates that MAKX's price experiences larger fluctuations and is considered to be riskier than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAKX	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.36%	7.78%	+6.58%
Volatility (6M) Calculated over the trailing 6-month period	25.00%	14.34%	+10.66%
Volatility (1Y) Calculated over the trailing 1-year period	32.23%	17.62%	+14.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.84%	19.16%	+9.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.84%	19.16%	+9.68%

MAKX vs. IQQQ - Expense Ratio Comparison

MAKX has a 0.58% expense ratio, which is higher than IQQQ's 0.55% expense ratio.

Dividends

MAKX vs. IQQQ - Dividend Comparison

MAKX's dividend yield for the trailing twelve months is around 0.14%, less than IQQQ's 5.25% yield.

Position	TTM	2025	2024	2023	2022
IQQQ ProShares Nasdaq-100 High Income ETF	5.25%	10.34%	7.27%	0.00%	0.00%
MAKX ProShares S&P Kensho Smart Factories ETF	0.14%	0.15%	0.24%	0.52%	0.31%

Frequently Asked Questions

Can I hold both MAKX and IQQQ in my portfolio?

MAKX and IQQQ have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAKX or IQQQ?

MAKX has higher volatility (14.36%) compared to IQQQ (7.78%). In terms of maximum drawdown, MAKX dropped -40.27% vs IQQQ's -20.41%.

Which ETF is better, MAKX or IQQQ?

On 1-year performance, MAKX leads with 41.45% vs 25.95% for IQQQ. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 7.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAKX or IQQQ?

Over the 1-year period, MAKX has performed better with a 41.45% return vs 25.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAKX or IQQQ?

IQQQ is cheaper with a 0.55% expense ratio, compared with 0.58% for MAKX.

Which ETF pays a higher dividend yield, MAKX or IQQQ?

IQQQ has the higher dividend yield at 5.25%, compared with 0.14% for MAKX.

What is the main difference between MAKX and IQQQ?

MAKX is categorized as Technology Equities, while IQQQ is Nasdaq-100. MAKX tracks S&P Kensho Smart Factories Index, while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.58% for MAKX and 0.55% for IQQQ.

Which has better risk-adjusted returns?

IQQQ currently has the higher Sharpe Ratio (1.48 vs 1.29), 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.