MVV vs. QQQ

Last updated Jun 24, 2026

MVV (ProShares Ultra Midcap 400) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - MVV is a Leveraged Equities fund tracking the S&P MidCap 400 Index (200%), while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, MVV returned 14.42%/yr vs 22.07%/yr for QQQ. A 0.76 correlation means they provide meaningful diversification when combined. MVV charges 0.95%/yr vs 0.18%/yr for QQQ.

Performance

MVV vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Midcap 400 (MVV) and Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MVV achieves a 26.73% return, which is significantly higher than QQQ's 16.45% return. Over the past 10 years, MVV has underperformed QQQ with an annualized return of 14.42%, while QQQ has yielded a comparatively higher 22.07% annualized return.

MVV

• 1D: -1.88%
• 1M: 5.08%
• YTD: 26.73%
• 6M: 22.00%
• 1Y: 44.27%
• 3Y*: 22.25%
• 5Y*: 7.15%
• 10Y*: 14.42%

QQQ

• 1D: -3.29%
• 1M: -0.43%
• YTD: 16.45%
• 6M: 14.99%
• 1Y: 34.88%
• 3Y*: 26.05%
• 5Y*: 16.01%
• 10Y*: 22.07%

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

MVV vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MVV ProShares Ultra Midcap 400	26.73%	3.48%	17.75%	22.51%	-31.96%	48.57%	6.20%	49.50%	-25.44%	30.81%
QQQ Invesco QQQ ETF	16.45%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-0.13%	32.66%

Correlation

The correlation between MVV and QQQ is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006	0.76

The correlation between MVV and QQQ shifts across timeframes, from 0.63 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

MVV vs. QQQ - Sectors Allocation Comparison

Sectors	MVV	QQQ
Industrials	24.8%	2.6%
Technology	17.8%	58.7%
Financial Services	13.7%	0.2%
Consumer Cyclical	10.5%	11.4%
Healthcare	9.1%	3.7%
Real Estate	7.3%	0.1%
Energy	4.9%	0.5%
Basic Materials	4.8%	1.0%
Consumer Defensive	3.3%	6.4%
Utilities	2.9%	1.2%
Communication Services	1.0%	14.3%

Return for Risk

MVV vs. QQQ — Risk / Return Rank

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

MVV

MVV Risk / Return Rank: 46
MVV Sharpe Ratio Rank: 42
MVV Sortino Ratio Rank: 42
MVV Omega Ratio Rank: 39
MVV Calmar Ratio Rank: 54
MVV Martin Ratio Rank: 53

QQQ

QQQ Risk / Return Rank: 59
QQQ Sharpe Ratio Rank: 61
QQQ Sortino Ratio Rank: 55
QQQ Omega Ratio Rank: 58
QQQ Calmar Ratio Rank: 61
QQQ Martin Ratio Rank: 62

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.

MVV vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Midcap 400 (MVV) and Invesco QQQ ETF (QQQ). 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.

	MVV	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.95	-0.56
Sortino ratio: Return per unit of downside risk	2.03	2.57	-0.54
Omega ratio: Gain probability vs. loss probability	1.24	1.35	-0.10
Calmar ratio: Return relative to maximum drawdown	2.52	2.93	-0.41
Martin ratio: Return relative to average drawdown	8.62	10.86	-2.25

MVV vs. QQQ - Sharpe Ratio Comparison

The current MVV Sharpe Ratio is 1.40, which is comparable to the QQQ Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of MVV and QQQ, 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

MVV vs. QQQ - Drawdown Comparison

The maximum MVV drawdown since its inception was -85.54%, roughly equal to the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for MVV and QQQ.

Drawdown Indicators

	MVV	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-85.54%	-82.97%	-2.57%
Max Drawdown (1Y) Largest decline over 1 year	-17.68%	-11.96%	-5.72%
Max Drawdown (3Y) Largest decline over 3 years	-44.80%	-22.77%	-22.03%
Max Drawdown (5Y) Largest decline over 5 years	-45.53%	-35.12%	-10.41%
Max Drawdown (10Y) Largest decline over 10 years	-69.19%	-35.12%	-34.07%
Current Drawdown Current decline from peak	-2.08%	-4.25%	+2.17%
Average Drawdown Average peak-to-trough decline	-20.50%	-32.73%	+12.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.15%	3.22%	+1.93%

Volatility

MVV vs. QQQ - Volatility Comparison

ProShares Ultra Midcap 400 (MVV) and Invesco QQQ ETF (QQQ) have volatilities of 9.48% and 9.17%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MVV	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.48%	9.17%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	23.52%	14.57%	+8.95%
Volatility (1Y) Calculated over the trailing 1-year period	31.88%	17.96%	+13.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.67%	22.69%	+16.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.34%	22.42%	+19.92%

MVV vs. QQQ - Expense Ratio Comparison

MVV has a 0.95% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

MVV vs. QQQ - Dividend Comparison

MVV's dividend yield for the trailing twelve months is around 0.67%, more than QQQ's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MVV ProShares Ultra Midcap 400	0.67%	0.77%	0.39%	0.77%	0.93%	0.16%	0.29%	0.62%	0.62%	0.21%	0.43%	0.17%
QQQ Invesco QQQ ETF	0.43%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%

Frequently Asked Questions

Can I hold both MVV and QQQ in my portfolio?

MVV and QQQ have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MVV or QQQ?

MVV has higher volatility (9.48%) compared to QQQ (9.17%). In terms of maximum drawdown, MVV dropped -85.54% vs QQQ's -82.97%.

Which ETF is better, MVV or QQQ?

On 10-year performance, QQQ leads with 22.07% vs 14.42% for MVV. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 9.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MVV or QQQ?

Over the 10-year period, QQQ has performed better with a 22.07% return vs 14.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MVV or QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.95% for MVV.

Which ETF pays a higher dividend yield, MVV or QQQ?

MVV has the higher dividend yield at 0.67%, compared with 0.43% for QQQ.

What is the main difference between MVV and QQQ?

MVV is categorized as Leveraged Equities, while QQQ is Nasdaq-100. MVV tracks S&P MidCap 400 Index (200%), while QQQ tracks NASDAQ-100 Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for MVV and 0.18% for QQQ.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (1.95 vs 1.40), 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.