QBIG vs. QQUP

Last updated Jun 26, 2026

QBIG (Invesco Top QQQ ETF) and QQUP (ProShares Ultra Top QQQ) are both exchange-traded funds - QBIG is a Large Cap Blend Equities fund actively managed by Invesco, while QQUP is a Leveraged Equities fund tracking the Nasdaq-100 Mega Index (200%). QBIG is actively managed, while QQUP is passively managed. Over the past year, QBIG returned 16.43% vs 23.84% for QQUP. With a 0.98 correlation, they move nearly in lockstep. QBIG charges 0.29%/yr vs 0.95%/yr for QQUP.

Performance

QBIG vs. QQUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Top QQQ ETF (QBIG) 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, QBIG achieves a -3.30% return, which is significantly higher than QQUP's -10.47% return.

QBIG

• 1D: -2.37%
• 1M: -11.77%
• YTD: -3.30%
• 6M: -4.71%
• 1Y: 16.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QQUP

• 1D: -5.22%
• 1M: -22.93%
• YTD: -10.47%
• 6M: -13.08%
• 1Y: 23.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QBIG vs. QQUP - Yearly Performance Comparison

	2026 (YTD)	2025
QBIG Invesco Top QQQ ETF	-3.30%	23.61%
QQUP ProShares Ultra Top QQQ	-10.47%	45.33%

Correlation

The correlation between QBIG and QQUP is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	0.98

The correlation between QBIG and QQUP has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

Return for Risk

QBIG vs. QQUP — Risk / Return Rank

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

QBIG

QBIG Risk / Return Rank: 22
QBIG Sharpe Ratio Rank: 24
QBIG Sortino Ratio Rank: 23
QBIG Omega Ratio Rank: 22
QBIG Calmar Ratio Rank: 20
QBIG Martin Ratio Rank: 22

QQUP

QQUP Risk / Return Rank: 19
QQUP Sharpe Ratio Rank: 19
QQUP Sortino Ratio Rank: 20
QQUP Omega Ratio Rank: 20
QQUP Calmar Ratio Rank: 17
QQUP Martin Ratio Rank: 18

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.

QBIG vs. QQUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Top QQQ ETF (QBIG) 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.

	QBIG	QQUP	Difference
Sharpe ratio: Return per unit of total volatility	0.80	0.59	+0.21
Sortino ratio: Return per unit of downside risk	1.19	1.04	+0.15
Omega ratio: Gain probability vs. loss probability	1.15	1.13	+0.02
Calmar ratio: Return relative to maximum drawdown	0.84	0.64	+0.20
Martin ratio: Return relative to average drawdown	2.47	1.75	+0.72

QBIG vs. QQUP - Sharpe Ratio Comparison

The current QBIG Sharpe Ratio is 0.80, which is higher than the QQUP Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of QBIG 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

QBIG vs. QQUP - Drawdown Comparison

The maximum QBIG drawdown since its inception was -30.33%, smaller than the maximum QQUP drawdown of -37.67%. Use the drawdown chart below to compare losses from any high point for QBIG and QQUP.

Drawdown Indicators

	QBIG	QQUP	Difference
Max Drawdown Largest peak-to-trough decline	-30.33%	-37.67%	+7.34%
Max Drawdown (1Y) Largest decline over 1 year	-19.70%	-37.67%	+17.97%
Current Drawdown Current decline from peak	-14.09%	-26.83%	+12.74%
Average Drawdown Average peak-to-trough decline	-7.07%	-9.60%	+2.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.67%	13.63%	-6.96%

Volatility

QBIG vs. QQUP - Volatility Comparison

The current volatility for Invesco Top QQQ ETF (QBIG) is 7.46%, while ProShares Ultra Top QQQ (QQUP) has a volatility of 14.60%. This indicates that QBIG experiences smaller price fluctuations and is considered to be less risky than QQUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QBIG	QQUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.46%	14.60%	-7.14%
Volatility (6M) Calculated over the trailing 6-month period	15.78%	30.99%	-15.21%
Volatility (1Y) Calculated over the trailing 1-year period	20.53%	40.30%	-19.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.42%	40.03%	-12.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.42%	40.03%	-12.61%

QBIG vs. QQUP - Expense Ratio Comparison

QBIG has a 0.29% expense ratio, which is lower than QQUP's 0.95% expense ratio.

Dividends

QBIG vs. QQUP - Dividend Comparison

QBIG has not paid dividends to shareholders, while QQUP's dividend yield for the trailing twelve months is around 0.74%.

Position	TTM	2025
QBIG Invesco Top QQQ ETF	0.00%	0.00%
QQUP ProShares Ultra Top QQQ	0.74%	0.29%

Frequently Asked Questions

Can I hold both QBIG and QQUP in my portfolio?

With a correlation of 0.98, QBIG 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, QBIG or QQUP?

QQUP has higher volatility (14.60%) compared to QBIG (7.46%). In terms of maximum drawdown, QBIG dropped -30.33% vs QQUP's -37.67%.

Which ETF is better, QBIG or QQUP?

On 1-year performance, QQUP leads with 23.84% vs 16.43% for QBIG. On fees, QBIG is cheaper at 0.29% per year. On volatility, QBIG has been the lower-risk option at 7.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QBIG or QQUP?

Over the 1-year period, QQUP has performed better with a 23.84% return vs 16.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QBIG or QQUP?

QBIG is cheaper with a 0.29% expense ratio, compared with 0.95% for QQUP.

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

QQUP has the higher dividend yield at 0.74%, compared with 0.00% for QBIG.

What is the main difference between QBIG and QQUP?

QBIG is categorized as Large Cap Blend Equities, while QQUP is Leveraged Equities. They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.29% for QBIG and 0.95% for QQUP.

Which has better risk-adjusted returns?

QBIG currently has the higher Sharpe Ratio (0.80 vs 0.59), 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.