QLD vs. QQUP
QLD (ProShares Ultra QQQ) and QQUP (ProShares Ultra Top QQQ) are both Leveraged Equities funds from ProShares - QLD tracks the NASDAQ-100 Index (200%) while QQUP tracks the Nasdaq-100 Mega Index (200%). Both are passively managed. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.
Performance
QLD vs. QQUP - Performance Comparison
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Returns By Period
In the year-to-date period, QLD achieves a 42.06% return, which is significantly higher than QQUP's 14.50% return.
QLD
- 1D
- -0.53%
- 1M
- 21.54%
- YTD
- 42.06%
- 6M
- 37.45%
- 1Y
- 85.49%
- 3Y*
- 50.15%
- 5Y*
- 25.75%
- 10Y*
- 36.10%
QQUP
- 1D
- -3.99%
- 1M
- 7.57%
- YTD
- 14.50%
- 6M
- 8.63%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QLD vs. QQUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
QLD ProShares Ultra QQQ | 42.06% | 27.73% |
QQUP ProShares Ultra Top QQQ | 14.50% | 44.45% |
Correlation
The correlation between QLD and QQUP is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jun 13, 2025 | 0.89 |
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Return for Risk
QLD vs. QQUP — Risk / Return Rank
QLD
QQUP
QLD vs. QQUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ (QLD) 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.
| QLD | QQUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.41 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.42 | — | — |
| Martin ratioReturn relative to average drawdown | 11.92 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| QLD | QQUP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.70 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.81 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 1.77 | -1.18 |
Drawdowns
QLD vs. QQUP - Drawdown Comparison
The maximum QLD drawdown since its inception was -83.13%, which is greater than QQUP's maximum drawdown of -37.67%. Use the drawdown chart below to compare losses from any high point for QLD and QQUP.
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Drawdown Indicators
| QLD | QQUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.13% | -37.67% | -45.46% |
Max Drawdown (1Y)Largest decline over 1 year | -25.13% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -42.29% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -63.68% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -63.68% | — | — |
Current DrawdownCurrent decline from peak | -0.53% | -6.42% | +5.89% |
Average DrawdownAverage peak-to-trough decline | -18.17% | -9.20% | -8.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.20% | — | — |
Volatility
QLD vs. QQUP - Volatility Comparison
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Volatility by Period
| QLD | QQUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.90% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 24.08% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 31.85% | 38.52% | -6.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.74% | 38.52% | +6.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.56% | 38.52% | +6.04% |
QLD vs. QQUP - Expense Ratio Comparison
Both QLD and QQUP have an expense ratio of 0.95%.
Dividends
QLD vs. QQUP - Dividend Comparison
QLD's dividend yield for the trailing twelve months is around 0.12%, less than QQUP's 0.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 0.12% | 0.17% | 0.25% | 0.33% | 0.31% | 0.00% | 0.00% | 0.13% | 0.06% | 0.02% | 0.21% | 0.11% |
QQUP ProShares Ultra Top QQQ | 0.42% | 0.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QLD and QQUP have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.95% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
QLD and QQUP have the same expense ratio: 0.95% per year.
QQUP has the higher dividend yield at 0.42%, compared with 0.12% for QLD.
QLD tracks NASDAQ-100 Index (200%), while QQUP tracks Nasdaq-100 Mega Index (200%).
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