QLD vs. QQUP

Last updated Aug 2, 2026

QLD (ProShares Ultra QQQ) and QQUP (ProShares Ultra QQQ Mega) 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. Over the past year, QLD returned 42.18% vs 30.22% for QQUP. Their correlation of 0.85 means they have usually moved in the same direction. Both charge a 0.95% expense ratio.

Performance

QLD vs. QQUP - Performance Comparison

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

Returns By Period

In the year-to-date period, QLD achieves a 18.94% return, which is significantly higher than QQUP's 4.80% return.

QLD

• 1D: 1.20%
• 1M: -7.66%
• 6M: 16.78%
• YTD: 18.94%
• 1Y: 42.18%
• 3Y*: 35.01%
• 5Y*: 17.45%
• 10Y*: 32.56%
• ALL TIME*: 24.68%

QQUP

• 1D: 5.18%
• 1M: 5.80%
• 6M: 8.22%
• YTD: 4.80%
• 1Y: 30.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 44.94%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QLD ProShares Ultra QQQ	$408.78M	$399.91M	$439.78M
QQUP ProShares Ultra QQQ Mega	$165.72K	$145.63K	$549.78K

QLD vs. QQUP - Yearly Performance Comparison

	2026 (YTD)	2025
QLD ProShares Ultra QQQ	18.94%	28.31%
QQUP ProShares Ultra QQQ Mega	4.80%	45.33%

Correlation

The correlation between QLD and QQUP is 0.85, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.85
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	0.85

The correlation between QLD and QQUP has been stable across timeframes, ranging from 0.85 to 0.85 - a consistent structural relationship.

Return for Risk

QLD vs. QQUP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QLD

QLD Risk / Return Rank: 39
QLD Sharpe Ratio Rank: 38
QLD Sortino Ratio Rank: 39
QLD Omega Ratio Rank: 38
QLD Calmar Ratio Rank: 41
QLD Martin Ratio Rank: 41

QQUP

QQUP Risk / Return Rank: 24
QQUP Sharpe Ratio Rank: 24
QQUP Sortino Ratio Rank: 26
QQUP Omega Ratio Rank: 26
QQUP Calmar Ratio Rank: 22
QQUP Martin Ratio Rank: 22

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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 QQQ Mega (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.

	QLD	QQUP	Difference
Sharpe ratio: Return per unit of total volatility	0.95	0.54	+0.41
Sortino ratio: Return per unit of downside risk	1.44	0.99	+0.44
Omega ratio: Gain probability vs. loss probability	1.18	1.12	+0.06
Calmar ratio: Return relative to maximum drawdown	1.46	0.61	+0.85
Martin ratio: Return relative to average drawdown	4.32	1.55	+2.77

QLD vs. QQUP - Sharpe Ratio Comparison

The current QLD Sharpe Ratio is 0.95, which is higher than the QQUP Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of QLD 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

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.

Drawdown Indicators

	QLD	QQUP	Difference
Max Drawdown Largest peak-to-trough decline	-83.13%	-37.67%	-45.46%
Max Drawdown (1Y) Largest decline over 1 year	-25.13%	-37.67%	+12.54%
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 Drawdown Current decline from peak	-16.72%	-14.34%	-2.38%
Average Drawdown Average peak-to-trough decline	-18.11%	-10.32%	-7.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.47%	14.78%	-6.31%

Volatility

QLD vs. QQUP - Volatility Comparison

The current volatility for ProShares Ultra QQQ (QLD) is 13.69%, while ProShares Ultra QQQ Mega (QQUP) has a volatility of 14.50%. This indicates that QLD 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

	QLD	QQUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.69%	14.50%	-0.81%
Volatility (6M) Calculated over the trailing 6-month period	31.99%	32.95%	-0.96%
Volatility (1Y) Calculated over the trailing 1-year period	38.62%	42.34%	-3.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.76%	40.78%	+4.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.97%	40.78%	+4.19%

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 0.14%, less than QQUP's 0.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QLD ProShares Ultra QQQ	0.14%	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 QQQ Mega	0.63%	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

Can I hold both QLD and QQUP in my portfolio?

QLD and QQUP have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QLD or QQUP?

QQUP has higher volatility (14.50%) compared to QLD (13.69%). In terms of maximum drawdown, QLD dropped -83.13% vs QQUP's -37.67%.

Which ETF is better, QLD or QQUP?

On 1-year performance, QLD leads with 42.18% vs 30.22% for QQUP. Both ETFs have the same 0.95% expense ratio. On volatility, QLD has been the lower-risk option at 13.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLD or QQUP?

Over the 1-year period, QLD has performed better with a 42.18% return vs 30.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLD or QQUP?

QLD and QQUP have the same expense ratio: 0.95% per year.

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

QQUP has the higher dividend yield at 0.63%, compared with 0.14% for QLD.

What is the main difference between QLD and QQUP?

QLD tracks NASDAQ-100 Index (200%), while QQUP tracks Nasdaq-100 Mega Index (200%).

Which has better risk-adjusted returns?

QLD currently has the higher Sharpe Ratio (0.95 vs 0.54), 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.