QQDN vs. UPRO
QQDN (ProShares UltraShort QQQ Mega) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - QQDN is a Inverse Equities fund tracking the Nasdaq-100 Mega Index, while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past year, QQDN returned -33.23% vs 53.86% for UPRO. Their -0.83 correlation means they have often moved in opposite directions in the past. QQDN charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
QQDN vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, QQDN achieves a -13.18% return, which is significantly lower than UPRO's 21.72% return.
QQDN
- 1D
- -5.15%
- 1M
- -7.09%
- 6M
- -15.46%
- YTD
- -13.18%
- 1Y
- -33.23%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -39.24%
UPRO
- 1D
- 1.97%
- 1M
- -0.35%
- 6M
- 17.81%
- YTD
- 21.72%
- 1Y
- 53.86%
- 3Y*
- 41.29%
- 5Y*
- 19.17%
- 10Y*
- 28.48%
- ALL TIME*
- 33.11%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $29.10K | $31.97K | $57.01K | |
| $288.84M | $293.51M | $361.12M |
QQDN vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
QQDN ProShares UltraShort QQQ Mega | -13.18% | -34.51% |
UPRO ProShares UltraPro S&P 500 | 21.72% | 38.12% |
Correlation
The correlation between QQDN and UPRO is -0.85, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| 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 | -0.83 |
The correlation between QQDN and UPRO has been stable across timeframes, ranging from -0.85 to -0.83 - a consistent structural relationship.
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Return for Risk
QQDN vs. UPRO — Risk / Return Rank
QQDN
UPRO
QQDN vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort QQQ Mega (QQDN) and ProShares UltraPro S&P 500 (UPRO). 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.
| QQDN | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.90 | ||
| Sortino ratioReturn per unit of downside risk | -2.57 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.22 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | 1.73 | -2.41 |
| Martin ratioReturn relative to average drawdown | -1.18 | 6.63 | -7.81 |
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Drawdowns
QQDN vs. UPRO - Drawdown Comparison
The maximum QQDN drawdown since its inception was -50.19%, smaller than the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for QQDN and UPRO.
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Drawdown Indicators
| QQDN | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.19% | -76.82% | +26.63% |
Max Drawdown (1Y)Largest decline over 1 year | -43.68% | -26.78% | -16.90% |
Max Drawdown (3Y)Largest decline over 3 years | — | -48.87% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -63.94% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.82% | — |
Current DrawdownCurrent decline from peak | -44.25% | -6.81% | -37.44% |
Average DrawdownAverage peak-to-trough decline | -31.57% | -14.35% | -17.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.92% | 7.00% | +17.92% |
Volatility
QQDN vs. UPRO - Volatility Comparison
ProShares UltraShort QQQ Mega (QQDN) has a higher volatility of 14.41% compared to ProShares UltraPro S&P 500 (UPRO) at 10.69%. This indicates that QQDN's price experiences larger fluctuations and is considered to be riskier than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QQDN | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.41% | 10.69% | +3.72% |
Volatility (6M)Calculated over the trailing 6-month period | 32.99% | 30.36% | +2.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.40% | 38.51% | +3.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.84% | 50.70% | -9.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.84% | 53.78% | -12.94% |
QQDN vs. UPRO - Expense Ratio Comparison
QQDN has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
QQDN vs. UPRO - Dividend Comparison
QQDN's dividend yield for the trailing twelve months is around 5.67%, more than UPRO's 0.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QQDN ProShares UltraShort QQQ Mega | 5.67% | 3.42% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UPRO ProShares UltraPro S&P 500 | 0.77% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
QQDN and UPRO 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.
QQDN has higher volatility (14.41%) compared to UPRO (10.69%). In terms of maximum drawdown, QQDN dropped -50.19% vs UPRO's -76.82%.
On 1-year performance, UPRO leads with 53.86% vs -33.23% for QQDN. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 10.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, UPRO has performed better with a 53.86% return vs -33.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for QQDN.
QQDN has the higher dividend yield at 5.67%, compared with 0.77% for UPRO.
QQDN is categorized as Inverse Equities, while UPRO is Leveraged Equities. QQDN tracks Nasdaq-100 Mega Index, while UPRO tracks S&P 500. Their fees differ too: 0.95% for QQDN and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.21 vs -0.70), 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.
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