QQQU vs. QQUP

Last updated Jun 24, 2026

QQQU (Direxion Daily Magnificent 7 Bull 2X Shares) and QQUP (ProShares Ultra Top QQQ) are both Leveraged Equities funds - QQQU tracks the Indxx Magnificent 7 Index (200%) while QQUP tracks the Nasdaq-100 Mega Index (200%). Both are passively managed. Over the past year, QQQU returned 31.23% vs 38.57% for QQUP. Their correlation of 0.90 suggests significant overlap in exposure. QQQU charges 0.98%/yr vs 0.95%/yr for QQUP.

Performance

QQQU vs. QQUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Magnificent 7 Bull 2X Shares (QQQU) 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, QQQU achieves a -11.91% return, which is significantly lower than QQUP's -3.91% return.

QQQU

• 1D: -2.93%
• 1M: -17.71%
• YTD: -11.91%
• 6M: -14.75%
• 1Y: 31.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QQUP

• 1D: -3.22%
• 1M: -16.85%
• YTD: -3.91%
• 6M: -6.57%
• 1Y: 38.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQQU vs. QQUP - Yearly Performance Comparison

	2026 (YTD)	2025
QQQU Direxion Daily Magnificent 7 Bull 2X Shares	-11.91%	50.43%
QQUP ProShares Ultra Top QQQ	-3.91%	45.33%

Correlation

The correlation between QQQU and QQUP is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	0.90

The correlation between QQQU and QQUP has been stable across timeframes, ranging from 0.90 to 0.90 - a consistent structural relationship.

Return for Risk

QQQU vs. QQUP — Risk / Return Rank

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

QQQU

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

QQUP

QQUP Risk / Return Rank: 26
QQUP Sharpe Ratio Rank: 28
QQUP Sortino Ratio Rank: 28
QQUP Omega Ratio Rank: 27
QQUP Calmar Ratio Rank: 23
QQUP Martin Ratio Rank: 23

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.

QQQU vs. QQUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Magnificent 7 Bull 2X Shares (QQQU) 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.

	QQQU	QQUP	Difference
Sharpe ratio: Return per unit of total volatility	0.76	0.97	-0.21
Sortino ratio: Return per unit of downside risk	1.23	1.46	-0.23
Omega ratio: Gain probability vs. loss probability	1.15	1.18	-0.03
Calmar ratio: Return relative to maximum drawdown	0.86	1.03	-0.16
Martin ratio: Return relative to average drawdown	2.58	2.87	-0.29

QQQU vs. QQUP - Sharpe Ratio Comparison

The current QQQU Sharpe Ratio is 0.76, which is comparable to the QQUP Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of QQQU 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

QQQU vs. QQUP - Drawdown Comparison

The maximum QQQU drawdown since its inception was -53.70%, which is greater than QQUP's maximum drawdown of -37.67%. Use the drawdown chart below to compare losses from any high point for QQQU and QQUP.

Drawdown Indicators

	QQQU	QQUP	Difference
Max Drawdown Largest peak-to-trough decline	-53.70%	-37.67%	-16.03%
Max Drawdown (1Y) Largest decline over 1 year	-36.29%	-37.67%	+1.38%
Current Drawdown Current decline from peak	-21.31%	-21.46%	+0.15%
Average Drawdown Average peak-to-trough decline	-13.35%	-9.48%	-3.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.12%	13.45%	-1.33%

Volatility

QQQU vs. QQUP - Volatility Comparison

Direxion Daily Magnificent 7 Bull 2X Shares (QQQU) and ProShares Ultra Top QQQ (QQUP) have volatilities of 14.57% and 14.01%, 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

	QQQU	QQUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.57%	14.01%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	30.86%	30.62%	+0.24%
Volatility (1Y) Calculated over the trailing 1-year period	41.29%	40.03%	+1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.21%	39.79%	+13.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.21%	39.79%	+13.42%

QQQU vs. QQUP - Expense Ratio Comparison

QQQU has a 0.98% expense ratio, which is higher than QQUP's 0.95% expense ratio.

Dividends

QQQU vs. QQUP - Dividend Comparison

QQQU's dividend yield for the trailing twelve months is around 10.89%, more than QQUP's 0.50% yield.

Position	TTM	2025	2024
QQQU Direxion Daily Magnificent 7 Bull 2X Shares	10.89%	9.62%	2.75%
QQUP ProShares Ultra Top QQQ	0.50%	0.29%	0.00%

Frequently Asked Questions

Can I hold both QQQU and QQUP in my portfolio?

QQQU and QQUP have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQU or QQUP?

QQQU has higher volatility (14.57%) compared to QQUP (14.01%). In terms of maximum drawdown, QQQU dropped -53.70% vs QQUP's -37.67%.

Which ETF is better, QQQU or QQUP?

On 1-year performance, QQUP leads with 38.57% vs 31.23% for QQQU. On fees, QQUP is cheaper at 0.95% per year. On volatility, QQUP has been the lower-risk option at 14.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQU or QQUP?

Over the 1-year period, QQUP has performed better with a 38.57% return vs 31.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQU or QQUP?

QQUP is cheaper with a 0.95% expense ratio, compared with 0.98% for QQQU.

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

QQQU has the higher dividend yield at 10.89%, compared with 0.50% for QQUP.

What is the main difference between QQQU and QQUP?

QQQU tracks Indxx Magnificent 7 Index (200%), while QQUP tracks Nasdaq-100 Mega Index (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.98% for QQQU and 0.95% for QQUP.

Which has better risk-adjusted returns?

QQUP currently has the higher Sharpe Ratio (0.97 vs 0.76), 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.