QQUP vs. FNGG

Last updated Jun 4, 2026

QQUP (ProShares Ultra Top QQQ) and FNGG (Direxion Daily NYSE FANG+ Bull 2X Shares) are both Leveraged Equities funds - QQUP tracks the Nasdaq-100 Mega Index (200%) while FNGG tracks the NYSE FANG+ Index (2x Leveraged). Both are passively managed. Their correlation of 0.90 suggests significant overlap in exposure. QQUP charges 0.95%/yr vs 0.98%/yr for FNGG.

Performance

QQUP vs. FNGG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Top QQQ (QQUP) and Direxion Daily NYSE FANG+ Bull 2X Shares (FNGG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQUP achieves a 14.50% return, which is significantly lower than FNGG's 28.89% return.

QQUP

• 1D: -3.99%
• 1M: 7.57%
• YTD: 14.50%
• 6M: 8.63%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FNGG

• 1D: -2.33%
• 1M: 23.02%
• YTD: 28.89%
• 6M: 17.02%
• 1Y: 55.32%
• 3Y*: 62.01%
• 5Y*: —
• 10Y*: —

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

QQUP vs. FNGG - Yearly Performance Comparison

	2026 (YTD)	2025
QQUP ProShares Ultra Top QQQ	14.50%	44.45%
FNGG Direxion Daily NYSE FANG+ Bull 2X Shares	28.89%	17.17%

Correlation

The correlation between QQUP and FNGG 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 (All Time) Calculated using the full available price history since Jun 13, 2025	0.90

Return for Risk

QQUP vs. FNGG — Risk / Return Rank

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

FNGG

FNGG Risk / Return Rank: 32
FNGG Sharpe Ratio Rank: 39
FNGG Sortino Ratio Rank: 36
FNGG Omega Ratio Rank: 35
FNGG Calmar Ratio Rank: 27
FNGG Martin Ratio Rank: 25

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.

QQUP vs. FNGG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Top QQQ (QQUP) and Direxion Daily NYSE FANG+ Bull 2X Shares (FNGG). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	QQUP	FNGG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.40	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.77	0.07	+1.70

Drawdowns

QQUP vs. FNGG - Drawdown Comparison

The maximum QQUP drawdown since its inception was -37.67%, smaller than the maximum FNGG drawdown of -91.33%. Use the drawdown chart below to compare losses from any high point for QQUP and FNGG.

Drawdown Indicators

	QQUP	FNGG	Difference
Max Drawdown Largest peak-to-trough decline	-37.67%	-91.33%	+53.66%
Max Drawdown (1Y) Largest decline over 1 year	—	-43.01%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-47.03%	—
Current Drawdown Current decline from peak	-6.42%	-4.67%	-1.75%
Average Drawdown Average peak-to-trough decline	-9.20%	-56.04%	+46.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	16.25%	—

Volatility

Volatility by Period

	QQUP	FNGG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.39%	—
Volatility (6M) Calculated over the trailing 6-month period	—	30.55%	—
Volatility (1Y) Calculated over the trailing 1-year period	38.52%	39.61%	-1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.52%	67.64%	-29.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.52%	67.64%	-29.12%

QQUP vs. FNGG - Expense Ratio Comparison

QQUP has a 0.95% expense ratio, which is lower than FNGG's 0.98% expense ratio.

Dividends

QQUP vs. FNGG - Dividend Comparison

QQUP's dividend yield for the trailing twelve months is around 0.42%, less than FNGG's 9.20% yield.

Position	TTM	2025	2024	2023	2022	2021
FNGG Direxion Daily NYSE FANG+ Bull 2X Shares	9.20%	11.89%	0.79%	0.88%	0.00%	4.99%
QQUP ProShares Ultra Top QQQ	0.42%	0.29%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQUP and FNGG in my portfolio?

With a correlation of 0.90, QQUP and FNGG 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 ETF is better, QQUP or FNGG?

On fees, QQUP is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QQUP or FNGG?

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

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

FNGG has the higher dividend yield at 9.20%, compared with 0.42% for QQUP.

What is the main difference between QQUP and FNGG?

QQUP tracks Nasdaq-100 Mega Index (200%), while FNGG tracks NYSE FANG+ Index (2x Leveraged). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for QQUP and 0.98% for FNGG.