QQUP vs. GDE

Last updated Jun 24, 2026

QQUP (ProShares Ultra Top QQQ) and GDE (WisdomTree Efficient Gold Plus Equity Strategy Fund) are both exchange-traded funds - QQUP is a Leveraged Equities fund tracking the Nasdaq-100 Mega Index (200%), while GDE is a Gold fund actively managed by WisdomTree. QQUP is passively managed, while GDE is actively managed. Over the past year, QQUP returned 38.57% vs 37.19% for GDE. A 0.50 correlation means they provide meaningful diversification when combined. QQUP charges 0.95%/yr vs 0.20%/yr for GDE.

Performance

QQUP vs. GDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Top QQQ (QQUP) and WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQUP achieves a -3.91% return, which is significantly lower than GDE's -0.50% return.

QQUP

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

GDE

• 1D: -3.14%
• 1M: -10.04%
• YTD: -0.50%
• 6M: -5.03%
• 1Y: 37.19%
• 3Y*: 40.84%
• 5Y*: —
• 10Y*: —

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

QQUP vs. GDE - Yearly Performance Comparison

	2026 (YTD)	2025
QQUP ProShares Ultra Top QQQ	-3.91%	45.33%
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund	-0.50%	38.84%

Correlation

The correlation between QQUP and GDE is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	0.50

The correlation between QQUP and GDE has been stable across timeframes, ranging from 0.50 to 0.51 - a consistent structural relationship.

Return for Risk

QQUP vs. GDE — Risk / Return Rank

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

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

GDE

GDE Risk / Return Rank: 34
GDE Sharpe Ratio Rank: 36
GDE Sortino Ratio Rank: 32
GDE Omega Ratio Rank: 37
GDE Calmar Ratio Rank: 34
GDE Martin Ratio Rank: 32

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. GDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Top QQQ (QQUP) and WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE). 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.

	QQUP	GDE	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.23	-0.26
Sortino ratio: Return per unit of downside risk	1.46	1.65	-0.19
Omega ratio: Gain probability vs. loss probability	1.18	1.24	-0.06
Calmar ratio: Return relative to maximum drawdown	1.03	1.65	-0.62
Martin ratio: Return relative to average drawdown	2.87	4.59	-1.72

QQUP vs. GDE - Sharpe Ratio Comparison

The current QQUP Sharpe Ratio is 0.97, which is comparable to the GDE Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of QQUP and GDE, 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

QQUP vs. GDE - Drawdown Comparison

The maximum QQUP drawdown since its inception was -37.67%, which is greater than GDE's maximum drawdown of -32.01%. Use the drawdown chart below to compare losses from any high point for QQUP and GDE.

Drawdown Indicators

	QQUP	GDE	Difference
Max Drawdown Largest peak-to-trough decline	-37.67%	-32.01%	-5.66%
Max Drawdown (1Y) Largest decline over 1 year	-37.67%	-22.66%	-15.01%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.66%	—
Current Drawdown Current decline from peak	-21.46%	-19.50%	-1.96%
Average Drawdown Average peak-to-trough decline	-9.48%	-7.97%	-1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.45%	8.12%	+5.33%

Volatility

QQUP vs. GDE - Volatility Comparison

ProShares Ultra Top QQQ (QQUP) has a higher volatility of 14.01% compared to WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE) at 11.41%. This indicates that QQUP's price experiences larger fluctuations and is considered to be riskier than GDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQUP	GDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.01%	11.41%	+2.60%
Volatility (6M) Calculated over the trailing 6-month period	30.62%	26.51%	+4.11%
Volatility (1Y) Calculated over the trailing 1-year period	40.03%	30.33%	+9.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.79%	27.15%	+12.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.79%	27.15%	+12.64%

QQUP vs. GDE - Expense Ratio Comparison

QQUP has a 0.95% expense ratio, which is higher than GDE's 0.20% expense ratio.

Dividends

QQUP vs. GDE - Dividend Comparison

QQUP's dividend yield for the trailing twelve months is around 0.50%, less than GDE's 4.34% yield.

Position	TTM	2025	2024	2023	2022
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund	4.34%	4.32%	7.14%	2.22%	0.81%
QQUP ProShares Ultra Top QQQ	0.50%	0.29%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQUP and GDE in my portfolio?

QQUP and GDE have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQUP or GDE?

QQUP has higher volatility (14.01%) compared to GDE (11.41%). In terms of maximum drawdown, QQUP dropped -37.67% vs GDE's -32.01%.

Which ETF is better, QQUP or GDE?

On 1-year performance, QQUP leads with 38.57% vs 37.19% for GDE. On fees, GDE is cheaper at 0.20% per year. On volatility, GDE has been the lower-risk option at 11.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQUP or GDE?

Over the 1-year period, QQUP has performed better with a 38.57% return vs 37.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQUP or GDE?

GDE is cheaper with a 0.20% expense ratio, compared with 0.95% for QQUP.

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

GDE has the higher dividend yield at 4.34%, compared with 0.50% for QQUP.

What is the main difference between QQUP and GDE?

QQUP is categorized as Leveraged Equities, while GDE is Gold. They also come from different issuers: ProShares and WisdomTree. Their fees differ too: 0.95% for QQUP and 0.20% for GDE.

Which has better risk-adjusted returns?

GDE currently has the higher Sharpe Ratio (1.23 vs 0.97), 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.