QQUP vs. MAGS

Last updated Jun 24, 2026

QQUP (ProShares Ultra Top QQQ) and MAGS (Roundhill Magnificent Seven ETF) are both exchange-traded funds - QQUP is a Leveraged Equities fund tracking the Nasdaq-100 Mega Index (200%), while MAGS is a Technology Equities fund actively managed by Roundhill. QQUP is passively managed, while MAGS is actively managed. Over the past year, QQUP returned 38.57% vs 18.84% for MAGS. Their correlation of 0.90 suggests significant overlap in exposure. QQUP charges 0.95%/yr vs 0.29%/yr for MAGS.

Performance

QQUP vs. MAGS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Top QQQ (QQUP) and Roundhill Magnificent Seven ETF (MAGS). 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 higher than MAGS's -4.28% return.

QQUP

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

MAGS

• 1D: -1.37%
• 1M: -8.97%
• YTD: -4.28%
• 6M: -5.96%
• 1Y: 18.84%
• 3Y*: 29.20%
• 5Y*: —
• 10Y*: —

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

QQUP vs. MAGS - Yearly Performance Comparison

	2026 (YTD)	2025
QQUP ProShares Ultra Top QQQ	-3.91%	45.33%
MAGS Roundhill Magnificent Seven ETF	-4.28%	25.01%

Correlation

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

Return for Risk

QQUP vs. MAGS — 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

MAGS

MAGS Risk / Return Rank: 25
MAGS Sharpe Ratio Rank: 26
MAGS Sortino Ratio Rank: 25
MAGS Omega Ratio Rank: 24
MAGS Calmar Ratio Rank: 22
MAGS Martin Ratio Rank: 26

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. MAGS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Top QQQ (QQUP) and Roundhill Magnificent Seven ETF (MAGS). 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	MAGS	Difference
Sharpe ratio: Return per unit of total volatility	0.97	0.92	+0.05
Sortino ratio: Return per unit of downside risk	1.46	1.34	+0.12
Omega ratio: Gain probability vs. loss probability	1.18	1.17	+0.01
Calmar ratio: Return relative to maximum drawdown	1.03	1.02	+0.01
Martin ratio: Return relative to average drawdown	2.87	3.34	-0.46

QQUP vs. MAGS - Sharpe Ratio Comparison

The current QQUP Sharpe Ratio is 0.97, which is comparable to the MAGS Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of QQUP and MAGS, 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. MAGS - Drawdown Comparison

The maximum QQUP drawdown since its inception was -37.67%, which is greater than MAGS's maximum drawdown of -29.91%. Use the drawdown chart below to compare losses from any high point for QQUP and MAGS.

Drawdown Indicators

	QQUP	MAGS	Difference
Max Drawdown Largest peak-to-trough decline	-37.67%	-29.91%	-7.76%
Max Drawdown (1Y) Largest decline over 1 year	-37.67%	-18.62%	-19.05%
Max Drawdown (3Y) Largest decline over 3 years	—	-29.91%	—
Current Drawdown Current decline from peak	-21.46%	-11.00%	-10.46%
Average Drawdown Average peak-to-trough decline	-9.48%	-4.75%	-4.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.45%	5.65%	+7.80%

Volatility

QQUP vs. MAGS - Volatility Comparison

ProShares Ultra Top QQQ (QQUP) has a higher volatility of 14.01% compared to Roundhill Magnificent Seven ETF (MAGS) at 7.13%. This indicates that QQUP's price experiences larger fluctuations and is considered to be riskier than MAGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQUP	MAGS	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.01%	7.13%	+6.88%
Volatility (6M) Calculated over the trailing 6-month period	30.62%	15.51%	+15.11%
Volatility (1Y) Calculated over the trailing 1-year period	40.03%	20.74%	+19.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.79%	26.02%	+13.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.79%	26.02%	+13.77%

QQUP vs. MAGS - Expense Ratio Comparison

QQUP has a 0.95% expense ratio, which is higher than MAGS's 0.29% expense ratio.

Dividends

QQUP vs. MAGS - Dividend Comparison

QQUP's dividend yield for the trailing twelve months is around 0.50%, less than MAGS's 1.55% yield.

Position	TTM	2025	2024	2023
MAGS Roundhill Magnificent Seven ETF	1.55%	1.48%	0.81%	0.44%
QQUP ProShares Ultra Top QQQ	0.50%	0.29%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQUP and MAGS in my portfolio?

QQUP and MAGS 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, QQUP or MAGS?

QQUP has higher volatility (14.01%) compared to MAGS (7.13%). In terms of maximum drawdown, QQUP dropped -37.67% vs MAGS's -29.91%.

Which ETF is better, QQUP or MAGS?

On 1-year performance, QQUP leads with 38.57% vs 18.84% for MAGS. On fees, MAGS is cheaper at 0.29% per year. On volatility, MAGS has been the lower-risk option at 7.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQUP or MAGS?

Over the 1-year period, QQUP has performed better with a 38.57% return vs 18.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQUP or MAGS?

MAGS is cheaper with a 0.29% expense ratio, compared with 0.95% for QQUP.

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

MAGS has the higher dividend yield at 1.55%, compared with 0.50% for QQUP.

What is the main difference between QQUP and MAGS?

QQUP is categorized as Leveraged Equities, while MAGS is Technology Equities. They also come from different issuers: ProShares and Roundhill. Their fees differ too: 0.95% for QQUP and 0.29% for MAGS.

Which has better risk-adjusted returns?

QQUP currently has the higher Sharpe Ratio (0.97 vs 0.92), 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.