QQUP vs. MAGX

Last updated Jul 14, 2026

QQUP (ProShares Ultra QQQ Mega) and MAGX (Roundhill Daily 2X Long Magnificent Seven ETF) are both Leveraged Equities funds. QQUP is passively managed, while MAGX is actively managed. Over the past year, QQUP returned 32.45% vs 28.55% for MAGX. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

QQUP vs. MAGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ Mega (QQUP) and Roundhill Daily 2X Long Magnificent Seven ETF (MAGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQUP achieves a 2.81% return, which is significantly higher than MAGX's -3.80% return.

QQUP

• 1D: -2.16%
• 1M: 2.01%
• 6M: 1.71%
• YTD: 2.81%
• 1Y: 32.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MAGX

• 1D: -2.14%
• 1M: 5.36%
• 6M: -3.69%
• YTD: -3.80%
• 1Y: 28.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQUP vs. MAGX - Yearly Performance Comparison

	2026 (YTD)	2025
QQUP ProShares Ultra QQQ Mega	2.81%	45.33%
MAGX Roundhill Daily 2X Long Magnificent Seven ETF	-3.80%	45.63%

Correlation

The correlation between QQUP and MAGX is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	0.89

The correlation between QQUP and MAGX has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

Return for Risk

QQUP vs. MAGX — 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: 27
QQUP Sortino Ratio Rank: 28
QQUP Omega Ratio Rank: 27
QQUP Calmar Ratio Rank: 23
QQUP Martin Ratio Rank: 23

MAGX

MAGX Risk / Return Rank: 23
MAGX Sharpe Ratio Rank: 23
MAGX Sortino Ratio Rank: 25
MAGX Omega Ratio Rank: 24
MAGX Calmar Ratio Rank: 21
MAGX Martin Ratio Rank: 22

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. MAGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ Mega (QQUP) and Roundhill Daily 2X Long Magnificent Seven ETF (MAGX). 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	MAGX	Difference
Sharpe ratio: Return per unit of total volatility	0.81	0.68	+0.13
Sortino ratio: Return per unit of downside risk	1.28	1.15	+0.13
Omega ratio: Gain probability vs. loss probability	1.16	1.14	+0.02
Calmar ratio: Return relative to maximum drawdown	0.87	0.77	+0.10
Martin ratio: Return relative to average drawdown	2.30	2.16	+0.13

QQUP vs. MAGX - Sharpe Ratio Comparison

The current QQUP Sharpe Ratio is 0.81, which is comparable to the MAGX Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of QQUP and MAGX, 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. MAGX - Drawdown Comparison

The maximum QQUP drawdown since its inception was -37.67%, smaller than the maximum MAGX drawdown of -54.19%. Use the drawdown chart below to compare losses from any high point for QQUP and MAGX.

Drawdown Indicators

	QQUP	MAGX	Difference
Max Drawdown Largest peak-to-trough decline	-37.67%	-54.19%	+16.52%
Max Drawdown (1Y) Largest decline over 1 year	-37.67%	-37.24%	-0.43%
Current Drawdown Current decline from peak	-15.97%	-12.31%	-3.66%
Average Drawdown Average peak-to-trough decline	-9.95%	-13.86%	+3.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.17%	13.22%	+0.95%

Volatility

QQUP vs. MAGX - Volatility Comparison

The current volatility for ProShares Ultra QQQ Mega (QQUP) is 13.64%, while Roundhill Daily 2X Long Magnificent Seven ETF (MAGX) has a volatility of 15.72%. This indicates that QQUP experiences smaller price fluctuations and is considered to be less risky than MAGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQUP	MAGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.64%	15.72%	-2.08%
Volatility (6M) Calculated over the trailing 6-month period	31.56%	33.28%	-1.72%
Volatility (1Y) Calculated over the trailing 1-year period	40.46%	42.54%	-2.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.74%	53.66%	-13.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.74%	53.66%	-13.92%

QQUP vs. MAGX - Expense Ratio Comparison

Both QQUP and MAGX have an expense ratio of 0.95%.

Dividends

QQUP vs. MAGX - Dividend Comparison

QQUP's dividend yield for the trailing twelve months is around 0.64%, less than MAGX's 2.13% yield.

Position	TTM	2025	2024
MAGX Roundhill Daily 2X Long Magnificent Seven ETF	2.13%	2.05%	0.86%
QQUP ProShares Ultra QQQ Mega	0.64%	0.29%	0.00%

Frequently Asked Questions

Can I hold both QQUP and MAGX in my portfolio?

With a correlation of 0.91, QQUP and MAGX 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 is riskier, QQUP or MAGX?

MAGX has higher volatility (15.72%) compared to QQUP (13.64%). In terms of maximum drawdown, QQUP dropped -37.67% vs MAGX's -54.19%.

Which ETF is better, QQUP or MAGX?

On 1-year performance, QQUP leads with 32.45% vs 28.55% for MAGX. Both ETFs have the same 0.95% expense ratio. On volatility, QQUP has been the lower-risk option at 13.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQUP or MAGX?

Over the 1-year period, QQUP has performed better with a 32.45% return vs 28.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQUP or MAGX?

QQUP and MAGX have the same expense ratio: 0.95% per year.

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

MAGX has the higher dividend yield at 2.13%, compared with 0.64% for QQUP.

What is the main difference between QQUP and MAGX?

They also come from different issuers: ProShares and Roundhill.

Which has better risk-adjusted returns?

QQUP currently has the higher Sharpe Ratio (0.81 vs 0.68), 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.