QQUP vs. NOBL

Last updated Jul 17, 2026

QQUP (ProShares Ultra QQQ Mega) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - QQUP is a Leveraged Equities fund tracking the Nasdaq-100 Mega Index (200%), while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past year, QQUP returned 33.68% vs 14.89% for NOBL. At a correlation of -0.00, they often move in opposite directions. QQUP charges 0.95%/yr vs 0.35%/yr for NOBL.

Performance

QQUP vs. NOBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ Mega (QQUP) and ProShares S&P 500 Dividend Aristocrats ETF (NOBL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQUP achieves a 6.08% return, which is significantly lower than NOBL's 11.29% return.

QQUP

• 1D: -2.93%
• 1M: 1.66%
• 6M: 8.16%
• YTD: 6.08%
• 1Y: 33.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NOBL

• 1D: 2.38%
• 1M: 3.24%
• 6M: 5.51%
• YTD: 11.29%
• 1Y: 14.89%
• 3Y*: 8.85%
• 5Y*: 6.91%
• 10Y*: 9.76%

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

QQUP vs. NOBL - Yearly Performance Comparison

	2026 (YTD)	2025
QQUP ProShares Ultra QQQ Mega	6.08%	45.33%
NOBL ProShares S&P 500 Dividend Aristocrats ETF	11.29%	5.21%

Correlation

The correlation between QQUP and NOBL is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	-0.00

Return for Risk

QQUP vs. NOBL — 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: 24

NOBL

NOBL Risk / Return Rank: 40
NOBL Sharpe Ratio Rank: 43
NOBL Sortino Ratio Rank: 47
NOBL Omega Ratio Rank: 39
NOBL Calmar Ratio Rank: 38
NOBL Martin Ratio Rank: 34

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. NOBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ Mega (QQUP) and ProShares S&P 500 Dividend Aristocrats ETF (NOBL). 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	NOBL	Difference
Sharpe ratio: Return per unit of total volatility	0.83	1.27	-0.43
Sortino ratio: Return per unit of downside risk	1.31	1.95	-0.64
Omega ratio: Gain probability vs. loss probability	1.16	1.22	-0.06
Calmar ratio: Return relative to maximum drawdown	0.90	1.64	-0.74
Martin ratio: Return relative to average drawdown	2.37	4.15	-1.78

QQUP vs. NOBL - Sharpe Ratio Comparison

The current QQUP Sharpe Ratio is 0.83, which is lower than the NOBL Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of QQUP and NOBL, 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. NOBL - Drawdown Comparison

The maximum QQUP drawdown since its inception was -37.67%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for QQUP and NOBL.

Drawdown Indicators

	QQUP	NOBL	Difference
Max Drawdown Largest peak-to-trough decline	-37.67%	-35.43%	-2.24%
Max Drawdown (1Y) Largest decline over 1 year	-37.67%	-9.11%	-28.56%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.36%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.92%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.43%	—
Current Drawdown Current decline from peak	-13.30%	-0.69%	-12.61%
Average Drawdown Average peak-to-trough decline	-9.98%	-3.47%	-6.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.24%	3.60%	+10.64%

Volatility

QQUP vs. NOBL - Volatility Comparison

ProShares Ultra QQQ Mega (QQUP) has a higher volatility of 13.64% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 4.72%. This indicates that QQUP's price experiences larger fluctuations and is considered to be riskier than NOBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQUP	NOBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.64%	4.72%	+8.92%
Volatility (6M) Calculated over the trailing 6-month period	32.00%	8.85%	+23.15%
Volatility (1Y) Calculated over the trailing 1-year period	40.69%	11.82%	+28.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.87%	14.47%	+25.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.87%	16.61%	+23.26%

QQUP vs. NOBL - Expense Ratio Comparison

QQUP has a 0.95% expense ratio, which is higher than NOBL's 0.35% expense ratio.

Dividends

QQUP vs. NOBL - Dividend Comparison

QQUP's dividend yield for the trailing twelve months is around 0.62%, less than NOBL's 2.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOBL ProShares S&P 500 Dividend Aristocrats ETF	2.03%	2.14%	2.05%	2.09%	1.94%	1.89%	2.14%	1.89%	2.37%	1.74%	2.13%	2.02%
QQUP ProShares Ultra QQQ Mega	0.62%	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQUP and NOBL in my portfolio?

QQUP and NOBL have a correlation of -0.03, 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 NOBL?

QQUP has higher volatility (13.64%) compared to NOBL (4.72%). In terms of maximum drawdown, QQUP dropped -37.67% vs NOBL's -35.43%.

Which ETF is better, QQUP or NOBL?

On 1-year performance, QQUP leads with 33.68% vs 14.89% for NOBL. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 4.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQUP or NOBL?

Over the 1-year period, QQUP has performed better with a 33.68% return vs 14.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQUP or NOBL?

NOBL is cheaper with a 0.35% expense ratio, compared with 0.95% for QQUP.

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

NOBL has the higher dividend yield at 2.03%, compared with 0.62% for QQUP.

What is the main difference between QQUP and NOBL?

QQUP is categorized as Leveraged Equities, while NOBL is Dividend. QQUP tracks Nasdaq-100 Mega Index (200%), while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.95% for QQUP and 0.35% for NOBL.

Which has better risk-adjusted returns?

NOBL currently has the higher Sharpe Ratio (1.27 vs 0.83), 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.