QQUP vs. QBIG

Last updated Jun 24, 2026

QQUP (ProShares Ultra Top QQQ) and QBIG (Invesco Top QQQ ETF) are both exchange-traded funds - QQUP is a Leveraged Equities fund tracking the Nasdaq-100 Mega Index (200%), while QBIG is a Large Cap Blend Equities fund actively managed by Invesco. QQUP is passively managed, while QBIG is actively managed. Over the past year, QQUP returned 38.57% vs 22.99% for QBIG. With a 0.98 correlation, they move nearly in lockstep. QQUP charges 0.95%/yr vs 0.29%/yr for QBIG.

Performance

QQUP vs. QBIG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Top QQQ (QQUP) and Invesco Top QQQ ETF (QBIG). 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 QBIG's -0.09% return.

QQUP

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

QBIG

• 1D: -1.88%
• 1M: -8.50%
• YTD: -0.09%
• 6M: -1.48%
• 1Y: 22.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQUP vs. QBIG - Yearly Performance Comparison

	2026 (YTD)	2025
QQUP ProShares Ultra Top QQQ	-3.91%	45.33%
QBIG Invesco Top QQQ ETF	-0.09%	23.61%

Correlation

The correlation between QQUP and QBIG is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	0.98

The correlation between QQUP and QBIG has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

Return for Risk

QQUP vs. QBIG — 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

QBIG

QBIG Risk / Return Rank: 29
QBIG Sharpe Ratio Rank: 33
QBIG Sortino Ratio Rank: 31
QBIG Omega Ratio Rank: 30
QBIG Calmar Ratio Rank: 25
QBIG Martin Ratio Rank: 27

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. QBIG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Top QQQ (QQUP) and Invesco Top QQQ ETF (QBIG). 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	QBIG	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.13	-0.16
Sortino ratio: Return per unit of downside risk	1.46	1.60	-0.14
Omega ratio: Gain probability vs. loss probability	1.18	1.20	-0.02
Calmar ratio: Return relative to maximum drawdown	1.03	1.17	-0.14
Martin ratio: Return relative to average drawdown	2.87	3.51	-0.64

QQUP vs. QBIG - Sharpe Ratio Comparison

The current QQUP Sharpe Ratio is 0.97, which is comparable to the QBIG Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of QQUP and QBIG, 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. QBIG - Drawdown Comparison

The maximum QQUP drawdown since its inception was -37.67%, which is greater than QBIG's maximum drawdown of -30.33%. Use the drawdown chart below to compare losses from any high point for QQUP and QBIG.

Drawdown Indicators

	QQUP	QBIG	Difference
Max Drawdown Largest peak-to-trough decline	-37.67%	-30.33%	-7.34%
Max Drawdown (1Y) Largest decline over 1 year	-37.67%	-19.70%	-17.97%
Current Drawdown Current decline from peak	-21.46%	-11.23%	-10.23%
Average Drawdown Average peak-to-trough decline	-9.48%	-7.04%	-2.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.45%	6.56%	+6.89%

Volatility

QQUP vs. QBIG - Volatility Comparison

ProShares Ultra Top QQQ (QQUP) has a higher volatility of 14.01% compared to Invesco Top QQQ ETF (QBIG) at 7.26%. This indicates that QQUP's price experiences larger fluctuations and is considered to be riskier than QBIG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQUP	QBIG	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.01%	7.26%	+6.75%
Volatility (6M) Calculated over the trailing 6-month period	30.62%	15.64%	+14.98%
Volatility (1Y) Calculated over the trailing 1-year period	40.03%	20.43%	+19.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.79%	27.41%	+12.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.79%	27.41%	+12.38%

QQUP vs. QBIG - Expense Ratio Comparison

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

Dividends

QQUP vs. QBIG - Dividend Comparison

QQUP's dividend yield for the trailing twelve months is around 0.50%, while QBIG has not paid dividends to shareholders.

Position	TTM	2025
QBIG Invesco Top QQQ ETF	0.00%	0.00%
QQUP ProShares Ultra Top QQQ	0.50%	0.29%

Frequently Asked Questions

Can I hold both QQUP and QBIG in my portfolio?

With a correlation of 0.98, QQUP and QBIG 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 QBIG?

QQUP has higher volatility (14.01%) compared to QBIG (7.26%). In terms of maximum drawdown, QQUP dropped -37.67% vs QBIG's -30.33%.

Which ETF is better, QQUP or QBIG?

On 1-year performance, QQUP leads with 38.57% vs 22.99% for QBIG. On fees, QBIG is cheaper at 0.29% per year. On volatility, QBIG has been the lower-risk option at 7.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQUP or QBIG?

Over the 1-year period, QQUP has performed better with a 38.57% return vs 22.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQUP or QBIG?

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

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

QQUP has the higher dividend yield at 0.50%, compared with 0.00% for QBIG.

What is the main difference between QQUP and QBIG?

QQUP is categorized as Leveraged Equities, while QBIG is Large Cap Blend Equities. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for QQUP and 0.29% for QBIG.

Which has better risk-adjusted returns?

QBIG currently has the higher Sharpe Ratio (1.13 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.