QQUP vs. QQQM

Last updated Jun 24, 2026

QQUP (ProShares Ultra Top QQQ) and QQQM (Invesco NASDAQ 100 ETF) are both exchange-traded funds - QQUP is a Leveraged Equities fund tracking the Nasdaq-100 Mega Index (200%), while QQQM is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past year, QQUP returned 38.57% vs 34.99% for QQQM. Their correlation of 0.89 suggests significant overlap in exposure. QQUP charges 0.95%/yr vs 0.15%/yr for QQQM.

Performance

QQUP vs. QQQM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Top QQQ (QQUP) and Invesco NASDAQ 100 ETF (QQQM). 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 QQQM's 16.48% return.

QQUP

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

QQQM

• 1D: -3.30%
• 1M: -0.42%
• YTD: 16.48%
• 6M: 15.00%
• 1Y: 34.99%
• 3Y*: 26.15%
• 5Y*: 16.11%
• 10Y*: —

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

QQUP vs. QQQM - Yearly Performance Comparison

	2026 (YTD)	2025
QQUP ProShares Ultra Top QQQ	-3.91%	45.33%
QQQM Invesco NASDAQ 100 ETF	16.48%	15.83%

Correlation

The correlation between QQUP and QQQM is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	0.89

The correlation between QQUP and QQQM has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.

Return for Risk

QQUP vs. QQQM — 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

QQQM

QQQM Risk / Return Rank: 60
QQQM Sharpe Ratio Rank: 61
QQQM Sortino Ratio Rank: 56
QQQM Omega Ratio Rank: 59
QQQM Calmar Ratio Rank: 61
QQQM Martin Ratio Rank: 62

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. QQQM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Top QQQ (QQUP) and Invesco NASDAQ 100 ETF (QQQM). 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	QQQM	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.97	-1.00
Sortino ratio: Return per unit of downside risk	1.46	2.58	-1.12
Omega ratio: Gain probability vs. loss probability	1.18	1.35	-0.17
Calmar ratio: Return relative to maximum drawdown	1.03	2.94	-1.91
Martin ratio: Return relative to average drawdown	2.87	10.88	-8.01

QQUP vs. QQQM - Sharpe Ratio Comparison

The current QQUP Sharpe Ratio is 0.97, which is lower than the QQQM Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of QQUP and QQQM, 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. QQQM - Drawdown Comparison

The maximum QQUP drawdown since its inception was -37.67%, which is greater than QQQM's maximum drawdown of -35.04%. Use the drawdown chart below to compare losses from any high point for QQUP and QQQM.

Drawdown Indicators

	QQUP	QQQM	Difference
Max Drawdown Largest peak-to-trough decline	-37.67%	-35.04%	-2.63%
Max Drawdown (1Y) Largest decline over 1 year	-37.67%	-11.96%	-25.71%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.70%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.04%	—
Current Drawdown Current decline from peak	-21.46%	-4.24%	-17.22%
Average Drawdown Average peak-to-trough decline	-9.48%	-8.20%	-1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.45%	3.22%	+10.23%

Volatility

QQUP vs. QQQM - Volatility Comparison

ProShares Ultra Top QQQ (QQUP) has a higher volatility of 14.01% compared to Invesco NASDAQ 100 ETF (QQQM) at 9.00%. This indicates that QQUP's price experiences larger fluctuations and is considered to be riskier than QQQM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQUP	QQQM	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.01%	9.00%	+5.01%
Volatility (6M) Calculated over the trailing 6-month period	30.62%	14.43%	+16.19%
Volatility (1Y) Calculated over the trailing 1-year period	40.03%	17.85%	+22.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.79%	22.53%	+17.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.79%	22.30%	+17.49%

QQUP vs. QQQM - Expense Ratio Comparison

QQUP has a 0.95% expense ratio, which is higher than QQQM's 0.15% expense ratio.

Dividends

QQUP vs. QQQM - Dividend Comparison

QQUP's dividend yield for the trailing twelve months is around 0.50%, more than QQQM's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
QQQM Invesco NASDAQ 100 ETF	0.44%	0.50%	0.61%	0.65%	0.83%	0.40%	0.16%
QQUP ProShares Ultra Top QQQ	0.50%	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQUP and QQQM in my portfolio?

QQUP and QQQM have a correlation of 0.88, 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 QQQM?

QQUP has higher volatility (14.01%) compared to QQQM (9.00%). In terms of maximum drawdown, QQUP dropped -37.67% vs QQQM's -35.04%.

Which ETF is better, QQUP or QQQM?

On 1-year performance, QQUP leads with 38.57% vs 34.99% for QQQM. On fees, QQQM is cheaper at 0.15% per year. On volatility, QQQM has been the lower-risk option at 9.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQUP or QQQM?

Over the 1-year period, QQUP has performed better with a 38.57% return vs 34.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQUP or QQQM?

QQQM is cheaper with a 0.15% expense ratio, compared with 0.95% for QQUP.

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

QQUP has the higher dividend yield at 0.50%, compared with 0.44% for QQQM.

What is the main difference between QQUP and QQQM?

QQUP is categorized as Leveraged Equities, while QQQM is Nasdaq-100. QQUP tracks Nasdaq-100 Mega Index (200%), while QQQM tracks NASDAQ-100 Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for QQUP and 0.15% for QQQM.

Which has better risk-adjusted returns?

QQQM currently has the higher Sharpe Ratio (1.97 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.