QQUP vs. QQQU

Last updated Jun 3, 2026

QQUP (ProShares Ultra Top QQQ) and QQQU (Direxion Daily Magnificent 7 Bull 2X Shares) are both Leveraged Equities funds - QQUP tracks the Nasdaq-100 Mega Index (200%) while QQQU tracks the The Indxx Magnificent 7 Index (200%). Both are passively managed. Their correlation of 0.89 suggests significant overlap in exposure. QQUP charges 0.95%/yr vs 1.07%/yr for QQQU.

Performance

QQUP vs. QQQU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Top QQQ (QQUP) and Direxion Daily Magnificent 7 Bull 2X Shares (QQQU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQUP achieves a 19.26% return, which is significantly higher than QQQU's 6.52% return.

QQUP

• 1D: -0.82%
• 1M: 11.36%
• YTD: 19.26%
• 6M: 10.86%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QQQU

• 1D: -1.90%
• 1M: 6.54%
• YTD: 6.52%
• 6M: 5.93%
• 1Y: 64.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQUP vs. QQQU - Yearly Performance Comparison

	2026 (YTD)	2025
QQUP ProShares Ultra Top QQQ	19.26%	44.45%
QQQU Direxion Daily Magnificent 7 Bull 2X Shares	6.52%	50.83%

Correlation

The correlation between QQUP and QQQU is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 13, 2025	0.89

Return for Risk

QQUP vs. QQQU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

QQQU

QQQU Risk / Return Rank: 41
QQQU Sharpe Ratio Rank: 46
QQQU Sortino Ratio Rank: 42
QQQU Omega Ratio Rank: 41
QQQU Calmar Ratio Rank: 37
QQQU Martin Ratio Rank: 36

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. QQQU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Top QQQ (QQUP) and Direxion Daily Magnificent 7 Bull 2X Shares (QQQU). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	QQUP	QQQU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.98	1.00	+0.98

Drawdowns

QQUP vs. QQQU - Drawdown Comparison

The maximum QQUP drawdown since its inception was -37.67%, smaller than the maximum QQQU drawdown of -53.70%. Use the drawdown chart below to compare losses from any high point for QQUP and QQQU.

Drawdown Indicators

	QQUP	QQQU	Difference
Max Drawdown Largest peak-to-trough decline	-37.67%	-53.70%	+16.03%
Max Drawdown (1Y) Largest decline over 1 year	—	-36.29%	—
Current Drawdown Current decline from peak	-2.52%	-4.86%	+2.34%
Average Drawdown Average peak-to-trough decline	-9.21%	-13.35%	+4.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	11.61%	—

Volatility

Volatility by Period

	QQUP	QQQU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.90%	—
Volatility (6M) Calculated over the trailing 6-month period	—	28.09%	—
Volatility (1Y) Calculated over the trailing 1-year period	38.35%	39.81%	-1.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.35%	53.01%	-14.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.35%	53.01%	-14.66%

QQUP vs. QQQU - Expense Ratio Comparison

QQUP has a 0.95% expense ratio, which is lower than QQQU's 1.07% expense ratio.

Dividends

QQUP vs. QQQU - Dividend Comparison

QQUP's dividend yield for the trailing twelve months is around 0.40%, less than QQQU's 9.01% yield.

Position	TTM	2025	2024
QQQU Direxion Daily Magnificent 7 Bull 2X Shares	9.01%	9.62%	2.75%
QQUP ProShares Ultra Top QQQ	0.40%	0.29%	0.00%

Frequently Asked Questions

Can I hold both QQUP and QQQU in my portfolio?

QQUP and QQQU have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QQUP or QQQU?

On fees, QQUP is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QQUP or QQQU?

QQUP is cheaper with a 0.95% expense ratio, compared with 1.07% for QQQU.

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

QQQU has the higher dividend yield at 9.01%, compared with 0.40% for QQUP.

What is the main difference between QQUP and QQQU?

QQUP tracks Nasdaq-100 Mega Index (200%), while QQQU tracks The Indxx Magnificent 7 Index (200%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for QQUP and 1.07% for QQQU.