QQUP vs. QQQU

Last updated Aug 4, 2026

QQUP (ProShares Ultra QQQ Mega) 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 Indxx Magnificent 7 Index (200%). Both are passively managed. Over the past year, QQUP returned 36.48% vs 37.63% for QQQU. Their correlation of 0.90 means they have usually moved in the same direction. QQUP charges 0.95%/yr vs 0.98%/yr for QQQU.

Performance

QQUP vs. QQQU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ Mega (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 9.84% return, which is significantly higher than QQQU's 1.57% return.

QQUP

• 1D: 4.81%
• 1M: 10.89%
• 6M: 12.96%
• YTD: 9.84%
• 1Y: 36.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 50.62%

QQQU

• 1D: 7.16%
• 1M: 9.48%
• 6M: 1.66%
• YTD: 1.57%
• 1Y: 37.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 47.13%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QQQU Direxion Daily Magnificent 7 Bull 2X Shares	$2.50M	$2.73M	$3.72M
QQUP ProShares Ultra QQQ Mega	$177.41K	$149.28K	$548.03K

QQUP vs. QQQU - Yearly Performance Comparison

	2026 (YTD)	2025
QQUP ProShares Ultra QQQ Mega	9.84%	45.33%
QQQU Direxion Daily Magnificent 7 Bull 2X Shares	1.57%	50.43%

Correlation

The correlation between QQUP and QQQU is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	0.90

The correlation between QQUP and QQQU has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

QQUP vs. QQQU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QQUP

QQUP Risk / Return Rank: 33
QQUP Sharpe Ratio Rank: 35
QQUP Sortino Ratio Rank: 36
QQUP Omega Ratio Rank: 35
QQUP Calmar Ratio Rank: 30
QQUP Martin Ratio Rank: 29

QQQU

QQQU Risk / Return Rank: 33
QQQU Sharpe Ratio Rank: 34
QQQU Sortino Ratio Rank: 36
QQQU Omega Ratio Rank: 35
QQQU Calmar Ratio Rank: 31
QQQU Martin Ratio Rank: 31

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QQUP vs. QQQU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ Mega (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.

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	QQQU	Difference
Sharpe ratio: Return per unit of total volatility	0.87	0.85	+0.02
Sortino ratio: Return per unit of downside risk	1.37	1.37	0.00
Omega ratio: Gain probability vs. loss probability	1.17	1.17	0.00
Calmar ratio: Return relative to maximum drawdown	0.97	1.04	-0.07
Martin ratio: Return relative to average drawdown	2.47	2.81	-0.34

QQUP vs. QQQU - Sharpe Ratio Comparison

The current QQUP Sharpe Ratio is 0.87, which is comparable to the QQQU Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of QQUP and QQQU, 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. 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	-37.67%	-36.29%	-1.38%
Current Drawdown Current decline from peak	-10.23%	-9.27%	-0.96%
Average Drawdown Average peak-to-trough decline	-10.31%	-13.50%	+3.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.78%	13.41%	+1.37%

Volatility

QQUP vs. QQQU - Volatility Comparison

The current volatility for ProShares Ultra QQQ Mega (QQUP) is 15.15%, while Direxion Daily Magnificent 7 Bull 2X Shares (QQQU) has a volatility of 17.64%. This indicates that QQUP experiences smaller price fluctuations and is considered to be less risky than QQQU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQUP	QQQU	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.15%	17.64%	-2.49%
Volatility (6M) Calculated over the trailing 6-month period	33.28%	35.48%	-2.20%
Volatility (1Y) Calculated over the trailing 1-year period	42.25%	44.73%	-2.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.94%	53.54%	-12.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.94%	53.54%	-12.60%

QQUP vs. QQQU - Expense Ratio Comparison

QQUP has a 0.95% expense ratio, which is lower than QQQU's 0.98% expense ratio.

Dividends

QQUP vs. QQQU - Dividend Comparison

QQUP's dividend yield for the trailing twelve months is around 0.60%, less than QQQU's 9.40% yield.

Position	TTM	2025	2024
QQQU Direxion Daily Magnificent 7 Bull 2X Shares	9.40%	9.62%	2.75%
QQUP ProShares Ultra QQQ Mega	0.60%	0.29%	0.00%

Frequently Asked Questions

Can I hold both QQUP and QQQU in my portfolio?

With a correlation of 0.92, QQUP and QQQU 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 QQQU?

QQQU has higher volatility (17.64%) compared to QQUP (15.15%). In terms of maximum drawdown, QQUP dropped -37.67% vs QQQU's -53.70%.

Which ETF is better, QQUP or QQQU?

On 1-year performance, QQQU leads with 37.63% vs 36.48% for QQUP. On fees, QQUP is cheaper at 0.95% per year. On volatility, QQUP has been the lower-risk option at 15.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQUP or QQQU?

Over the 1-year period, QQQU has performed better with a 37.63% return vs 36.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQUP or QQQU?

QQUP is cheaper with a 0.95% expense ratio, compared with 0.98% for QQQU.

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

QQQU has the higher dividend yield at 9.40%, compared with 0.60% for QQUP.

What is the main difference between QQUP and QQQU?

QQUP tracks Nasdaq-100 Mega Index (200%), while QQQU tracks Indxx Magnificent 7 Index (200%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for QQUP and 0.98% for QQQU.

Which has better risk-adjusted returns?

QQUP currently has the higher Sharpe Ratio (0.87 vs 0.85), 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.