QQUP vs. QQXL

Last updated Jun 24, 2026

QQUP (ProShares Ultra Top QQQ) and QQXL (ProShares Ultra QQQ Top 30) are both Leveraged Equities funds from ProShares. QQUP is passively managed, while QQXL is actively managed. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

QQUP vs. QQXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Top QQQ (QQUP) and ProShares Ultra QQQ Top 30 (QQXL). 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 QQXL's 29.98% return.

QQUP

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

QQXL

• 1D: -6.94%
• 1M: -4.15%
• YTD: 29.98%
• 6M: 26.31%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQUP vs. QQXL - Yearly Performance Comparison

	2026 (YTD)	2025
QQUP ProShares Ultra Top QQQ	-3.91%	10.23%
QQXL ProShares Ultra QQQ Top 30	29.98%	9.00%

Correlation

The correlation between QQUP and QQXL is 0.91, 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 Aug 15, 2025	0.91

Return for Risk

QQUP vs. QQXL — 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

QQXL

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

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. QQXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Top QQQ (QQUP) and ProShares Ultra QQQ Top 30 (QQXL). 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	QQXL	Difference
Sharpe ratio: Return per unit of total volatility	0.97	—	—
Sortino ratio: Return per unit of downside risk	1.46	—	—
Omega ratio: Gain probability vs. loss probability	1.18	—	—
Calmar ratio: Return relative to maximum drawdown	1.03	—	—
Martin ratio: Return relative to average drawdown	2.87	—	—

Drawdowns

QQUP vs. QQXL - Drawdown Comparison

The maximum QQUP drawdown since its inception was -37.67%, which is greater than QQXL's maximum drawdown of -27.34%. Use the drawdown chart below to compare losses from any high point for QQUP and QQXL.

Drawdown Indicators

	QQUP	QQXL	Difference
Max Drawdown Largest peak-to-trough decline	-37.67%	-27.34%	-10.33%
Max Drawdown (1Y) Largest decline over 1 year	-37.67%	—	—
Current Drawdown Current decline from peak	-21.46%	-10.03%	-11.43%
Average Drawdown Average peak-to-trough decline	-9.48%	-6.77%	-2.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.45%	—	—

Volatility

Volatility by Period

	QQUP	QQXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.01%	—	—
Volatility (6M) Calculated over the trailing 6-month period	30.62%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	40.03%	40.62%	-0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.79%	40.62%	-0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.79%	40.62%	-0.83%

QQUP vs. QQXL - Expense Ratio Comparison

Both QQUP and QQXL have an expense ratio of 0.95%.

Dividends

QQUP vs. QQXL - Dividend Comparison

QQUP's dividend yield for the trailing twelve months is around 0.50%, more than QQXL's 0.49% yield.

Position	TTM	2025
QQUP ProShares Ultra Top QQQ	0.50%	0.29%
QQXL ProShares Ultra QQQ Top 30	0.49%	0.08%

Frequently Asked Questions

Can I hold both QQUP and QQXL in my portfolio?

With a correlation of 0.91, QQUP and QQXL 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 ETF is better, QQUP or QQXL?

Both ETFs have the same 0.95% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QQUP or QQXL?

QQUP and QQXL have the same expense ratio: 0.95% per year.

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

QQUP has the higher dividend yield at 0.50%, compared with 0.49% for QQXL.