QQUP vs. QTAP

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Ultra Top QQQ (QQUP) and Innovator Growth Accelerated Plus ETF - April (QTAP).

QQUP and QTAP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QQUP is a passively managed fund by ProShares that tracks the performance of the Nasdaq-100 Mega Index (200%). It was launched on Jun 10, 2025. QTAP is an actively managed fund by Innovator. It was launched on Apr 1, 2021.

Performance

QQUP vs. QTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Top QQQ (QQUP) and Innovator Growth Accelerated Plus ETF - April (QTAP). The values are adjusted to include any dividend payments, if applicable.

QQUP vs. QTAP - Yearly Performance Comparison

	2026 (YTD)	2025
QQUP ProShares Ultra Top QQQ	-23.43%	44.45%
QTAP Innovator Growth Accelerated Plus ETF - April	1.26%	8.73%

Returns By Period

In the year-to-date period, QQUP achieves a -23.43% return, which is significantly lower than QTAP's 1.26% return.

QQUP

• 1D: 8.61%
• 1M: -9.29%
• YTD: -23.43%
• 6M: -22.35%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QTAP

• 1D: -0.51%
• 1M: 0.09%
• YTD: 1.26%
• 6M: 3.74%
• 1Y: 19.73%
• 3Y*: 18.89%
• 5Y*: —
• 10Y*: —

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

QQUP vs. QTAP - Expense Ratio Comparison

QQUP has a 0.95% expense ratio, which is higher than QTAP's 0.79% expense ratio.

QQUP

ProShares Ultra Top QQQ

QTAP

Innovator Growth Accelerated Plus ETF - April

Return for Risk

QQUP vs. QTAP — Risk / Return Rank

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

QTAP

QTAP Risk / Return Rank: 80
QTAP Sharpe Ratio Rank: 69
QTAP Sortino Ratio Rank: 76
QTAP Omega Ratio Rank: 95
QTAP Calmar Ratio Rank: 68
QTAP Martin Ratio Rank: 91

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. QTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Top QQQ (QQUP) and Innovator Growth Accelerated Plus ETF - April (QTAP). 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	QTAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.22	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.62	-0.27

Correlation

The correlation between QQUP and QTAP is 0.72, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

QQUP vs. QTAP - Dividend Comparison

QQUP's dividend yield for the trailing twelve months is around 0.63%, while QTAP has not paid dividends to shareholders.

	TTM	2025
QQUP ProShares Ultra Top QQQ	0.63%	0.29%
QTAP Innovator Growth Accelerated Plus ETF - April	0.00%	0.00%

Drawdowns

QQUP vs. QTAP - Drawdown Comparison

The maximum QQUP drawdown since its inception was -37.67%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for QQUP and QTAP.

Drawdown Indicators

	QQUP	QTAP	Difference
Max Drawdown Largest peak-to-trough decline	-37.67%	-29.44%	-8.23%
Max Drawdown (1Y) Largest decline over 1 year	—	-12.04%	—
Current Drawdown Current decline from peak	-32.30%	-0.51%	-31.79%
Average Drawdown Average peak-to-trough decline	-9.06%	-5.21%	-3.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.68%	—

Volatility

Volatility by Period

	QQUP	QTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.76%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.75%	—
Volatility (1Y) Calculated over the trailing 1-year period	38.71%	16.31%	+22.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.71%	19.02%	+19.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.71%	19.02%	+19.69%