QQUP vs. SMH

Last updated Jun 4, 2026

QQUP (ProShares Ultra Top QQQ) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - QQUP is a Leveraged Equities fund tracking the Nasdaq-100 Mega Index (200%), while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. A 0.70 correlation means they provide meaningful diversification when combined. QQUP charges 0.95%/yr vs 0.35%/yr for SMH.

Performance

QQUP vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Top QQQ (QQUP) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQUP achieves a 14.50% return, which is significantly lower than SMH's 77.13% return.

QQUP

• 1D: -3.99%
• 1M: 7.57%
• YTD: 14.50%
• 6M: 8.63%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMH

• 1D: 0.90%
• 1M: 25.87%
• YTD: 77.13%
• 6M: 75.61%
• 1Y: 157.20%
• 3Y*: 64.17%
• 5Y*: 39.21%
• 10Y*: 37.68%

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

QQUP vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025
QQUP ProShares Ultra Top QQQ	14.50%	44.45%
SMH VanEck Semiconductor ETF	77.13%	37.28%

Correlation

The correlation between QQUP and SMH is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 13, 2025	0.70

Return for Risk

QQUP vs. SMH — Risk / Return Rank

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

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 98
SMH Sortino Ratio Rank: 95
SMH Omega Ratio Rank: 95
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

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. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Top QQQ (QQUP) and VanEck Semiconductor ETF (SMH). 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	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	5.19	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.13	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.77	0.34	+1.43

Drawdowns

QQUP vs. SMH - Drawdown Comparison

The maximum QQUP drawdown since its inception was -37.67%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for QQUP and SMH.

Drawdown Indicators

	QQUP	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-37.67%	-84.96%	+47.29%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.93%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-35.74%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-45.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.30%	—
Current Drawdown Current decline from peak	-6.42%	0.00%	-6.42%
Average Drawdown Average peak-to-trough decline	-9.20%	-41.09%	+31.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.89%	—

Volatility

Volatility by Period

	QQUP	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.47%	—
Volatility (6M) Calculated over the trailing 6-month period	—	24.29%	—
Volatility (1Y) Calculated over the trailing 1-year period	38.52%	30.56%	+7.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.52%	35.01%	+3.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.52%	32.57%	+5.95%

QQUP vs. SMH - Expense Ratio Comparison

QQUP has a 0.95% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

QQUP vs. SMH - Dividend Comparison

QQUP's dividend yield for the trailing twelve months is around 0.42%, more than SMH's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQUP ProShares Ultra Top QQQ	0.42%	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMH VanEck Semiconductor ETF	0.17%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%

Frequently Asked Questions

Can I hold both QQUP and SMH in my portfolio?

QQUP and SMH have a correlation of 0.70, 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 SMH?

On fees, SMH is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QQUP or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.95% for QQUP.

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

QQUP has the higher dividend yield at 0.42%, compared with 0.17% for SMH.

What is the main difference between QQUP and SMH?

QQUP is categorized as Leveraged Equities, while SMH is Semiconductors. QQUP tracks Nasdaq-100 Mega Index (200%), while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: ProShares and VanEck. Their fees differ too: 0.95% for QQUP and 0.35% for SMH.