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QQUP vs. SMH
Performance
Return for Risk
Dividends
Drawdowns
Volatility

QQUP vs. SMH

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares Ultra Top QQQ (QQUP) and VanEck Semiconductor ETF (SMH).

QQUP and SMH 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. SMH is a passively managed fund by VanEck that tracks the performance of the MVIS US Listed Semiconductor 25 Index. It was launched on Dec 20, 2011. Both QQUP and SMH are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

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QQUP vs. SMH - Yearly Performance Comparison

2026 (YTD)2025
QQUP
ProShares Ultra Top QQQ		-21.45%44.45%
SMH
VanEck Semiconductor ETF		8.84%37.28%

Returns By Period

In the year-to-date period, QQUP achieves a -21.45% return, which is significantly lower than SMH's 8.84% return.

QQUP

1D
2.59%
1M
-8.10%
YTD
-21.45%
6M
-20.61%
1Y
—
3Y*
—
5Y*
—
10Y*
—

SMH

1D
2.24%
1M
-3.55%
YTD
8.84%
6M
17.83%
1Y
85.04%
3Y*
44.53%
5Y*
26.15%
10Y*
31.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra Top QQQ

VanEck Semiconductor ETF

Often compared with QQUP:
QQUP vs. QLDQQUP vs. TQQQQQUP vs. QQQUQQUP vs. QQQQQUP vs. GDEQQUP vs. MAGSQQUP vs. MAGX
Often compared with SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. SMHXSMH vs. XLK

QQUP vs. SMH - Expense Ratio Comparison

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

QQUP
ProShares Ultra Top QQQ
SMH
VanEck Semiconductor ETF

Return for Risk

QQUP vs. SMH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QQUP
SMH
SMH Risk / Return Rank: 9595
Overall Rank
SMH Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
SMH Sortino Ratio Rank: 9393
Sortino Ratio Rank
SMH Omega Ratio Rank: 9292
Omega Ratio Rank
SMH Calmar Ratio Rank: 9797
Calmar Ratio Rank
SMH Martin Ratio Rank: 9797
Martin Ratio Rank
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.

QQUP vs. SMH - Sharpe Ratio Comparison

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Sharpe Ratios by Period

QQUPSMHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

—

2.32

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.76

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.98

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.44

0.28

+0.16

Correlation

The correlation between QQUP and SMH 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. SMH - Dividend Comparison

QQUP's dividend yield for the trailing twelve months is around 0.61%, more than SMH's 0.28% yield.

TTM20252024202320222021202020192018201720162015
QQUP
ProShares Ultra Top QQQ		0.61%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		0.28%0.31%0.44%0.60%1.18%0.51%0.69%1.50%1.88%1.43%0.80%2.14%

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.

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Drawdown Indicators

QQUPSMHDifference

Max Drawdown

Largest peak-to-trough decline

-37.67%

-84.96%

+47.29%

Max Drawdown (1Y)

Largest decline over 1 year

—

-15.95%

—

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

-30.55%

-8.02%

-22.53%

Average Drawdown

Average peak-to-trough decline

-9.16%

-41.35%

+32.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

—

4.47%

—

Volatility

QQUP vs. SMH - Volatility Comparison

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Volatility by Period

QQUPSMHDifference

Volatility (1M)

Calculated over the trailing 1-month period

—

11.74%

—

Volatility (6M)

Calculated over the trailing 6-month period

—

24.02%

—

Volatility (1Y)

Calculated over the trailing 1-year period

38.72%

36.88%

+1.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

38.72%

34.68%

+4.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

38.72%

32.29%

+6.43%