QQUP vs. SOXL

Last updated Jun 24, 2026

QQUP (ProShares Ultra Top QQQ) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds - QQUP tracks the Nasdaq-100 Mega Index (200%) while SOXL tracks the ICE Semiconductor Index. Both are passively managed. Over the past year, QQUP returned 38.57% vs 976.09% for SOXL. A 0.62 correlation means they provide meaningful diversification when combined. QQUP charges 0.95%/yr vs 0.75%/yr for SOXL.

Performance

QQUP vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Top QQQ (QQUP) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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 SOXL's 450.61% return.

QQUP

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

SOXL

• 1D: -23.06%
• 1M: 21.44%
• YTD: 450.61%
• 6M: 429.57%
• 1Y: 976.09%
• 3Y*: 120.84%
• 5Y*: 42.16%
• 10Y*: 64.56%

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

QQUP vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025
QQUP ProShares Ultra Top QQQ	-3.91%	45.33%
SOXL Direxion Daily Semiconductor Bull 3X ETF	450.61%	94.89%

Correlation

The correlation between QQUP and SOXL is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	0.62

The correlation between QQUP and SOXL has been stable across timeframes, ranging from 0.61 to 0.62 - a consistent structural relationship.

Return for Risk

QQUP vs. SOXL — 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

SOXL

SOXL Risk / Return Rank: 96
SOXL Sharpe Ratio Rank: 99
SOXL Sortino Ratio Rank: 90
SOXL Omega Ratio Rank: 92
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 98

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. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Top QQQ (QQUP) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	0.97	8.45	-7.48
Sortino ratio: Return per unit of downside risk	1.46	4.03	-2.57
Omega ratio: Gain probability vs. loss probability	1.18	1.58	-0.40
Calmar ratio: Return relative to maximum drawdown	1.03	22.69	-21.66
Martin ratio: Return relative to average drawdown	2.87	72.83	-69.96

QQUP vs. SOXL - Sharpe Ratio Comparison

The current QQUP Sharpe Ratio is 0.97, which is lower than the SOXL Sharpe Ratio of 8.45. The chart below compares the historical Sharpe Ratios of QQUP and SOXL, 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. SOXL - Drawdown Comparison

The maximum QQUP drawdown since its inception was -37.67%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for QQUP and SOXL.

Drawdown Indicators

	QQUP	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-37.67%	-90.46%	+52.79%
Max Drawdown (1Y) Largest decline over 1 year	-37.67%	-43.47%	+5.80%
Max Drawdown (3Y) Largest decline over 3 years	—	-87.88%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-90.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-90.46%	—
Current Drawdown Current decline from peak	-21.46%	-23.06%	+1.60%
Average Drawdown Average peak-to-trough decline	-9.48%	-34.95%	+25.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.45%	13.52%	-0.07%

Volatility

QQUP vs. SOXL - Volatility Comparison

The current volatility for ProShares Ultra Top QQQ (QQUP) is 14.01%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 68.39%. This indicates that QQUP experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQUP	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.01%	68.39%	-54.38%
Volatility (6M) Calculated over the trailing 6-month period	30.62%	99.84%	-69.22%
Volatility (1Y) Calculated over the trailing 1-year period	40.03%	116.79%	-76.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.79%	110.35%	-70.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.79%	100.62%	-60.83%

QQUP vs. SOXL - Expense Ratio Comparison

QQUP has a 0.95% expense ratio, which is higher than SOXL's 0.75% expense ratio.

Dividends

QQUP vs. SOXL - Dividend Comparison

QQUP's dividend yield for the trailing twelve months is around 0.50%, more than SOXL's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
QQUP ProShares Ultra Top QQQ	0.50%	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.03%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%

Frequently Asked Questions

Can I hold both QQUP and SOXL in my portfolio?

QQUP and SOXL have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQUP or SOXL?

SOXL has higher volatility (68.39%) compared to QQUP (14.01%). In terms of maximum drawdown, QQUP dropped -37.67% vs SOXL's -90.46%.

Which ETF is better, QQUP or SOXL?

On 1-year performance, SOXL leads with 976.09% vs 38.57% for QQUP. On fees, SOXL is cheaper at 0.75% per year. On volatility, QQUP has been the lower-risk option at 14.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQUP or SOXL?

Over the 1-year period, SOXL has performed better with a 976.09% return vs 38.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQUP or SOXL?

SOXL is cheaper with a 0.75% expense ratio, compared with 0.95% for QQUP.

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

QQUP has the higher dividend yield at 0.50%, compared with 0.03% for SOXL.

What is the main difference between QQUP and SOXL?

QQUP tracks Nasdaq-100 Mega Index (200%), while SOXL tracks ICE Semiconductor Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for QQUP and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (8.45 vs 0.97), 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.