QQUP vs. SQQQ

Last updated Jul 17, 2026

QQUP (ProShares Ultra QQQ Mega) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - QQUP tracks the Nasdaq-100 Mega Index (200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past year, QQUP returned 33.68% vs -54.36% for SQQQ. At a correlation of -0.85, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

QQUP vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ Mega (QQUP) and ProShares UltraPro Short QQQ (SQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQUP achieves a 6.08% return, which is significantly higher than SQQQ's -38.86% return.

QQUP

• 1D: -2.93%
• 1M: 1.66%
• 6M: 8.16%
• YTD: 6.08%
• 1Y: 33.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SQQQ

• 1D: 5.01%
• 1M: 8.33%
• 6M: -36.79%
• YTD: -38.86%
• 1Y: -54.36%
• 3Y*: -50.96%
• 5Y*: -45.88%
• 10Y*: -55.08%

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

QQUP vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025
QQUP ProShares Ultra QQQ Mega	6.08%	45.33%
SQQQ ProShares UltraPro Short QQQ	-38.86%	-34.68%

Correlation

The correlation between QQUP and SQQQ is -0.85, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.85
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	-0.85

The correlation between QQUP and SQQQ has been stable across timeframes, ranging from -0.85 to -0.85 - a consistent structural relationship.

Return for Risk

QQUP vs. SQQQ — 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: 24

SQQQ

SQQQ Risk / Return Rank: 1
SQQQ Sharpe Ratio Rank: 2
SQQQ Sortino Ratio Rank: 2
SQQQ Omega Ratio Rank: 2
SQQQ Calmar Ratio Rank: 1
SQQQ Martin Ratio Rank: 0

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. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ Mega (QQUP) and ProShares UltraPro Short QQQ (SQQQ). 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	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.83	-0.98	+1.81
Sortino ratio: Return per unit of downside risk	1.31	-1.58	+2.89
Omega ratio: Gain probability vs. loss probability	1.16	0.83	+0.33
Calmar ratio: Return relative to maximum drawdown	0.90	-0.89	+1.79
Martin ratio: Return relative to average drawdown	2.37	-1.63	+4.00

QQUP vs. SQQQ - Sharpe Ratio Comparison

The current QQUP Sharpe Ratio is 0.83, which is higher than the SQQQ Sharpe Ratio of -0.98. The chart below compares the historical Sharpe Ratios of QQUP and SQQQ, 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. SQQQ - Drawdown Comparison

The maximum QQUP drawdown since its inception was -37.67%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for QQUP and SQQQ.

Drawdown Indicators

	QQUP	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-37.67%	-100.00%	+62.33%
Max Drawdown (1Y) Largest decline over 1 year	-37.67%	-61.03%	+23.36%
Max Drawdown (3Y) Largest decline over 3 years	—	-92.51%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-97.27%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.97%	—
Current Drawdown Current decline from peak	-13.30%	-100.00%	+86.70%
Average Drawdown Average peak-to-trough decline	-9.98%	-92.76%	+82.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.24%	33.36%	-19.12%

Volatility

QQUP vs. SQQQ - Volatility Comparison

The current volatility for ProShares Ultra QQQ Mega (QQUP) is 13.64%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 22.32%. This indicates that QQUP experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQUP	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.64%	22.32%	-8.68%
Volatility (6M) Calculated over the trailing 6-month period	32.00%	46.22%	-14.22%
Volatility (1Y) Calculated over the trailing 1-year period	40.69%	55.87%	-15.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.87%	67.91%	-28.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.87%	66.57%	-26.70%

QQUP vs. SQQQ - Expense Ratio Comparison

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

Dividends

QQUP vs. SQQQ - Dividend Comparison

QQUP's dividend yield for the trailing twelve months is around 0.62%, less than SQQQ's 9.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
QQUP ProShares Ultra QQQ Mega	0.62%	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SQQQ ProShares UltraPro Short QQQ	9.77%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%

Frequently Asked Questions

Can I hold both QQUP and SQQQ in my portfolio?

QQUP and SQQQ have a correlation of -0.85, 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 SQQQ?

SQQQ has higher volatility (22.32%) compared to QQUP (13.64%). In terms of maximum drawdown, QQUP dropped -37.67% vs SQQQ's -100.00%.

Which ETF is better, QQUP or SQQQ?

On 1-year performance, QQUP leads with 33.68% vs -54.36% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, QQUP has been the lower-risk option at 13.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQUP or SQQQ?

Over the 1-year period, QQUP has performed better with a 33.68% return vs -54.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQUP or SQQQ?

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

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

SQQQ has the higher dividend yield at 9.77%, compared with 0.62% for QQUP.

What is the main difference between QQUP and SQQQ?

QQUP tracks Nasdaq-100 Mega Index (200%), while SQQQ tracks NASDAQ-100 Index (-300%).

Which has better risk-adjusted returns?

QQUP currently has the higher Sharpe Ratio (0.83 vs -0.98), 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.