QQUP vs. SQQQ
QQUP (ProShares Ultra Top QQQ) 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. At a correlation of -0.89, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
QQUP vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, QQUP achieves a 14.50% return, which is significantly higher than SQQQ's -45.27% return.
QQUP
- 1D
- -3.99%
- 1M
- 7.57%
- YTD
- 14.50%
- 6M
- 8.63%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SQQQ
- 1D
- 0.76%
- 1M
- -26.37%
- YTD
- -45.27%
- 6M
- -42.79%
- 1Y
- -65.16%
- 3Y*
- -56.19%
- 5Y*
- -49.17%
- 10Y*
- -56.01%
QQUP vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
QQUP ProShares Ultra Top QQQ | 14.50% | 44.45% |
SQQQ ProShares UltraPro Short QQQ | -45.27% | -34.26% |
Correlation
The correlation between QQUP and SQQQ is -0.89, 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 (All Time) Calculated using the full available price history since Jun 13, 2025 | -0.89 |
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Return for Risk
QQUP vs. SQQQ — Risk / Return Rank
QQUP
SQQQ
QQUP vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Top QQQ (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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| QQUP | SQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | -1.37 | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.74 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.85 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.77 | -0.88 | +2.65 |
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.
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Drawdown Indicators
| QQUP | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.67% | -100.00% | +62.33% |
Max Drawdown (1Y)Largest decline over 1 year | — | -65.95% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -92.38% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -97.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.98% | — |
Current DrawdownCurrent decline from peak | -6.42% | -100.00% | +93.58% |
Average DrawdownAverage peak-to-trough decline | -9.20% | -92.40% | +83.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 35.73% | — |
Volatility
QQUP vs. SQQQ - Volatility Comparison
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Volatility by Period
| QQUP | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 13.75% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 36.45% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 38.52% | 47.79% | -9.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.52% | 66.64% | -28.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.52% | 66.11% | -27.59% |
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 0.42%, less than SQQQ's 12.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SQQQ ProShares UltraPro Short QQQ | 12.48% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
QQUP and SQQQ have a correlation of -0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.95% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
QQUP and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 12.48%, compared with 0.42% for QQUP.
QQUP tracks Nasdaq-100 Mega Index (200%), while SQQQ tracks NASDAQ-100 Index (-300%).
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