QQUP vs. SSO

Last updated Jul 17, 2026

QQUP (ProShares Ultra QQQ Mega) and SSO (ProShares Ultra S&P500) are both Leveraged Equities funds from ProShares - QQUP tracks the Nasdaq-100 Mega Index (200%) while SSO tracks the S&P 500. Both are passively managed. Over the past year, QQUP returned 33.68% vs 37.75% for SSO. Their correlation of 0.82 suggests significant overlap in exposure. QQUP charges 0.95%/yr vs 0.87%/yr for SSO.

Performance

QQUP vs. SSO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ Mega (QQUP) and ProShares Ultra S&P500 (SSO). 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 lower than SSO's 17.80% return.

QQUP

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

SSO

• 1D: -1.03%
• 1M: 0.06%
• 6M: 14.60%
• YTD: 17.80%
• 1Y: 37.75%
• 3Y*: 32.35%
• 5Y*: 18.24%
• 10Y*: 23.26%

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

QQUP vs. SSO - Yearly Performance Comparison

	2026 (YTD)	2025
QQUP ProShares Ultra QQQ Mega	6.08%	45.33%
SSO ProShares Ultra S&P500	17.80%	25.87%

Correlation

The correlation between QQUP and SSO is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	0.82

The correlation between QQUP and SSO has been stable across timeframes, ranging from 0.82 to 0.83 - a consistent structural relationship.

Return for Risk

QQUP vs. SSO — 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

SSO

SSO Risk / Return Rank: 54
SSO Sharpe Ratio Rank: 55
SSO Sortino Ratio Rank: 51
SSO Omega Ratio Rank: 52
SSO Calmar Ratio Rank: 51
SSO Martin Ratio Rank: 61

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. SSO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ Mega (QQUP) and ProShares Ultra S&P500 (SSO). 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	SSO	Difference
Sharpe ratio: Return per unit of total volatility	0.83	1.52	-0.68
Sortino ratio: Return per unit of downside risk	1.31	2.05	-0.73
Omega ratio: Gain probability vs. loss probability	1.16	1.27	-0.11
Calmar ratio: Return relative to maximum drawdown	0.90	2.09	-1.19
Martin ratio: Return relative to average drawdown	2.37	8.58	-6.21

QQUP vs. SSO - Sharpe Ratio Comparison

The current QQUP Sharpe Ratio is 0.83, which is lower than the SSO Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of QQUP and SSO, 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. SSO - Drawdown Comparison

The maximum QQUP drawdown since its inception was -37.67%, smaller than the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for QQUP and SSO.

Drawdown Indicators

	QQUP	SSO	Difference
Max Drawdown Largest peak-to-trough decline	-37.67%	-84.67%	+47.00%
Max Drawdown (1Y) Largest decline over 1 year	-37.67%	-18.17%	-19.50%
Max Drawdown (3Y) Largest decline over 3 years	—	-35.21%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-46.73%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-59.34%	—
Current Drawdown Current decline from peak	-13.30%	-2.70%	-10.60%
Average Drawdown Average peak-to-trough decline	-9.98%	-19.48%	+9.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.24%	4.41%	+9.83%

Volatility

QQUP vs. SSO - Volatility Comparison

ProShares Ultra QQQ Mega (QQUP) has a higher volatility of 13.64% compared to ProShares Ultra S&P500 (SSO) at 6.83%. This indicates that QQUP's price experiences larger fluctuations and is considered to be riskier than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQUP	SSO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.64%	6.83%	+6.81%
Volatility (6M) Calculated over the trailing 6-month period	32.00%	19.92%	+12.08%
Volatility (1Y) Calculated over the trailing 1-year period	40.69%	25.02%	+15.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.87%	33.87%	+6.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.87%	35.86%	+4.01%

QQUP vs. SSO - Expense Ratio Comparison

QQUP has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.

Dividends

QQUP vs. SSO - Dividend Comparison

QQUP's dividend yield for the trailing twelve months is around 0.62%, less than SSO's 0.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
SSO ProShares Ultra S&P500	0.67%	0.68%	0.85%	0.18%	0.50%	0.18%	0.20%	0.50%	0.75%	0.39%	0.51%	0.63%

Frequently Asked Questions

Can I hold both QQUP and SSO in my portfolio?

QQUP and SSO have a correlation of 0.83, 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 SSO?

QQUP has higher volatility (13.64%) compared to SSO (6.83%). In terms of maximum drawdown, QQUP dropped -37.67% vs SSO's -84.67%.

Which ETF is better, QQUP or SSO?

On 1-year performance, SSO leads with 37.75% vs 33.68% for QQUP. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 6.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQUP or SSO?

Over the 1-year period, SSO has performed better with a 37.75% return vs 33.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQUP or SSO?

SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for QQUP.

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

SSO has the higher dividend yield at 0.67%, compared with 0.62% for QQUP.

What is the main difference between QQUP and SSO?

QQUP tracks Nasdaq-100 Mega Index (200%), while SSO tracks S&P 500. Their fees differ too: 0.95% for QQUP and 0.87% for SSO.

Which has better risk-adjusted returns?

SSO currently has the higher Sharpe Ratio (1.52 vs 0.83), 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.