QQUP vs. TQQQ

Last updated Jun 24, 2026

QQUP (ProShares Ultra Top QQQ) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds from ProShares - QQUP tracks the Nasdaq-100 Mega Index (200%) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past year, QQUP returned 38.57% vs 100.69% for TQQQ. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

QQUP vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Top QQQ (QQUP) and ProShares UltraPro QQQ (TQQQ). 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 TQQQ's 41.43% return.

QQUP

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

TQQQ

• 1D: -9.86%
• 1M: -4.37%
• YTD: 41.43%
• 6M: 35.75%
• 1Y: 100.69%
• 3Y*: 58.02%
• 5Y*: 21.47%
• 10Y*: 45.48%

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

QQUP vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025
QQUP ProShares Ultra Top QQQ	-3.91%	45.33%
TQQQ ProShares UltraPro QQQ	41.43%	40.96%

Correlation

The correlation between QQUP and TQQQ is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	0.89

The correlation between QQUP and TQQQ has been stable across timeframes, ranging from 0.89 to 0.89 - a consistent structural relationship.

Return for Risk

QQUP vs. TQQQ — 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

TQQQ

TQQQ Risk / Return Rank: 53
TQQQ Sharpe Ratio Rank: 58
TQQQ Sortino Ratio Rank: 47
TQQQ Omega Ratio Rank: 49
TQQQ Calmar Ratio Rank: 57
TQQQ Martin Ratio Rank: 52

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. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Top QQQ (QQUP) and ProShares UltraPro QQQ (TQQQ). 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	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.90	-0.93
Sortino ratio: Return per unit of downside risk	1.46	2.27	-0.81
Omega ratio: Gain probability vs. loss probability	1.18	1.30	-0.12
Calmar ratio: Return relative to maximum drawdown	1.03	2.74	-1.71
Martin ratio: Return relative to average drawdown	2.87	8.72	-5.84

QQUP vs. TQQQ - Sharpe Ratio Comparison

The current QQUP Sharpe Ratio is 0.97, which is lower than the TQQQ Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of QQUP and TQQQ, 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. TQQQ - Drawdown Comparison

The maximum QQUP drawdown since its inception was -37.67%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for QQUP and TQQQ.

Drawdown Indicators

	QQUP	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-37.67%	-81.66%	+43.99%
Max Drawdown (1Y) Largest decline over 1 year	-37.67%	-36.97%	-0.70%
Max Drawdown (3Y) Largest decline over 3 years	—	-58.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-81.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-81.66%	—
Current Drawdown Current decline from peak	-21.46%	-14.65%	-6.81%
Average Drawdown Average peak-to-trough decline	-9.48%	-18.49%	+9.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.45%	11.59%	+1.86%

Volatility

QQUP vs. TQQQ - Volatility Comparison

The current volatility for ProShares Ultra Top QQQ (QQUP) is 14.01%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 27.27%. This indicates that QQUP experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQUP	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.01%	27.27%	-13.26%
Volatility (6M) Calculated over the trailing 6-month period	30.62%	43.35%	-12.73%
Volatility (1Y) Calculated over the trailing 1-year period	40.03%	53.39%	-13.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.79%	67.41%	-27.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.79%	66.32%	-26.53%

QQUP vs. TQQQ - Expense Ratio Comparison

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

Dividends

QQUP vs. TQQQ - Dividend Comparison

QQUP's dividend yield for the trailing twelve months is around 0.50%, more than TQQQ's 0.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
TQQQ ProShares UltraPro QQQ	0.42%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%

Frequently Asked Questions

Can I hold both QQUP and TQQQ in my portfolio?

QQUP and TQQQ 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.

Which is riskier, QQUP or TQQQ?

TQQQ has higher volatility (27.27%) compared to QQUP (14.01%). In terms of maximum drawdown, QQUP dropped -37.67% vs TQQQ's -81.66%.

Which ETF is better, QQUP or TQQQ?

On 1-year performance, TQQQ leads with 100.69% vs 38.57% for QQUP. Both ETFs have the same 0.95% expense ratio. 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 TQQQ?

Over the 1-year period, TQQQ has performed better with a 100.69% 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 TQQQ?

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

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

QQUP has the higher dividend yield at 0.50%, compared with 0.42% for TQQQ.

What is the main difference between QQUP and TQQQ?

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

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (1.90 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.