QQUP vs. TSMG

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares Ultra Top QQQ (QQUP) and Leverage Shares 2X Long TSM Daily ETF (TSMG).

QQUP and TSMG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QQUP is a passively managed fund by ProShares that tracks the performance of the Nasdaq-100 Mega Index (200%). It was launched on Jun 10, 2025. TSMG is an actively managed fund by Leverage Shares. It was launched on Jan 14, 2025.

Performance

QQUP vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Top QQQ (QQUP) and Leverage Shares 2X Long TSM Daily ETF (TSMG). The values are adjusted to include any dividend payments, if applicable.

QQUP vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
QQUP ProShares Ultra Top QQQ	-21.45%	44.45%
TSMG Leverage Shares 2X Long TSM Daily ETF	18.85%	78.51%

Returns By Period

In the year-to-date period, QQUP achieves a -21.45% return, which is significantly lower than TSMG's 18.85% return.

QQUP

• 1D: 2.59%
• 1M: -8.10%
• YTD: -21.45%
• 6M: -20.61%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSMG

• 1D: 2.29%
• 1M: -16.16%
• YTD: 18.85%
• 6M: 24.81%
• 1Y: 225.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQUP vs. TSMG - Expense Ratio Comparison

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

QQUP

ProShares Ultra Top QQQ

TSMG

Leverage Shares 2X Long TSM Daily ETF

Return for Risk

QQUP vs. TSMG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TSMG

TSMG Risk / Return Rank: 95
TSMG Sharpe Ratio Rank: 97
TSMG Sortino Ratio Rank: 94
TSMG Omega Ratio Rank: 89
TSMG Calmar Ratio Rank: 98
TSMG Martin Ratio Rank: 97

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. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Top QQQ (QQUP) and Leverage Shares 2X Long TSM Daily ETF (TSMG). 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.

Sharpe Ratios by Period

	QQUP	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.94	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	1.04	-0.60

Correlation

The correlation between QQUP and TSMG is 0.60, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

QQUP vs. TSMG - Dividend Comparison

QQUP's dividend yield for the trailing twelve months is around 0.61%, less than TSMG's 9.66% yield.

	TTM	2025
QQUP ProShares Ultra Top QQQ	0.61%	0.29%
TSMG Leverage Shares 2X Long TSM Daily ETF	9.66%	11.48%

Drawdowns

QQUP vs. TSMG - Drawdown Comparison

The maximum QQUP drawdown since its inception was -37.67%, smaller than the maximum TSMG drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for QQUP and TSMG.

Drawdown Indicators

	QQUP	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-37.67%	-63.67%	+26.00%
Max Drawdown (1Y) Largest decline over 1 year	—	-35.29%	—
Current Drawdown Current decline from peak	-30.55%	-24.61%	-5.94%
Average Drawdown Average peak-to-trough decline	-9.16%	-18.24%	+9.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	11.41%	—

Volatility

Volatility by Period

	QQUP	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	28.00%	—
Volatility (6M) Calculated over the trailing 6-month period	—	54.68%	—
Volatility (1Y) Calculated over the trailing 1-year period	38.72%	77.04%	-38.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.72%	81.23%	-42.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.72%	81.23%	-42.51%