QQUP vs. TSMG

Last updated Jun 4, 2026

QQUP (ProShares Ultra Top QQQ) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. QQUP is passively managed, while TSMG is actively managed. A 0.60 correlation means they provide meaningful diversification when combined. QQUP charges 0.95%/yr vs 0.75%/yr for TSMG.

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.

Returns By Period

In the year-to-date period, QQUP achieves a 14.50% return, which is significantly lower than TSMG's 86.06% return.

QQUP

• 1D: -3.99%
• 1M: 7.57%
• YTD: 14.50%
• 6M: 8.63%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSMG

• 1D: -4.26%
• 1M: 15.77%
• YTD: 86.06%
• 6M: 95.35%
• 1Y: 297.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQUP vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
QQUP ProShares Ultra Top QQQ	14.50%	44.45%
TSMG Leverage Shares 2X Long TSM Daily ETF	86.06%	78.51%

Correlation

The correlation between QQUP and TSMG is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 13, 2025	0.60

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: 89
TSMG Sharpe Ratio Rank: 96
TSMG Sortino Ratio Rank: 83
TSMG Omega Ratio Rank: 76
TSMG Calmar Ratio Rank: 95
TSMG Martin Ratio Rank: 94

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	—	4.18	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.77	1.69	+0.08

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	-6.42%	-4.26%	-2.16%
Average Drawdown Average peak-to-trough decline	-9.20%	-16.98%	+7.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	10.79%	—

Volatility

Volatility by Period

	QQUP	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	23.14%	—
Volatility (6M) Calculated over the trailing 6-month period	—	55.07%	—
Volatility (1Y) Calculated over the trailing 1-year period	38.52%	71.74%	-33.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.52%	81.06%	-42.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.52%	81.06%	-42.54%

QQUP vs. TSMG - Expense Ratio Comparison

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

Dividends

QQUP vs. TSMG - Dividend Comparison

QQUP's dividend yield for the trailing twelve months is around 0.42%, less than TSMG's 6.17% yield.

Position	TTM	2025
QQUP ProShares Ultra Top QQQ	0.42%	0.29%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.17%	11.48%

Frequently Asked Questions

Can I hold both QQUP and TSMG in my portfolio?

QQUP and TSMG have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QQUP or TSMG?

On fees, TSMG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QQUP or TSMG?

TSMG is cheaper with a 0.75% expense ratio, compared with 0.95% for QQUP.

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

TSMG has the higher dividend yield at 6.17%, compared with 0.42% for QQUP.

What is the main difference between QQUP and TSMG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for QQUP and 0.75% for TSMG.