QQUP vs. TSMG

Last updated Jun 24, 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. Over the past year, QQUP returned 38.57% vs 241.80% for TSMG. 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 -3.91% return, which is significantly lower than TSMG's 80.39% return.

QQUP

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

TSMG

• 1D: -13.49%
• 1M: 12.90%
• YTD: 80.39%
• 6M: 88.25%
• 1Y: 241.80%
• 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	-3.91%	45.33%
TSMG Leverage Shares 2X Long TSM Daily ETF	80.39%	81.69%

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 (1Y) Calculated over the trailing 1-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	0.60

The correlation between QQUP and TSMG has been stable across timeframes, ranging from 0.60 to 0.60 - a consistent structural relationship.

Return for Risk

QQUP vs. TSMG — 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

TSMG

TSMG Risk / Return Rank: 85
TSMG Sharpe Ratio Rank: 93
TSMG Sortino Ratio Rank: 75
TSMG Omega Ratio Rank: 70
TSMG Calmar Ratio Rank: 94
TSMG Martin Ratio Rank: 92

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.

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	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	0.97	3.17	-2.20
Sortino ratio: Return per unit of downside risk	1.46	3.15	-1.69
Omega ratio: Gain probability vs. loss probability	1.18	1.39	-0.21
Calmar ratio: Return relative to maximum drawdown	1.03	6.90	-5.87
Martin ratio: Return relative to average drawdown	2.87	22.04	-19.16

QQUP vs. TSMG - Sharpe Ratio Comparison

The current QQUP Sharpe Ratio is 0.97, which is lower than the TSMG Sharpe Ratio of 3.17. The chart below compares the historical Sharpe Ratios of QQUP and TSMG, 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. 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	-37.67%	-35.29%	-2.38%
Current Drawdown Current decline from peak	-21.46%	-13.49%	-7.97%
Average Drawdown Average peak-to-trough decline	-9.48%	-16.65%	+7.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.45%	11.03%	+2.42%

Volatility

QQUP vs. TSMG - Volatility Comparison

The current volatility for ProShares Ultra Top QQQ (QQUP) is 14.01%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 33.00%. This indicates that QQUP experiences smaller price fluctuations and is considered to be less risky than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQUP	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.01%	33.00%	-18.99%
Volatility (6M) Calculated over the trailing 6-month period	30.62%	60.76%	-30.14%
Volatility (1Y) Calculated over the trailing 1-year period	40.03%	76.78%	-36.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.79%	83.21%	-43.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.79%	83.21%	-43.42%

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 0.50%, less than TSMG's 6.37% yield.

Position	TTM	2025
QQUP ProShares Ultra Top QQQ	0.50%	0.29%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.37%	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 is riskier, QQUP or TSMG?

TSMG has higher volatility (33.00%) compared to QQUP (14.01%). In terms of maximum drawdown, QQUP dropped -37.67% vs TSMG's -63.67%.

Which ETF is better, QQUP or TSMG?

On 1-year performance, TSMG leads with 241.80% vs 38.57% for QQUP. On fees, TSMG is cheaper at 0.75% per year. 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 TSMG?

Over the 1-year period, TSMG has performed better with a 241.80% 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 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 6.37%, compared with 0.50% 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.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (3.17 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.