QQUP vs. UVXY

Last updated Jun 4, 2026

QQUP (ProShares Ultra Top QQQ) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - QQUP is a Leveraged Equities fund tracking the Nasdaq-100 Mega Index (200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. At a correlation of -0.59, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

QQUP vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Top QQQ (QQUP) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 higher than UVXY's -19.06% return.

QQUP

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

UVXY

• 1D: -0.24%
• 1M: -22.10%
• YTD: -19.06%
• 6M: -37.37%
• 1Y: -72.91%
• 3Y*: -64.55%
• 5Y*: -67.90%
• 10Y*: -72.67%

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

QQUP vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025
QQUP ProShares Ultra Top QQQ	14.50%	44.45%
UVXY ProShares Ultra VIX Short-Term Futures ETF	-19.06%	-65.37%

Correlation

The correlation between QQUP and UVXY is -0.59, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 13, 2025	-0.59

Return for Risk

QQUP vs. UVXY — Risk / Return Rank

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

UVXY

UVXY Risk / Return Rank: 1
UVXY Sharpe Ratio Rank: 2
UVXY Sortino Ratio Rank: 1
UVXY Omega Ratio Rank: 1
UVXY Calmar Ratio Rank: 1
UVXY Martin Ratio Rank: 2

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. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Top QQQ (QQUP) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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	UVXY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.87	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.64	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.77	-0.68	+2.45

Drawdowns

QQUP vs. UVXY - Drawdown Comparison

The maximum QQUP drawdown since its inception was -37.67%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for QQUP and UVXY.

Drawdown Indicators

	QQUP	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-37.67%	-100.00%	+62.33%
Max Drawdown (1Y) Largest decline over 1 year	—	-75.22%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-95.45%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-99.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-100.00%	—
Current Drawdown Current decline from peak	-6.42%	-100.00%	+93.58%
Average Drawdown Average peak-to-trough decline	-9.20%	-98.55%	+89.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	55.63%	—

Volatility

Volatility by Period

	QQUP	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.77%	—
Volatility (6M) Calculated over the trailing 6-month period	—	62.64%	—
Volatility (1Y) Calculated over the trailing 1-year period	38.52%	84.42%	-45.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.52%	103.85%	-65.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.52%	113.82%	-75.30%

QQUP vs. UVXY - Expense Ratio Comparison

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

Dividends

QQUP vs. UVXY - Dividend Comparison

QQUP's dividend yield for the trailing twelve months is around 0.42%, while UVXY has not paid dividends to shareholders.

Position	TTM	2025
QQUP ProShares Ultra Top QQQ	0.42%	0.29%
UVXY ProShares Ultra VIX Short-Term Futures ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQUP and UVXY in my portfolio?

QQUP and UVXY have a correlation of -0.59, 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 UVXY?

Both ETFs have the same 0.95% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QQUP or UVXY?

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

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

QQUP has the higher dividend yield at 0.42%, compared with 0.00% for UVXY.

What is the main difference between QQUP and UVXY?

QQUP is categorized as Leveraged Equities, while UVXY is Volatility. QQUP tracks Nasdaq-100 Mega Index (200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).