QQUP vs. XTJL

Last updated Jul 17, 2026

QQUP (ProShares Ultra QQQ Mega) and XTJL (Innovator U.S. Equity Accelerated Plus ETF - July) are both Leveraged Equities funds. QQUP is passively managed, while XTJL is actively managed. Over the past year, QQUP returned 33.68% vs 13.86% for XTJL. A 0.72 correlation means they provide meaningful diversification when combined. QQUP charges 0.95%/yr vs 0.79%/yr for XTJL.

Performance

QQUP vs. XTJL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ Mega (QQUP) and Innovator U.S. Equity Accelerated Plus ETF - July (XTJL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with QQUP having a 6.08% return and XTJL slightly lower at 5.97%.

QQUP

• 1D: -2.93%
• 1M: 1.66%
• 6M: 8.16%
• YTD: 6.08%
• 1Y: 33.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XTJL

• 1D: -0.42%
• 1M: 0.38%
• 6M: 5.24%
• YTD: 5.97%
• 1Y: 13.86%
• 3Y*: 14.08%
• 5Y*: 9.83%
• 10Y*: —

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

QQUP vs. XTJL - Yearly Performance Comparison

	2026 (YTD)	2025
QQUP ProShares Ultra QQQ Mega	6.08%	45.33%
XTJL Innovator U.S. Equity Accelerated Plus ETF - July	5.97%	9.05%

Correlation

The correlation between QQUP and XTJL is 0.74, 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	0.74
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	0.72

The correlation between QQUP and XTJL has been stable across timeframes, ranging from 0.72 to 0.74 - a consistent structural relationship.

Return for Risk

QQUP vs. XTJL — 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: 24

XTJL

XTJL Risk / Return Rank: 79
XTJL Sharpe Ratio Rank: 74
XTJL Sortino Ratio Rank: 79
XTJL Omega Ratio Rank: 86
XTJL Calmar Ratio Rank: 68
XTJL Martin Ratio Rank: 89

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. XTJL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ Mega (QQUP) and Innovator U.S. Equity Accelerated Plus ETF - July (XTJL). 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	XTJL	Difference
Sharpe ratio: Return per unit of total volatility	0.83	1.88	-1.05
Sortino ratio: Return per unit of downside risk	1.31	2.81	-1.50
Omega ratio: Gain probability vs. loss probability	1.16	1.41	-0.25
Calmar ratio: Return relative to maximum drawdown	0.90	2.72	-1.82
Martin ratio: Return relative to average drawdown	2.37	15.38	-13.01

QQUP vs. XTJL - Sharpe Ratio Comparison

The current QQUP Sharpe Ratio is 0.83, which is lower than the XTJL Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of QQUP and XTJL, 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. XTJL - Drawdown Comparison

The maximum QQUP drawdown since its inception was -37.67%, which is greater than XTJL's maximum drawdown of -23.24%. Use the drawdown chart below to compare losses from any high point for QQUP and XTJL.

Drawdown Indicators

	QQUP	XTJL	Difference
Max Drawdown Largest peak-to-trough decline	-37.67%	-23.24%	-14.43%
Max Drawdown (1Y) Largest decline over 1 year	-37.67%	-5.12%	-32.55%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.70%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.24%	—
Current Drawdown Current decline from peak	-13.30%	-0.42%	-12.88%
Average Drawdown Average peak-to-trough decline	-9.98%	-3.95%	-6.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.24%	0.90%	+13.34%

Volatility

QQUP vs. XTJL - Volatility Comparison

ProShares Ultra QQQ Mega (QQUP) has a higher volatility of 13.64% compared to Innovator U.S. Equity Accelerated Plus ETF - July (XTJL) at 1.39%. This indicates that QQUP's price experiences larger fluctuations and is considered to be riskier than XTJL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQUP	XTJL	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.64%	1.39%	+12.25%
Volatility (6M) Calculated over the trailing 6-month period	32.00%	5.73%	+26.27%
Volatility (1Y) Calculated over the trailing 1-year period	40.69%	7.40%	+33.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.87%	15.10%	+24.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.87%	15.05%	+24.82%

QQUP vs. XTJL - Expense Ratio Comparison

QQUP has a 0.95% expense ratio, which is higher than XTJL's 0.79% expense ratio.

Dividends

QQUP vs. XTJL - Dividend Comparison

QQUP's dividend yield for the trailing twelve months is around 0.62%, while XTJL has not paid dividends to shareholders.

Position	TTM	2025
QQUP ProShares Ultra QQQ Mega	0.62%	0.29%
XTJL Innovator U.S. Equity Accelerated Plus ETF - July	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQUP and XTJL in my portfolio?

QQUP and XTJL have a correlation of 0.74, 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 XTJL?

QQUP has higher volatility (13.64%) compared to XTJL (1.39%). In terms of maximum drawdown, QQUP dropped -37.67% vs XTJL's -23.24%.

Which ETF is better, QQUP or XTJL?

On 1-year performance, QQUP leads with 33.68% vs 13.86% for XTJL. On fees, XTJL is cheaper at 0.79% per year. On volatility, XTJL has been the lower-risk option at 1.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQUP or XTJL?

Over the 1-year period, QQUP has performed better with a 33.68% return vs 13.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQUP or XTJL?

XTJL is cheaper with a 0.79% expense ratio, compared with 0.95% for QQUP.

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

QQUP has the higher dividend yield at 0.62%, compared with 0.00% for XTJL.

What is the main difference between QQUP and XTJL?

They also come from different issuers: ProShares and Innovator. Their fees differ too: 0.95% for QQUP and 0.79% for XTJL.

Which has better risk-adjusted returns?

XTJL currently has the higher Sharpe Ratio (1.88 vs 0.83), 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.