QQXL vs. MVLL

Last updated Jun 5, 2026

QQXL (ProShares Ultra QQQ Top 30) and MVLL (GraniteShares 2x Long MRVL Daily ETF) are both Leveraged Equities funds. QQXL is actively managed, while MVLL is passively managed. A 0.55 correlation means they provide meaningful diversification when combined. QQXL charges 0.95%/yr vs 1.50%/yr for MVLL.

Performance

QQXL vs. MVLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ Top 30 (QQXL) and GraniteShares 2x Long MRVL Daily ETF (MVLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQXL achieves a 41.81% return, which is significantly lower than MVLL's 932.29% return.

QQXL

• 1D: -1.36%
• 1M: 16.51%
• YTD: 41.81%
• 6M: 39.24%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MVLL

• 1D: 9.51%
• 1M: 210.19%
• YTD: 932.29%
• 6M: 650.49%
• 1Y: 1,188.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQXL vs. MVLL - Yearly Performance Comparison

	2026 (YTD)	2025
QQXL ProShares Ultra QQQ Top 30	41.81%	8.66%
MVLL GraniteShares 2x Long MRVL Daily ETF	932.29%	0.31%

Correlation

The correlation between QQXL and MVLL is 0.55, 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 Aug 18, 2025	0.55

Return for Risk

QQXL vs. MVLL — Risk / Return Rank

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

MVLL

MVLL Risk / Return Rank: 96
MVLL Sharpe Ratio Rank: 99
MVLL Sortino Ratio Rank: 94
MVLL Omega Ratio Rank: 93
MVLL Calmar Ratio Rank: 99
MVLL 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.

QQXL vs. MVLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ Top 30 (QQXL) and GraniteShares 2x Long MRVL Daily ETF (MVLL). 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

	QQXL	MVLL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	9.04	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.95	3.62	-1.66

Drawdowns

QQXL vs. MVLL - Drawdown Comparison

The maximum QQXL drawdown since its inception was -27.34%, smaller than the maximum MVLL drawdown of -59.02%. Use the drawdown chart below to compare losses from any high point for QQXL and MVLL.

Drawdown Indicators

	QQXL	MVLL	Difference
Max Drawdown Largest peak-to-trough decline	-27.34%	-59.02%	+31.68%
Max Drawdown (1Y) Largest decline over 1 year	—	-48.93%	—
Current Drawdown Current decline from peak	-1.84%	0.00%	-1.84%
Average Drawdown Average peak-to-trough decline	-6.74%	-22.35%	+15.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	23.46%	—

Volatility

Volatility by Period

	QQXL	MVLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	60.89%	—
Volatility (6M) Calculated over the trailing 6-month period	—	96.34%	—
Volatility (1Y) Calculated over the trailing 1-year period	36.93%	133.35%	-96.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.93%	139.62%	-102.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.93%	139.62%	-102.69%

QQXL vs. MVLL - Expense Ratio Comparison

QQXL has a 0.95% expense ratio, which is lower than MVLL's 1.50% expense ratio.

Dividends

QQXL vs. MVLL - Dividend Comparison

QQXL's dividend yield for the trailing twelve months is around 0.45%, while MVLL has not paid dividends to shareholders.

Position	TTM	2025
MVLL GraniteShares 2x Long MRVL Daily ETF	0.00%	0.00%
QQXL ProShares Ultra QQQ Top 30	0.45%	0.08%

Frequently Asked Questions

Can I hold both QQXL and MVLL in my portfolio?

QQXL and MVLL have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QQXL or MVLL?

On fees, QQXL is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QQXL or MVLL?

QQXL is cheaper with a 0.95% expense ratio, compared with 1.50% for MVLL.

Which ETF pays a higher dividend yield, QQXL or MVLL?

QQXL has the higher dividend yield at 0.45%, compared with 0.00% for MVLL.

What is the main difference between QQXL and MVLL?

They also come from different issuers: ProShares and GraniteShares. Their fees differ too: 0.95% for QQXL and 1.50% for MVLL.