QQXL vs. QQQ

Last updated Jun 26, 2026

QQXL (ProShares Ultra QQQ Top 30) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - QQXL is a Leveraged Equities fund actively managed by ProShares, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. QQXL is actively managed, while QQQ is passively managed. With a 0.98 correlation, they move nearly in lockstep. QQXL charges 0.95%/yr vs 0.18%/yr for QQQ.

Performance

QQXL vs. QQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, QQXL achieves a 29.93% return, which is significantly higher than QQQ's 16.89% return.

QQXL

• 1D: 1.80%
• 1M: -7.57%
• YTD: 29.93%
• 6M: 25.57%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QQQ

• 1D: 0.81%
• 1M: -1.80%
• YTD: 16.89%
• 6M: 15.09%
• 1Y: 33.02%
• 3Y*: 26.78%
• 5Y*: 16.13%
• 10Y*: 22.36%

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

QQXL vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025
QQXL ProShares Ultra QQQ Top 30	29.93%	9.00%
QQQ Invesco QQQ ETF	16.89%	6.20%

Correlation

The correlation between QQXL and QQQ is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 15, 2025	0.98

Return for Risk

QQXL vs. QQQ — Risk / Return Rank

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

QQXL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

QQQ

QQQ Risk / Return Rank: 64
QQQ Sharpe Ratio Rank: 66
QQQ Sortino Ratio Rank: 61
QQQ Omega Ratio Rank: 63
QQQ Calmar Ratio Rank: 65
QQQ Martin Ratio Rank: 65

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. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ Top 30 (QQXL) and Invesco QQQ ETF (QQQ). 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.

	QQXL	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	—	1.85	—
Sortino ratio: Return per unit of downside risk	—	2.45	—
Omega ratio: Gain probability vs. loss probability	—	1.33	—
Calmar ratio: Return relative to maximum drawdown	—	2.77	—
Martin ratio: Return relative to average drawdown	—	10.21	—

Drawdowns

QQXL vs. QQQ - Drawdown Comparison

The maximum QQXL drawdown since its inception was -27.34%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for QQXL and QQQ.

Drawdown Indicators

	QQXL	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-27.34%	-82.97%	+55.63%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.96%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-22.77%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.12%	—
Current Drawdown Current decline from peak	-10.07%	-3.89%	-6.18%
Average Drawdown Average peak-to-trough decline	-6.81%	-32.72%	+25.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.24%	—

Volatility

Volatility by Period

	QQXL	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.02%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.55%	—
Volatility (1Y) Calculated over the trailing 1-year period	40.52%	17.91%	+22.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.52%	22.69%	+17.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.52%	22.41%	+18.11%

QQXL vs. QQQ - Expense Ratio Comparison

QQXL has a 0.95% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

QQXL vs. QQQ - Dividend Comparison

QQXL's dividend yield for the trailing twelve months is around 0.78%, more than QQQ's 0.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQ Invesco QQQ ETF	0.42%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%
QQXL ProShares Ultra QQQ Top 30	0.78%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQXL and QQQ in my portfolio?

With a correlation of 0.98, QQXL and QQQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, QQXL or QQQ?

On fees, QQQ is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QQXL or QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.95% for QQXL.

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

QQXL has the higher dividend yield at 0.78%, compared with 0.42% for QQQ.

What is the main difference between QQXL and QQQ?

QQXL is categorized as Leveraged Equities, while QQQ is Nasdaq-100. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for QQXL and 0.18% for QQQ.