QQXL vs. QQQM

Last updated Jun 26, 2026

QQXL (ProShares Ultra QQQ Top 30) and QQQM (Invesco NASDAQ 100 ETF) are both exchange-traded funds - QQXL is a Leveraged Equities fund actively managed by ProShares, while QQQM is a Nasdaq-100 fund tracking the NASDAQ-100 Index. QQXL is actively managed, while QQQM is passively managed. With a 0.98 correlation, they move nearly in lockstep. QQXL charges 0.95%/yr vs 0.15%/yr for QQQM.

Performance

QQXL vs. QQQM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ Top 30 (QQXL) and Invesco NASDAQ 100 ETF (QQQM). 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 QQQM's 16.89% return.

QQXL

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

QQQM

• 1D: 0.77%
• 1M: -1.82%
• YTD: 16.89%
• 6M: 15.09%
• 1Y: 33.06%
• 3Y*: 26.84%
• 5Y*: 16.21%
• 10Y*: —

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

QQXL vs. QQQM - Yearly Performance Comparison

	2026 (YTD)	2025
QQXL ProShares Ultra QQQ Top 30	29.93%	9.00%
QQQM Invesco NASDAQ 100 ETF	16.89%	6.22%

Correlation

The correlation between QQXL and QQQM 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. QQQM — 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.

QQQM

QQQM Risk / Return Rank: 64
QQQM Sharpe Ratio Rank: 66
QQQM Sortino Ratio Rank: 61
QQQM Omega Ratio Rank: 64
QQQM Calmar Ratio Rank: 65
QQQM 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. QQQM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ Top 30 (QQXL) and Invesco NASDAQ 100 ETF (QQQM). 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	QQQM	Difference
Sharpe ratio: Return per unit of total volatility	—	1.87	—
Sortino ratio: Return per unit of downside risk	—	2.46	—
Omega ratio: Gain probability vs. loss probability	—	1.33	—
Calmar ratio: Return relative to maximum drawdown	—	2.78	—
Martin ratio: Return relative to average drawdown	—	10.21	—

Drawdowns

QQXL vs. QQQM - Drawdown Comparison

The maximum QQXL drawdown since its inception was -27.34%, smaller than the maximum QQQM drawdown of -35.04%. Use the drawdown chart below to compare losses from any high point for QQXL and QQQM.

Drawdown Indicators

	QQXL	QQQM	Difference
Max Drawdown Largest peak-to-trough decline	-27.34%	-35.04%	+7.70%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.96%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-22.70%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.04%	—
Current Drawdown Current decline from peak	-10.07%	-3.91%	-6.16%
Average Drawdown Average peak-to-trough decline	-6.81%	-8.19%	+1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.25%	—

Volatility

Volatility by Period

	QQXL	QQQM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.84%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.40%	—
Volatility (1Y) Calculated over the trailing 1-year period	40.52%	17.79%	+22.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.52%	22.54%	+17.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.52%	22.29%	+18.23%

QQXL vs. QQQM - Expense Ratio Comparison

QQXL has a 0.95% expense ratio, which is higher than QQQM's 0.15% expense ratio.

Dividends

QQXL vs. QQQM - Dividend Comparison

QQXL's dividend yield for the trailing twelve months is around 0.78%, more than QQQM's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
QQQM Invesco NASDAQ 100 ETF	0.44%	0.50%	0.61%	0.65%	0.83%	0.40%	0.16%
QQXL ProShares Ultra QQQ Top 30	0.78%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQXL and QQQM in my portfolio?

With a correlation of 0.98, QQXL and QQQM 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 QQQM?

On fees, QQQM is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QQXL or QQQM?

QQQM is cheaper with a 0.15% expense ratio, compared with 0.95% for QQXL.

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

QQXL has the higher dividend yield at 0.78%, compared with 0.44% for QQQM.

What is the main difference between QQXL and QQQM?

QQXL is categorized as Leveraged Equities, while QQQM is Nasdaq-100. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for QQXL and 0.15% for QQQM.