QQXL vs. QQQQ.TO

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares Ultra QQQ Top 30 (QQXL) and Mackenzie NASDAQ 100 Index ETF (QQQQ.TO).

QQXL and QQQQ.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QQXL is an actively managed fund by ProShares. It was launched on Aug 13, 2025. QQQQ.TO is a passively managed fund by Mackenzie that tracks the performance of the NASDAQ-100 Index. It was launched on Aug 19, 2025.

Performance

QQXL vs. QQQQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ Top 30 (QQXL) and Mackenzie NASDAQ 100 Index ETF (QQQQ.TO). The values are adjusted to include any dividend payments, if applicable.

QQXL vs. QQQQ.TO - Yearly Performance Comparison

	2026 (YTD)	2025
QQXL ProShares Ultra QQQ Top 30	-12.08%	12.00%
QQQQ.TO Mackenzie NASDAQ 100 Index ETF	-7.35%	8.46%

Different Trading Currencies

QQXL is traded in USD, while QQQQ.TO is traded in CAD. To make them comparable, the QQQQ.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, QQXL achieves a -12.08% return, which is significantly lower than QQQQ.TO's -7.35% return.

QQXL

• 1D: 2.82%
• 1M: -7.39%
• YTD: -12.08%
• 6M: -10.46%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QQQQ.TO

• 1D: 2.13%
• 1M: -5.77%
• YTD: -7.35%
• 6M: -4.66%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQXL vs. QQQQ.TO - Expense Ratio Comparison

QQXL has a 0.95% expense ratio, which is higher than QQQQ.TO's 0.25% expense ratio.

QQXL

ProShares Ultra QQQ Top 30

QQQQ.TO

Mackenzie NASDAQ 100 Index ETF

Return for Risk

QQXL vs. QQQQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ Top 30 (QQXL) and Mackenzie NASDAQ 100 Index ETF (QQQQ.TO). 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	QQQQ.TO	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.19	0.06	-0.25

Correlation

The correlation between QQXL and QQQQ.TO is 0.63, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

QQXL vs. QQQQ.TO - Dividend Comparison

QQXL's dividend yield for the trailing twelve months is around 0.73%, more than QQQQ.TO's 0.12% yield.

	TTM	2025
QQXL ProShares Ultra QQQ Top 30	0.73%	0.08%
QQQQ.TO Mackenzie NASDAQ 100 Index ETF	0.12%	0.11%

Drawdowns

QQXL vs. QQQQ.TO - Drawdown Comparison

The maximum QQXL drawdown since its inception was -27.34%, which is greater than QQQQ.TO's maximum drawdown of -11.59%. Use the drawdown chart below to compare losses from any high point for QQXL and QQQQ.TO.

Drawdown Indicators

	QQXL	QQQQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.34%	-11.95%	-15.39%
Current Drawdown Current decline from peak	-19.73%	-10.17%	-9.56%
Average Drawdown Average peak-to-trough decline	-7.69%	-3.94%	-3.75%

Volatility

Volatility by Period

	QQXL	QQQQ.TO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	36.70%	17.07%	+19.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.70%	17.07%	+19.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.70%	17.07%	+19.63%