QQXL vs. QQUP

Last updated Jun 4, 2026

QQXL (ProShares Ultra QQQ Top 30) and QQUP (ProShares Ultra Top QQQ) are both Leveraged Equities funds from ProShares. QQXL is actively managed, while QQUP is passively managed. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

QQXL vs. QQUP - Performance Comparison

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

Returns By Period

In the year-to-date period, QQXL achieves a 43.77% return, which is significantly higher than QQUP's 14.50% return.

QQXL

• 1D: -0.49%
• 1M: 21.56%
• YTD: 43.77%
• 6M: 41.18%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QQUP

• 1D: -3.99%
• 1M: 7.57%
• YTD: 14.50%
• 6M: 8.63%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQXL vs. QQUP - Yearly Performance Comparison

	2026 (YTD)	2025
QQXL ProShares Ultra QQQ Top 30	43.77%	8.66%
QQUP ProShares Ultra Top QQQ	14.50%	11.64%

Correlation

The correlation between QQXL and QQUP is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 18, 2025	0.92

Return for Risk

QQXL vs. QQUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ Top 30 (QQXL) and ProShares Ultra Top QQQ (QQUP). 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	QQUP	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.04	1.77	+0.27

Drawdowns

QQXL vs. QQUP - Drawdown Comparison

The maximum QQXL drawdown since its inception was -27.34%, smaller than the maximum QQUP drawdown of -37.67%. Use the drawdown chart below to compare losses from any high point for QQXL and QQUP.

Drawdown Indicators

	QQXL	QQUP	Difference
Max Drawdown Largest peak-to-trough decline	-27.34%	-37.67%	+10.33%
Current Drawdown Current decline from peak	-0.49%	-6.42%	+5.93%
Average Drawdown Average peak-to-trough decline	-6.76%	-9.20%	+2.44%

Volatility

Volatility by Period

	QQXL	QQUP	Difference
Volatility (1Y) Calculated over the trailing 1-year period	36.98%	38.52%	-1.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.98%	38.52%	-1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.98%	38.52%	-1.54%

QQXL vs. QQUP - Expense Ratio Comparison

Both QQXL and QQUP have an expense ratio of 0.95%.

Dividends

QQXL vs. QQUP - Dividend Comparison

QQXL's dividend yield for the trailing twelve months is around 0.45%, more than QQUP's 0.42% yield.

Position	TTM	2025
QQUP ProShares Ultra Top QQQ	0.42%	0.29%
QQXL ProShares Ultra QQQ Top 30	0.45%	0.08%

Frequently Asked Questions

Can I hold both QQXL and QQUP in my portfolio?

With a correlation of 0.92, QQXL and QQUP 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 QQUP?

Both ETFs have the same 0.95% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QQXL or QQUP?

QQXL and QQUP have the same expense ratio: 0.95% per year.

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

QQXL has the higher dividend yield at 0.45%, compared with 0.42% for QQUP.