QQXL vs. SPMO

Last updated Jun 5, 2026

QQXL (ProShares Ultra QQQ Top 30) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - QQXL is a Leveraged Equities fund actively managed by ProShares, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. QQXL is actively managed, while SPMO is passively managed. Their correlation of 0.85 suggests significant overlap in exposure. QQXL charges 0.95%/yr vs 0.13%/yr for SPMO.

Performance

QQXL vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ Top 30 (QQXL) and Invesco S&P 500 Momentum ETF (SPMO). 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 higher than SPMO's 28.45% return.

QQXL

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

SPMO

• 1D: -1.46%
• 1M: 10.84%
• YTD: 28.45%
• 6M: 27.50%
• 1Y: 43.92%
• 3Y*: 42.27%
• 5Y*: 23.92%
• 10Y*: 20.77%

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

QQXL vs. SPMO - Yearly Performance Comparison

	2026 (YTD)	2025
QQXL ProShares Ultra QQQ Top 30	41.81%	8.66%
SPMO Invesco S&P 500 Momentum ETF	28.45%	2.12%

Correlation

The correlation between QQXL and SPMO is 0.85, 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	0.85

Return for Risk

QQXL vs. SPMO — Risk / Return Rank

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

SPMO

SPMO Risk / Return Rank: 75
SPMO Sharpe Ratio Rank: 78
SPMO Sortino Ratio Rank: 76
SPMO Omega Ratio Rank: 75
SPMO Calmar Ratio Rank: 71
SPMO Martin Ratio Rank: 73

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. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ Top 30 (QQXL) and Invesco S&P 500 Momentum ETF (SPMO). 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	SPMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.49	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.25	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.03	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.95	1.00	+0.95

Drawdowns

QQXL vs. SPMO - Drawdown Comparison

The maximum QQXL drawdown since its inception was -27.34%, smaller than the maximum SPMO drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for QQXL and SPMO.

Drawdown Indicators

	QQXL	SPMO	Difference
Max Drawdown Largest peak-to-trough decline	-27.34%	-30.95%	+3.61%
Max Drawdown (1Y) Largest decline over 1 year	—	-12.70%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-20.13%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-30.95%	—
Current Drawdown Current decline from peak	-1.84%	-1.46%	-0.38%
Average Drawdown Average peak-to-trough decline	-6.74%	-4.60%	-2.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.26%	—

Volatility

Volatility by Period

	QQXL	SPMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.39%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.49%	—
Volatility (1Y) Calculated over the trailing 1-year period	36.93%	17.70%	+19.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.93%	19.30%	+17.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.93%	20.31%	+16.62%

QQXL vs. SPMO - Expense Ratio Comparison

QQXL has a 0.95% expense ratio, which is higher than SPMO's 0.13% expense ratio.

Dividends

QQXL vs. SPMO - Dividend Comparison

QQXL's dividend yield for the trailing twelve months is around 0.45%, less than SPMO's 0.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQXL ProShares Ultra QQQ Top 30	0.45%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPMO Invesco S&P 500 Momentum ETF	0.66%	0.73%	0.48%	1.63%	1.66%	0.52%	1.27%	1.39%	1.05%	0.77%	1.94%	0.36%

Frequently Asked Questions

Can I hold both QQXL and SPMO in my portfolio?

QQXL and SPMO have a correlation of 0.85, 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 SPMO?

On fees, SPMO is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QQXL or SPMO?

SPMO is cheaper with a 0.13% expense ratio, compared with 0.95% for QQXL.

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

SPMO has the higher dividend yield at 0.66%, compared with 0.45% for QQXL.

What is the main difference between QQXL and SPMO?

QQXL is categorized as Leveraged Equities, while SPMO is Momentum. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for QQXL and 0.13% for SPMO.