QQXL vs. SPUU

Last updated Jun 5, 2026

QQXL (ProShares Ultra QQQ Top 30) and SPUU (Direxion Daily S&P 500 Bull 2x Shares) are both Leveraged Equities funds. QQXL is actively managed, while SPUU is passively managed. Their correlation of 0.92 suggests significant overlap in exposure. QQXL charges 0.95%/yr vs 0.64%/yr for SPUU.

Performance

QQXL vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ Top 30 (QQXL) and Direxion Daily S&P 500 Bull 2x Shares (SPUU). 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 SPUU's 20.66% return.

QQXL

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

SPUU

• 1D: 0.70%
• 1M: 9.03%
• YTD: 20.66%
• 6M: 19.95%
• 1Y: 54.50%
• 3Y*: 38.69%
• 5Y*: 20.36%
• 10Y*: 24.74%

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

QQXL vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025
QQXL ProShares Ultra QQQ Top 30	41.81%	8.66%
SPUU Direxion Daily S&P 500 Bull 2x Shares	20.66%	10.78%

Correlation

The correlation between QQXL and SPUU 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. SPUU — Risk / Return Rank

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

SPUU

SPUU Risk / Return Rank: 67
SPUU Sharpe Ratio Rank: 72
SPUU Sortino Ratio Rank: 63
SPUU Omega Ratio Rank: 64
SPUU Calmar Ratio Rank: 62
SPUU Martin Ratio Rank: 72

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. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ Top 30 (QQXL) and Direxion Daily S&P 500 Bull 2x Shares (SPUU). 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	SPUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.29	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.95	0.64	+1.32

Drawdowns

QQXL vs. SPUU - Drawdown Comparison

The maximum QQXL drawdown since its inception was -27.34%, smaller than the maximum SPUU drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for QQXL and SPUU.

Drawdown Indicators

	QQXL	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-27.34%	-59.35%	+32.01%
Max Drawdown (1Y) Largest decline over 1 year	—	-18.19%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-35.18%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-46.59%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-59.35%	—
Current Drawdown Current decline from peak	-1.84%	-0.58%	-1.26%
Average Drawdown Average peak-to-trough decline	-6.74%	-9.50%	+2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.12%	—

Volatility

Volatility by Period

	QQXL	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.60%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.10%	—
Volatility (1Y) Calculated over the trailing 1-year period	36.93%	23.88%	+13.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.93%	33.46%	+3.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.93%	35.76%	+1.17%

QQXL vs. SPUU - Expense Ratio Comparison

QQXL has a 0.95% expense ratio, which is higher than SPUU's 0.64% expense ratio.

Dividends

QQXL vs. SPUU - Dividend Comparison

QQXL's dividend yield for the trailing twelve months is around 0.45%, less than SPUU's 1.33% 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%
SPUU Direxion Daily S&P 500 Bull 2x Shares	1.33%	1.63%	0.55%	0.83%	0.88%	3.04%	8.03%	1.80%	5.50%	6.96%	8.08%	4.42%

Frequently Asked Questions

Can I hold both QQXL and SPUU in my portfolio?

With a correlation of 0.92, QQXL and SPUU 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 SPUU?

On fees, SPUU is cheaper at 0.64% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QQXL or SPUU?

SPUU is cheaper with a 0.64% expense ratio, compared with 0.95% for QQXL.

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

SPUU has the higher dividend yield at 1.33%, compared with 0.45% for QQXL.

What is the main difference between QQXL and SPUU?

They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for QQXL and 0.64% for SPUU.