QQXL vs. SPY

Last updated Jun 26, 2026

QQXL (ProShares Ultra QQQ Top 30) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - QQXL is a Leveraged Equities fund actively managed by ProShares, while SPY is a S&P 500 fund tracking the S&P 500 Index. QQXL is actively managed, while SPY is passively managed. Their correlation of 0.91 suggests significant overlap in exposure. QQXL charges 0.95%/yr vs 0.09%/yr for SPY.

Performance

QQXL vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ Top 30 (QQXL) and State Street SPDR S&P 500 ETF (SPY). 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 SPY's 8.25% return.

QQXL

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

SPY

• 1D: 0.14%
• 1M: -1.92%
• YTD: 8.25%
• 6M: 6.93%
• 1Y: 22.29%
• 3Y*: 20.89%
• 5Y*: 12.99%
• 10Y*: 15.75%

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

QQXL vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025
QQXL ProShares Ultra QQQ Top 30	29.93%	9.00%
SPY State Street SPDR S&P 500 ETF	8.25%	6.34%

Correlation

The correlation between QQXL and SPY is 0.91, 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 15, 2025	0.91

Return for Risk

QQXL vs. SPY — 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.

SPY

SPY Risk / Return Rank: 63
SPY Sharpe Ratio Rank: 63
SPY Sortino Ratio Rank: 61
SPY Omega Ratio Rank: 63
SPY Calmar Ratio Rank: 59
SPY Martin Ratio Rank: 70

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ Top 30 (QQXL) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.80	—
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	—	2.52	—
Martin ratio: Return relative to average drawdown	—	11.15	—

Drawdowns

QQXL vs. SPY - Drawdown Comparison

The maximum QQXL drawdown since its inception was -27.34%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for QQXL and SPY.

Drawdown Indicators

	QQXL	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-27.34%	-55.19%	+27.85%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.88%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-10.07%	-3.08%	-6.99%
Average Drawdown Average peak-to-trough decline	-6.81%	-9.03%	+2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.00%	—

Volatility

Volatility by Period

	QQXL	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.79%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.80%	—
Volatility (1Y) Calculated over the trailing 1-year period	40.52%	12.43%	+28.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.52%	17.15%	+23.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.52%	17.95%	+22.57%

QQXL vs. SPY - Expense Ratio Comparison

QQXL has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

QQXL vs. SPY - Dividend Comparison

QQXL's dividend yield for the trailing twelve months is around 0.78%, less than SPY's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQXL ProShares Ultra QQQ Top 30	0.78%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.02%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both QQXL and SPY in my portfolio?

With a correlation of 0.91, QQXL and SPY 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 SPY?

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QQXL or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for QQXL.

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

SPY has the higher dividend yield at 1.02%, compared with 0.78% for QQXL.

What is the main difference between QQXL and SPY?

QQXL is categorized as Leveraged Equities, while SPY is S&P 500. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for QQXL and 0.09% for SPY.