QQXL vs. SPY

Last updated Jun 5, 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 41.81% return, which is significantly higher than SPY's 11.33% return.

QQXL

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

SPY

• 1D: 0.38%
• 1M: 4.60%
• YTD: 11.33%
• 6M: 11.25%
• 1Y: 28.50%
• 3Y*: 22.58%
• 5Y*: 13.91%
• 10Y*: 15.48%

*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	41.81%	8.66%
SPY State Street SPDR S&P 500 ETF	11.33%	6.59%

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 18, 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.

SPY

SPY Risk / Return Rank: 74
SPY Sharpe Ratio Rank: 76
SPY Sortino Ratio Rank: 74
SPY Omega Ratio Rank: 75
SPY Calmar Ratio Rank: 66
SPY Martin Ratio Rank: 78

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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	QQXL	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.42	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.95	0.59	+1.37

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	-1.84%	-0.33%	-1.51%
Average Drawdown Average peak-to-trough decline	-6.74%	-9.05%	+2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.91%	—

Volatility

Volatility by Period

	QQXL	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.79%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.91%	—
Volatility (1Y) Calculated over the trailing 1-year period	36.93%	11.82%	+25.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.93%	17.05%	+19.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.93%	17.93%	+19.00%

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 0.45%, less than SPY's 0.98% 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%
SPY State Street SPDR S&P 500 ETF	0.98%	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 0.98%, compared with 0.45% 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.