QQXL vs. UPRO

Last updated Jun 5, 2026

QQXL (ProShares Ultra QQQ Top 30) and UPRO (ProShares UltraPro S&P 500) are both Leveraged Equities funds from ProShares. QQXL is actively managed, while UPRO is passively managed. Their correlation of 0.91 suggests significant overlap in exposure. QQXL charges 0.95%/yr vs 0.89%/yr for UPRO.

Performance

QQXL vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ Top 30 (QQXL) and ProShares UltraPro S&P 500 (UPRO). 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 UPRO's 29.29% return.

QQXL

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

UPRO

• 1D: 1.09%
• 1M: 13.26%
• YTD: 29.29%
• 6M: 27.72%
• 1Y: 83.10%
• 3Y*: 53.48%
• 5Y*: 23.40%
• 10Y*: 30.04%

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

QQXL vs. UPRO - Yearly Performance Comparison

	2026 (YTD)	2025
QQXL ProShares Ultra QQQ Top 30	41.81%	8.66%
UPRO ProShares UltraPro S&P 500	29.29%	14.63%

Correlation

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

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

UPRO

UPRO Risk / Return Rank: 66
UPRO Sharpe Ratio Rank: 74
UPRO Sortino Ratio Rank: 61
UPRO Omega Ratio Rank: 62
UPRO Calmar Ratio Rank: 64
UPRO Martin Ratio Rank: 71

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. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ Top 30 (QQXL) and ProShares UltraPro S&P 500 (UPRO). 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	UPRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.37	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.47	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.95	0.65	+1.30

Drawdowns

QQXL vs. UPRO - Drawdown Comparison

The maximum QQXL drawdown since its inception was -27.34%, smaller than the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for QQXL and UPRO.

Drawdown Indicators

	QQXL	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-27.34%	-76.82%	+49.48%
Max Drawdown (1Y) Largest decline over 1 year	—	-26.78%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-48.87%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-63.94%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-76.82%	—
Current Drawdown Current decline from peak	-1.84%	-1.02%	-0.82%
Average Drawdown Average peak-to-trough decline	-6.74%	-14.41%	+7.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.33%	—

Volatility

Volatility by Period

	QQXL	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.29%	—
Volatility (6M) Calculated over the trailing 6-month period	—	26.61%	—
Volatility (1Y) Calculated over the trailing 1-year period	36.93%	35.33%	+1.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.93%	50.31%	-13.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.93%	53.73%	-16.80%

QQXL vs. UPRO - Expense Ratio Comparison

QQXL has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.

Dividends

QQXL vs. UPRO - Dividend Comparison

QQXL's dividend yield for the trailing twelve months is around 0.45%, less than UPRO's 0.67% 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%
UPRO ProShares UltraPro S&P 500	0.67%	0.84%	0.93%	0.74%	0.52%	0.06%	0.11%	0.41%	0.63%	0.00%	0.12%	0.34%

Frequently Asked Questions

Can I hold both QQXL and UPRO in my portfolio?

With a correlation of 0.91, QQXL and UPRO 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 UPRO?

On fees, UPRO is cheaper at 0.89% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QQXL or UPRO?

UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for QQXL.

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

UPRO has the higher dividend yield at 0.67%, compared with 0.45% for QQXL.

What is the main difference between QQXL and UPRO?

Their fees differ too: 0.95% for QQXL and 0.89% for UPRO.