SPXU vs. IQQQ

Last updated Jul 17, 2026

SPXU (ProShares UltraPro Short S&P500) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%), while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, SPXU returned -41.21% vs 24.13% for IQQQ. At a correlation of -0.93, they often move in opposite directions. SPXU charges 0.90%/yr vs 0.55%/yr for IQQQ.

Performance

SPXU vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short S&P500 (SPXU) and ProShares Nasdaq-100 High Income ETF (IQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXU achieves a -25.00% return, which is significantly lower than IQQQ's 12.64% return.

SPXU

• 1D: 1.61%
• 1M: -0.30%
• 6M: -21.86%
• YTD: -25.00%
• 1Y: -41.21%
• 3Y*: -39.91%
• 5Y*: -33.74%
• 10Y*: -41.20%

IQQQ

• 1D: -1.64%
• 1M: -3.09%
• 6M: 11.42%
• YTD: 12.64%
• 1Y: 24.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXU vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPXU ProShares UltraPro Short S&P500	-25.00%	-41.73%	-28.62%
IQQQ ProShares Nasdaq-100 High Income ETF	12.64%	17.11%	14.82%

Correlation

The correlation between SPXU and IQQQ is -0.92, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.92
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024	-0.93

The correlation between SPXU and IQQQ has been stable across timeframes, ranging from -0.93 to -0.92 - a consistent structural relationship.

Return for Risk

SPXU vs. IQQQ — Risk / Return Rank

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

SPXU

SPXU Risk / Return Rank: 1
SPXU Sharpe Ratio Rank: 1
SPXU Sortino Ratio Rank: 1
SPXU Omega Ratio Rank: 1
SPXU Calmar Ratio Rank: 1
SPXU Martin Ratio Rank: 0

IQQQ

IQQQ Risk / Return Rank: 48
IQQQ Sharpe Ratio Rank: 48
IQQQ Sortino Ratio Rank: 44
IQQQ Omega Ratio Rank: 44
IQQQ Calmar Ratio Rank: 53
IQQQ Martin Ratio Rank: 52

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.

SPXU vs. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short S&P500 (SPXU) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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.

	SPXU	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	1.37	-2.47
Sortino ratio: Return per unit of downside risk	-1.71	1.85	-3.56
Omega ratio: Gain probability vs. loss probability	0.81	1.24	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.94	2.18	-3.12
Martin ratio: Return relative to average drawdown	-1.61	7.13	-8.74

SPXU vs. IQQQ - Sharpe Ratio Comparison

The current SPXU Sharpe Ratio is -1.10, which is lower than the IQQQ Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of SPXU and IQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPXU vs. IQQQ - Drawdown Comparison

The maximum SPXU drawdown since its inception was -99.99%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for SPXU and IQQQ.

Drawdown Indicators

	SPXU	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-20.41%	-79.58%
Max Drawdown (1Y) Largest decline over 1 year	-43.83%	-11.13%	-32.70%
Max Drawdown (3Y) Largest decline over 3 years	-84.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-90.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.56%	—	—
Current Drawdown Current decline from peak	-99.99%	-5.41%	-94.58%
Average Drawdown Average peak-to-trough decline	-93.36%	-3.63%	-89.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.60%	3.39%	+22.21%

Volatility

SPXU vs. IQQQ - Volatility Comparison

ProShares UltraPro Short S&P500 (SPXU) has a higher volatility of 10.37% compared to ProShares Nasdaq-100 High Income ETF (IQQQ) at 7.12%. This indicates that SPXU's price experiences larger fluctuations and is considered to be riskier than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXU	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.37%	7.12%	+3.25%
Volatility (6M) Calculated over the trailing 6-month period	30.00%	14.46%	+15.54%
Volatility (1Y) Calculated over the trailing 1-year period	37.51%	17.70%	+19.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.67%	19.16%	+31.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.33%	19.16%	+34.17%

SPXU vs. IQQQ - Expense Ratio Comparison

SPXU has a 0.90% expense ratio, which is higher than IQQQ's 0.55% expense ratio.

Dividends

SPXU vs. IQQQ - Dividend Comparison

SPXU's dividend yield for the trailing twelve months is around 6.92%, more than IQQQ's 5.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
IQQQ ProShares Nasdaq-100 High Income ETF	5.30%	10.34%	7.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXU ProShares UltraPro Short S&P500	6.92%	7.02%	9.53%	7.06%	0.39%	0.00%	0.70%	2.14%	1.41%	0.10%

Frequently Asked Questions

Can I hold both SPXU and IQQQ in my portfolio?

SPXU and IQQQ have a correlation of -0.92, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXU or IQQQ?

SPXU has higher volatility (10.37%) compared to IQQQ (7.12%). In terms of maximum drawdown, SPXU dropped -99.99% vs IQQQ's -20.41%.

Which ETF is better, SPXU or IQQQ?

On 1-year performance, IQQQ leads with 24.13% vs -41.21% for SPXU. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 7.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXU or IQQQ?

Over the 1-year period, IQQQ has performed better with a 24.13% return vs -41.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXU or IQQQ?

IQQQ is cheaper with a 0.55% expense ratio, compared with 0.90% for SPXU.

Which ETF pays a higher dividend yield, SPXU or IQQQ?

SPXU has the higher dividend yield at 6.92%, compared with 5.30% for IQQQ.

What is the main difference between SPXU and IQQQ?

SPXU is categorized as S&P 500, while IQQQ is Nasdaq-100. SPXU tracks S&P 500 Index (-300%), while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.90% for SPXU and 0.55% for IQQQ.

Which has better risk-adjusted returns?

IQQQ currently has the higher Sharpe Ratio (1.37 vs -1.10), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.