SPYQ vs. MQQQ

Last updated Jun 3, 2026

SPYQ (Tradr 2X Long SPY Quarterly ETF) and MQQQ (Tradr 2X Long Triple Q Monthly ETF) are both Leveraged Equities funds from AXS. SPYQ is actively managed, while MQQQ is passively managed. Over the past year, SPYQ returned 51.99% vs 83.05% for MQQQ. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 1.30% expense ratio.

Performance

SPYQ vs. MQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long SPY Quarterly ETF (SPYQ) and Tradr 2X Long Triple Q Monthly ETF (MQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYQ achieves a 18.82% return, which is significantly lower than MQQQ's 39.32% return.

SPYQ

• 1D: 0.26%
• 1M: 9.36%
• YTD: 18.82%
• 6M: 18.88%
• 1Y: 51.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MQQQ

• 1D: 1.03%
• 1M: 20.59%
• YTD: 39.32%
• 6M: 35.46%
• 1Y: 83.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYQ vs. MQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYQ Tradr 2X Long SPY Quarterly ETF	18.82%	26.22%	4.76%
MQQQ Tradr 2X Long Triple Q Monthly ETF	39.32%	31.67%	10.70%

Correlation

The correlation between SPYQ and MQQQ is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (All Time) Calculated using the full available price history since Oct 2, 2024	0.94

The correlation between SPYQ and MQQQ has been stable across timeframes, ranging from 0.94 to 0.94 - a consistent structural relationship.

Return for Risk

SPYQ vs. MQQQ — Risk / Return Rank

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

SPYQ

SPYQ Risk / Return Rank: 62
SPYQ Sharpe Ratio Rank: 65
SPYQ Sortino Ratio Rank: 58
SPYQ Omega Ratio Rank: 61
SPYQ Calmar Ratio Rank: 56
SPYQ Martin Ratio Rank: 68

MQQQ

MQQQ Risk / Return Rank: 68
MQQQ Sharpe Ratio Rank: 79
MQQQ Sortino Ratio Rank: 66
MQQQ Omega Ratio Rank: 65
MQQQ Calmar Ratio Rank: 67
MQQQ Martin Ratio Rank: 66

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.

SPYQ vs. MQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long SPY Quarterly ETF (SPYQ) and Tradr 2X Long Triple Q Monthly ETF (MQQQ). 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.

	SPYQ	MQQQ	Difference
Sharpe ratio Return per unit of total volatility	2.20	2.60	-0.39
Sortino ratio Return per unit of downside risk	2.82	3.07	-0.25
Omega ratio Gain probability vs. loss probability	1.37	1.40	-0.03
Calmar ratio Return relative to maximum drawdown	2.85	3.40	-0.55
Martin ratio Return relative to average drawdown	12.80	12.24	+0.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYQ vs. MQQQ - Sharpe Ratio Comparison

The current SPYQ Sharpe Ratio is 2.20, which is comparable to the MQQQ Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of SPYQ and MQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPYQ	MQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	2.60	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	1.33	-0.42

Drawdowns

SPYQ vs. MQQQ - Drawdown Comparison

The maximum SPYQ drawdown since its inception was -35.88%, smaller than the maximum MQQQ drawdown of -42.16%. Use the drawdown chart below to compare losses from any high point for SPYQ and MQQQ.

Drawdown Indicators

	SPYQ	MQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-35.88%	-42.16%	+6.28%
Max Drawdown (1Y) Largest decline over 1 year	-18.70%	-25.23%	+6.53%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.90%	-7.18%	+2.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	7.00%	-2.84%

Volatility

SPYQ vs. MQQQ - Volatility Comparison

The current volatility for Tradr 2X Long SPY Quarterly ETF (SPYQ) is 5.11%, while Tradr 2X Long Triple Q Monthly ETF (MQQQ) has a volatility of 8.50%. This indicates that SPYQ experiences smaller price fluctuations and is considered to be less risky than MQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYQ	MQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	8.50%	-3.39%
Volatility (6M) Calculated over the trailing 6-month period	18.07%	24.50%	-6.43%
Volatility (1Y) Calculated over the trailing 1-year period	23.73%	32.19%	-8.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.64%	43.26%	-8.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.64%	43.26%	-8.62%

SPYQ vs. MQQQ - Expense Ratio Comparison

Both SPYQ and MQQQ have an expense ratio of 1.30%.

Dividends

SPYQ vs. MQQQ - Dividend Comparison

SPYQ's dividend yield for the trailing twelve months is around 0.14%, less than MQQQ's 1.45% yield.

Position	TTM	2025	2024
MQQQ Tradr 2X Long Triple Q Monthly ETF	1.45%	2.02%	0.02%
SPYQ Tradr 2X Long SPY Quarterly ETF	0.14%	0.17%	0.00%

Frequently Asked Questions

Can I hold both SPYQ and MQQQ in my portfolio?

With a correlation of 0.94, SPYQ and MQQQ 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 is riskier, SPYQ or MQQQ?

MQQQ has higher volatility (8.50%) compared to SPYQ (5.11%). In terms of maximum drawdown, SPYQ dropped -35.88% vs MQQQ's -42.16%.

Which ETF is better, SPYQ or MQQQ?

On 1-year performance, MQQQ leads with 83.05% vs 51.99% for SPYQ. Both ETFs have the same 1.30% expense ratio. On volatility, SPYQ has been the lower-risk option at 5.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYQ or MQQQ?

Over the 1-year period, MQQQ has performed better with a 83.05% return vs 51.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYQ or MQQQ?

SPYQ and MQQQ have the same expense ratio: 1.30% per year.

Which ETF pays a higher dividend yield, SPYQ or MQQQ?

MQQQ has the higher dividend yield at 1.45%, compared with 0.14% for SPYQ.

Which has better risk-adjusted returns?

MQQQ currently has the higher Sharpe Ratio (2.60 vs 2.20), 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.