UCYB vs. IQQQ

Last updated Jun 26, 2026

UCYB (ProShares Ultra Nasdaq Cybersecurity) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - UCYB is a Leveraged Equities fund tracking the Nasdaq CTA Cybersecurity Index (200%), while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, UCYB returned 12.91% vs 29.47% for IQQQ. A 0.65 correlation means they provide meaningful diversification when combined. UCYB charges 0.97%/yr vs 0.55%/yr for IQQQ.

Performance

UCYB vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Nasdaq Cybersecurity (UCYB) 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, UCYB achieves a 27.14% return, which is significantly higher than IQQQ's 13.95% return.

UCYB

• 1D: -0.13%
• 1M: -3.95%
• YTD: 27.14%
• 6M: 21.84%
• 1Y: 12.91%
• 3Y*: 36.10%
• 5Y*: 10.93%
• 10Y*: —

IQQQ

• 1D: 0.87%
• 1M: -2.10%
• YTD: 13.95%
• 6M: 12.28%
• 1Y: 29.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UCYB vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UCYB ProShares Ultra Nasdaq Cybersecurity	27.14%	9.41%	21.88%
IQQQ ProShares Nasdaq-100 High Income ETF	13.95%	17.11%	14.82%

Correlation

The correlation between UCYB and IQQQ is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024	0.65

The correlation between UCYB and IQQQ has been stable across timeframes, ranging from 0.58 to 0.65 - a consistent structural relationship.

Return for Risk

UCYB vs. IQQQ — Risk / Return Rank

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

UCYB

UCYB Risk / Return Rank: 13
UCYB Sharpe Ratio Rank: 12
UCYB Sortino Ratio Rank: 14
UCYB Omega Ratio Rank: 14
UCYB Calmar Ratio Rank: 12
UCYB Martin Ratio Rank: 12

IQQQ

IQQQ Risk / Return Rank: 58
IQQQ Sharpe Ratio Rank: 61
IQQQ Sortino Ratio Rank: 54
IQQQ Omega Ratio Rank: 56
IQQQ Calmar Ratio Rank: 62
IQQQ Martin Ratio Rank: 59

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.

UCYB vs. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Nasdaq Cybersecurity (UCYB) 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.

	UCYB	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.25	1.74	-1.49
Sortino ratio: Return per unit of downside risk	0.71	2.28	-1.58
Omega ratio: Gain probability vs. loss probability	1.09	1.30	-0.21
Calmar ratio: Return relative to maximum drawdown	0.30	2.66	-2.36
Martin ratio: Return relative to average drawdown	0.65	9.05	-8.40

UCYB vs. IQQQ - Sharpe Ratio Comparison

The current UCYB Sharpe Ratio is 0.25, which is lower than the IQQQ Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of UCYB 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

UCYB vs. IQQQ - Drawdown Comparison

The maximum UCYB drawdown since its inception was -62.69%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for UCYB and IQQQ.

Drawdown Indicators

	UCYB	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-62.69%	-20.41%	-42.28%
Max Drawdown (1Y) Largest decline over 1 year	-43.04%	-11.13%	-31.91%
Max Drawdown (3Y) Largest decline over 3 years	-43.04%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-62.69%	—	—
Current Drawdown Current decline from peak	-22.60%	-4.31%	-18.29%
Average Drawdown Average peak-to-trough decline	-27.38%	-3.63%	-23.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.92%	3.27%	+16.65%

Volatility

UCYB vs. IQQQ - Volatility Comparison

ProShares Ultra Nasdaq Cybersecurity (UCYB) has a higher volatility of 24.42% compared to ProShares Nasdaq-100 High Income ETF (IQQQ) at 8.20%. This indicates that UCYB'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

	UCYB	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.42%	8.20%	+16.22%
Volatility (6M) Calculated over the trailing 6-month period	43.72%	13.57%	+30.15%
Volatility (1Y) Calculated over the trailing 1-year period	50.88%	17.00%	+33.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.24%	19.06%	+31.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.71%	19.06%	+30.65%

UCYB vs. IQQQ - Expense Ratio Comparison

UCYB has a 0.97% expense ratio, which is higher than IQQQ's 0.55% expense ratio.

Dividends

UCYB vs. IQQQ - Dividend Comparison

UCYB's dividend yield for the trailing twelve months is around 1.82%, less than IQQQ's 4.61% yield.

Position	TTM	2025	2024	2023	2022	2021
IQQQ ProShares Nasdaq-100 High Income ETF	4.61%	10.34%	7.27%	0.00%	0.00%	0.00%
UCYB ProShares Ultra Nasdaq Cybersecurity	1.82%	1.90%	2.16%	0.56%	0.00%	0.91%

Frequently Asked Questions

Can I hold both UCYB and IQQQ in my portfolio?

UCYB and IQQQ have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UCYB or IQQQ?

UCYB has higher volatility (24.42%) compared to IQQQ (8.20%). In terms of maximum drawdown, UCYB dropped -62.69% vs IQQQ's -20.41%.

Which ETF is better, UCYB or IQQQ?

On 1-year performance, IQQQ leads with 29.47% vs 12.91% for UCYB. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 8.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UCYB or IQQQ?

Over the 1-year period, IQQQ has performed better with a 29.47% return vs 12.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UCYB or IQQQ?

IQQQ is cheaper with a 0.55% expense ratio, compared with 0.97% for UCYB.

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

IQQQ has the higher dividend yield at 4.61%, compared with 1.82% for UCYB.

What is the main difference between UCYB and IQQQ?

UCYB is categorized as Leveraged Equities, while IQQQ is Nasdaq-100. UCYB tracks Nasdaq CTA Cybersecurity Index (200%), while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.97% for UCYB and 0.55% for IQQQ.

Which has better risk-adjusted returns?

IQQQ currently has the higher Sharpe Ratio (1.74 vs 0.25), 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.