UDOW vs. IQQQ

Last updated Jul 17, 2026

UDOW (ProShares UltraPro Dow30) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - UDOW is a Leveraged Equities fund tracking the Dow Jones Industrial Average (300%), while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, UDOW returned 51.04% vs 24.13% for IQQQ. A 0.63 correlation means they provide meaningful diversification when combined. UDOW charges 0.95%/yr vs 0.55%/yr for IQQQ.

Performance

UDOW vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Dow30 (UDOW) 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, UDOW achieves a 22.92% return, which is significantly higher than IQQQ's 12.64% return.

UDOW

• 1D: -0.72%
• 1M: 2.22%
• 6M: 13.51%
• YTD: 22.92%
• 1Y: 51.04%
• 3Y*: 34.50%
• 5Y*: 15.05%
• 10Y*: 23.01%

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)

UDOW vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UDOW ProShares UltraPro Dow30	22.92%	24.46%	17.33%
IQQQ ProShares Nasdaq-100 High Income ETF	12.64%	17.11%	14.82%

Correlation

The correlation between UDOW and IQQQ is 0.61, 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	0.61
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024	0.63

The correlation between UDOW and IQQQ has been stable across timeframes, ranging from 0.61 to 0.63 - a consistent structural relationship.

Return for Risk

UDOW vs. IQQQ — Risk / Return Rank

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

UDOW

UDOW Risk / Return Rank: 47
UDOW Sharpe Ratio Rank: 50
UDOW Sortino Ratio Rank: 50
UDOW Omega Ratio Rank: 46
UDOW Calmar Ratio Rank: 44
UDOW Martin Ratio Rank: 48

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.

UDOW vs. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Dow30 (UDOW) 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.

	UDOW	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.37	+0.04
Sortino ratio: Return per unit of downside risk	2.01	1.85	+0.16
Omega ratio: Gain probability vs. loss probability	1.24	1.24	+0.01
Calmar ratio: Return relative to maximum drawdown	1.83	2.18	-0.35
Martin ratio: Return relative to average drawdown	6.48	7.13	-0.65

UDOW vs. IQQQ - Sharpe Ratio Comparison

The current UDOW Sharpe Ratio is 1.40, which is comparable to the IQQQ Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of UDOW 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

UDOW vs. IQQQ - Drawdown Comparison

The maximum UDOW drawdown since its inception was -80.29%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for UDOW and IQQQ.

Drawdown Indicators

	UDOW	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-80.29%	-20.41%	-59.88%
Max Drawdown (1Y) Largest decline over 1 year	-28.07%	-11.13%	-16.94%
Max Drawdown (3Y) Largest decline over 3 years	-44.83%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-55.79%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-80.29%	—	—
Current Drawdown Current decline from peak	-3.29%	-5.41%	+2.12%
Average Drawdown Average peak-to-trough decline	-14.30%	-3.63%	-10.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.90%	3.39%	+4.51%

Volatility

UDOW vs. IQQQ - Volatility Comparison

ProShares UltraPro Dow30 (UDOW) and ProShares Nasdaq-100 High Income ETF (IQQQ) have volatilities of 6.90% and 7.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UDOW	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.90%	7.12%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	28.66%	14.46%	+14.20%
Volatility (1Y) Calculated over the trailing 1-year period	36.53%	17.70%	+18.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.29%	19.16%	+25.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.67%	19.16%	+32.51%

UDOW vs. IQQQ - Expense Ratio Comparison

UDOW has a 0.95% expense ratio, which is higher than IQQQ's 0.55% expense ratio.

Dividends

UDOW vs. IQQQ - Dividend Comparison

UDOW's dividend yield for the trailing twelve months is around 1.09%, less than IQQQ's 5.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
UDOW ProShares UltraPro Dow30	1.09%	1.38%	0.95%	0.95%	0.83%	0.26%	0.19%	0.61%	0.73%	0.13%	0.26%	0.21%

Frequently Asked Questions

Can I hold both UDOW and IQQQ in my portfolio?

UDOW and IQQQ have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UDOW or IQQQ?

IQQQ has higher volatility (7.12%) compared to UDOW (6.90%). In terms of maximum drawdown, UDOW dropped -80.29% vs IQQQ's -20.41%.

Which ETF is better, UDOW or IQQQ?

On 1-year performance, UDOW leads with 51.04% vs 24.13% for IQQQ. On fees, IQQQ is cheaper at 0.55% per year. On volatility, UDOW has been the lower-risk option at 6.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UDOW or IQQQ?

Over the 1-year period, UDOW has performed better with a 51.04% return vs 24.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UDOW or IQQQ?

IQQQ is cheaper with a 0.55% expense ratio, compared with 0.95% for UDOW.

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

IQQQ has the higher dividend yield at 5.30%, compared with 1.09% for UDOW.

What is the main difference between UDOW and IQQQ?

UDOW is categorized as Leveraged Equities, while IQQQ is Nasdaq-100. UDOW tracks Dow Jones Industrial Average (300%), while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.95% for UDOW and 0.55% for IQQQ.

Which has better risk-adjusted returns?

UDOW currently has the higher Sharpe Ratio (1.40 vs 1.37), 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.