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UDOW vs. QQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UDOW vs. QQQ

Last updated Aug 6, 2026
Documentation

UDOW (ProShares UltraPro Dow30) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - UDOW is a Leveraged Equities fund tracking the Dow Jones Industrial Average (300%), while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, UDOW returned 24.14%/yr vs 20.75%/yr for QQQ. Their 0.75 correlation means they have sometimes moved together and sometimes differently. UDOW charges 0.95%/yr vs 0.18%/yr for QQQ.

Performance

UDOW vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Dow30 (UDOW) and Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UDOW achieves a 34.72% return, which is significantly higher than QQQ's 17.04% return. Over the past 10 years, UDOW has outperformed QQQ with an annualized return of 24.14%, while QQQ has yielded a comparatively lower 20.75% annualized return.

UDOW

1D
1.27%
1M
5.99%
6M
24.98%
YTD
34.72%
1Y
68.15%
3Y*
37.02%
5Y*
16.20%
10Y*
24.14%
ALL TIME*
27.06%

QQQ

1D
-0.90%
1M
-0.76%
6M
18.69%
YTD
17.04%
1Y
28.64%
3Y*
25.18%
5Y*
14.96%
10Y*
20.75%
ALL TIME*
10.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

QQQ

Invesco QQQ ETF
$34.07B$28.96B$31.85B

UDOW

ProShares UltraPro Dow30
$139.29M$118.80M$141.03M

UDOW vs. QQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UDOW
ProShares UltraPro Dow30		34.72%24.46%28.47%32.72%-32.39%65.67%-17.15%75.24%-23.86%99.07%
QQQ
Invesco QQQ ETF		17.04%20.77%25.58%54.86%-32.58%27.42%48.62%38.96%-0.13%32.66%

Correlation

The correlation between UDOW and QQQ is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.62

Correlation (3Y)
Balances recent behavior with more history.

0.64

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.71

Correlation (10Y)
Provides a long-term view across more market conditions.

0.71

Correlation (All Time)
Calculated using the full available price history since Feb 11, 2010

0.75

The correlation between UDOW and QQQ shifts across timeframes, from 0.62 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

UDOW vs. QQQ - Sectors Allocation Comparison

Sectors
UDOW
QQQ

Financial Services

32.9%
0.2%

Industrials

8.8%
2.7%

Technology

8.2%
60.9%

Healthcare

6.9%
3.6%

Consumer Cyclical

5.1%
10.7%

Communication Services

2.4%
13.1%

Consumer Defensive

2.0%
6.3%

Basic Materials

1.8%
1.0%

Energy

1.1%
0.5%

Real Estate

-

0.1%

Utilities

-

1.1%

Financial Services

UDOW
32.9%
QQQ
0.2%

Industrials

UDOW
8.8%
QQQ
2.7%

Technology

UDOW
8.2%
QQQ
60.9%

Healthcare

UDOW
6.9%
QQQ
3.6%

Consumer Cyclical

UDOW
5.1%
QQQ
10.7%

Communication Services

UDOW
2.4%
QQQ
13.1%

Consumer Defensive

UDOW
2.0%
QQQ
6.3%

Basic Materials

UDOW
1.8%
QQQ
1.0%

Energy

UDOW
1.1%
QQQ
0.5%

Real Estate

UDOW

-

QQQ
0.1%

Utilities

UDOW

-

QQQ
1.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraPro Dow30

Invesco QQQ ETF

Often compared with UDOW:
UDOW vs. TQQQUDOW vs. DIAUDOW vs. DDMUDOW vs. SDOWUDOW vs. UPROUDOW vs. SPYUDOW vs. DOG
Often compared with QQQ:
QQQ vs. SPYQQQ vs. VOOQQQ vs. VGTQQQ vs. TQQQQQQ vs. SMHQQQ vs. QQQMQQQ vs. SPMO

Return for Risk

UDOW vs. QQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
UDOW
UDOW Risk / Return Rank: 6464
Overall Rank
UDOW Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
UDOW Sortino Ratio Rank: 6464
Sortino Ratio Rank
UDOW Omega Ratio Rank: 6161
Omega Ratio Rank
UDOW Calmar Ratio Rank: 6161
Calmar Ratio Rank
UDOW Martin Ratio Rank: 6464
Martin Ratio Rank
QQQ
QQQ Risk / Return Rank: 5454
Overall Rank
QQQ Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
QQQ Sortino Ratio Rank: 5050
Sortino Ratio Rank
QQQ Omega Ratio Rank: 4949
Omega Ratio Rank
QQQ Calmar Ratio Rank: 6060
Calmar Ratio Rank
QQQ Martin Ratio Rank: 5656
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UDOW vs. QQQ - Risk-Adjusted Trends Comparison

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

UDOWQQQDifference
Sharpe ratioReturn per unit of total volatility
1.83
1.47

+0.36

Sortino ratioReturn per unit of downside risk
2.42
2.05

+0.37

Omega ratioGain probability vs. loss probability

1.30

1.26

+0.04

Calmar ratioReturn relative to maximum drawdown

2.44

2.40

+0.04

Martin ratioReturn relative to average drawdown

8.67

7.62

+1.04

UDOW vs. QQQ - Sharpe Ratio Comparison

The current UDOW Sharpe Ratio is 1.83, which is comparable to the QQQ Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of UDOW and QQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

UDOW vs. QQQ - Drawdown Comparison

The maximum UDOW drawdown since its inception was -80.29%, roughly equal to the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for UDOW and QQQ.

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Drawdown Indicators

UDOWQQQDifference

Max Drawdown

Largest peak-to-trough decline

-80.29%

-82.97%

+2.68%

Max Drawdown (1Y)

Largest decline over 1 year

-28.07%

-11.96%

-16.11%

Max Drawdown (3Y)

Largest decline over 3 years

-44.83%

-22.77%

-22.06%

Max Drawdown (5Y)

Largest decline over 5 years

-55.79%

-35.12%

-20.67%

Max Drawdown (10Y)

Largest decline over 10 years

-80.29%

-35.12%

-45.17%

Current Drawdown

Current decline from peak

0.00%

-3.76%

+3.76%

Average Drawdown

Average peak-to-trough decline

-14.27%

-32.61%

+18.34%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.89%

3.77%

+4.12%

Volatility

UDOW vs. QQQ - Volatility Comparison

ProShares UltraPro Dow30 (UDOW) has a higher volatility of 12.46% compared to Invesco QQQ ETF (QQQ) at 7.44%. This indicates that UDOW's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UDOWQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

12.46%

7.44%

+5.02%

Volatility (6M)

Calculated over the trailing 6-month period

29.77%

16.38%

+13.39%

Volatility (1Y)

Calculated over the trailing 1-year period

37.41%

19.56%

+17.85%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

44.38%

22.97%

+21.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

51.80%

22.53%

+29.27%

UDOW vs. QQQ - Expense Ratio Comparison

UDOW has a 0.95% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

UDOW vs. QQQ - Dividend Comparison

UDOW's dividend yield for the trailing twelve months is around 1.00%, more than QQQ's 0.42% yield.

PositionTTM20252024202320222021202020192018201720162015
QQQ
Invesco QQQ ETF		0.42%0.45%0.56%0.62%0.80%0.43%0.55%0.74%0.91%0.84%1.06%0.99%
UDOW
ProShares UltraPro Dow30		1.00%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

UDOW and QQQ have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UDOW has higher volatility (12.46%) compared to QQQ (7.44%). In terms of maximum drawdown, UDOW dropped -80.29% vs QQQ's -82.97%.

On 10-year performance, UDOW leads with 24.14% vs 20.75% for QQQ. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 7.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, UDOW has performed better with a 24.14% return vs 20.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QQQ is cheaper with a 0.18% expense ratio, compared with 0.95% for UDOW.

UDOW has the higher dividend yield at 1.00%, compared with 0.42% for QQQ.

UDOW is categorized as Leveraged Equities, while QQQ is Nasdaq-100. UDOW tracks Dow Jones Industrial Average (300%), while QQQ tracks NASDAQ-100 Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for UDOW and 0.18% for QQQ.

UDOW currently has the higher Sharpe Ratio (1.83 vs 1.47), 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.

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