UDOW vs. QQQ

Last updated Jun 4, 2026

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 23.30%/yr vs 21.94%/yr for QQQ. A 0.75 correlation means they provide meaningful diversification when combined. 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.

Returns By Period

In the year-to-date period, UDOW achieves a 12.27% return, which is significantly lower than QQQ's 21.30% return. Over the past 10 years, UDOW has outperformed QQQ with an annualized return of 23.30%, while QQQ has yielded a comparatively lower 21.94% annualized return.

UDOW

• 1D: -3.38%
• 1M: 10.84%
• YTD: 12.27%
• 6M: 12.78%
• 1Y: 53.13%
• 3Y*: 33.01%
• 5Y*: 12.75%
• 10Y*: 23.30%

QQQ

• 1D: -0.26%
• 1M: 10.60%
• YTD: 21.30%
• 6M: 19.66%
• 1Y: 41.82%
• 3Y*: 28.78%
• 5Y*: 17.97%
• 10Y*: 21.94%

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

UDOW vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UDOW ProShares UltraPro Dow30	12.27%	24.46%	28.47%	32.72%	-32.39%	65.67%	-17.15%	75.24%	-23.86%	99.07%
QQQ Invesco QQQ ETF	21.30%	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 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010	0.75

The correlation between UDOW and QQQ shifts across timeframes, from 0.65 (3 years) to 0.75 (all time), reflecting how their relationship changes across market environments.

UDOW vs. QQQ - Sectors Allocation Comparison

Sectors	UDOW	QQQ
Financial Services	27.2%	0.2%
Industrials	18.4%	2.8%
Technology	17.1%	53.8%
Healthcare	13.1%	4.2%
Consumer Cyclical	11.6%	12.3%
Consumer Defensive	4.4%	7.7%
Basic Materials	4.0%	1.1%
Energy	2.4%	0.6%
Communication Services	1.9%	15.8%
Real Estate	-	0.1%
Utilities	-	1.4%

Return for Risk

UDOW vs. QQQ — Risk / Return Rank

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

UDOW

UDOW Risk / Return Rank: 40
UDOW Sharpe Ratio Rank: 41
UDOW Sortino Ratio Rank: 40
UDOW Omega Ratio Rank: 38
UDOW Calmar Ratio Rank: 38
UDOW Martin Ratio Rank: 41

QQQ

QQQ Risk / Return Rank: 73
QQQ Sharpe Ratio Rank: 79
QQQ Sortino Ratio Rank: 75
QQQ Omega Ratio Rank: 74
QQQ Calmar Ratio Rank: 69
QQQ Martin Ratio Rank: 71

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. 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.

	UDOW	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.48	2.64	-1.16
Sortino ratio: Return per unit of downside risk	2.09	3.45	-1.36
Omega ratio: Gain probability vs. loss probability	1.25	1.45	-0.20
Calmar ratio: Return relative to maximum drawdown	1.90	3.51	-1.61
Martin ratio: Return relative to average drawdown	6.75	13.49	-6.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UDOW vs. QQQ - Sharpe Ratio Comparison

The current UDOW Sharpe Ratio is 1.48, which is lower than the QQQ Sharpe Ratio of 2.64. 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.

Sharpe Ratios by Period

	UDOW	QQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	2.64	-1.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.81	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.99	-0.54
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.41	+0.12

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.

Drawdown Indicators

	UDOW	QQQ	Difference
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	-3.38%	-0.26%	-3.12%
Average Drawdown Average peak-to-trough decline	-14.39%	-32.79%	+18.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.90%	3.11%	+4.79%

Volatility

UDOW vs. QQQ - Volatility Comparison

ProShares UltraPro Dow30 (UDOW) has a higher volatility of 8.80% compared to Invesco QQQ ETF (QQQ) at 4.49%. 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.

Volatility by Period

	UDOW	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.80%	4.49%	+4.31%
Volatility (6M) Calculated over the trailing 6-month period	27.61%	12.10%	+15.51%
Volatility (1Y) Calculated over the trailing 1-year period	36.12%	15.94%	+20.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.19%	22.38%	+21.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.76%	22.29%	+29.47%

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 1.21%, more than QQQ's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQ Invesco QQQ ETF	0.38%	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	1.21%	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 QQQ in my portfolio?

UDOW and QQQ have a correlation of 0.67, 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 QQQ?

UDOW has higher volatility (8.80%) compared to QQQ (4.49%). In terms of maximum drawdown, UDOW dropped -80.29% vs QQQ's -82.97%.

Which ETF is better, UDOW or QQQ?

On 10-year performance, UDOW leads with 23.30% vs 21.94% for QQQ. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 4.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UDOW or QQQ?

Over the 10-year period, UDOW has performed better with a 23.30% return vs 21.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UDOW or QQQ?

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

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

UDOW has the higher dividend yield at 1.21%, compared with 0.38% for QQQ.

What is the main difference between UDOW and 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.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (2.64 vs 1.48), 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.