UPAL vs. IQQQ

Last updated Jun 30, 2026

UPAL (ProShares Ultra Palladium K-1 Free ETF) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - UPAL is a Leveraged Commodities fund actively managed by ProShares, while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. UPAL is actively managed, while IQQQ is passively managed. At a 0.45 correlation, their price movements are largely independent. UPAL charges 0.95%/yr vs 0.55%/yr for IQQQ.

Performance

UPAL vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Palladium K-1 Free ETF (UPAL) and ProShares Nasdaq-100 High Income ETF (IQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

UPAL

• 1D: 0.78%
• 1M: -22.27%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IQQQ

• 1D: 2.08%
• 1M: -2.09%
• YTD: 15.32%
• 6M: 14.11%
• 1Y: 29.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UPAL vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)
UPAL ProShares Ultra Palladium K-1 Free ETF	-43.92%
IQQQ ProShares Nasdaq-100 High Income ETF	10.95%

Correlation

The correlation between UPAL and IQQQ is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 21, 2026	0.45

Return for Risk

UPAL vs. IQQQ — Risk / Return Rank

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

UPAL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

IQQQ

IQQQ Risk / Return Rank: 58
IQQQ Sharpe Ratio Rank: 60
IQQQ Sortino Ratio Rank: 54
IQQQ Omega Ratio Rank: 55
IQQQ Calmar Ratio Rank: 62
IQQQ Martin Ratio Rank: 58

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.

UPAL vs. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Palladium K-1 Free ETF (UPAL) 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.

	UPAL	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	—	1.71	—
Sortino ratio: Return per unit of downside risk	—	2.26	—
Omega ratio: Gain probability vs. loss probability	—	1.30	—
Calmar ratio: Return relative to maximum drawdown	—	2.63	—
Martin ratio: Return relative to average drawdown	—	8.90	—

Drawdowns

UPAL vs. IQQQ - Drawdown Comparison

The maximum UPAL drawdown since its inception was -48.54%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for UPAL and IQQQ.

Drawdown Indicators

	UPAL	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-48.54%	-20.41%	-28.13%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.13%	—
Current Drawdown Current decline from peak	-43.92%	-3.16%	-40.76%
Average Drawdown Average peak-to-trough decline	-24.97%	-3.63%	-21.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.29%	—

Volatility

Volatility by Period

	UPAL	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.47%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.74%	—
Volatility (1Y) Calculated over the trailing 1-year period	80.57%	17.15%	+63.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.57%	19.08%	+61.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.57%	19.08%	+61.49%

UPAL vs. IQQQ - Expense Ratio Comparison

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

Dividends

UPAL vs. IQQQ - Dividend Comparison

UPAL's dividend yield for the trailing twelve months is around 0.27%, less than IQQQ's 4.55% yield.

Position	TTM	2025	2024
IQQQ ProShares Nasdaq-100 High Income ETF	4.55%	10.34%	7.27%
UPAL ProShares Ultra Palladium K-1 Free ETF	0.27%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UPAL and IQQQ in my portfolio?

UPAL and IQQQ have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UPAL or IQQQ?

On fees, IQQQ is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UPAL or IQQQ?

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

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

IQQQ has the higher dividend yield at 4.55%, compared with 0.27% for UPAL.

What is the main difference between UPAL and IQQQ?

UPAL is categorized as Leveraged Commodities, while IQQQ is Nasdaq-100. Their fees differ too: 0.95% for UPAL and 0.55% for IQQQ.