UPAL vs. TQQQ

Last updated Jul 21, 2026

UPAL (ProShares Ultra Palladium K-1 Free ETF) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - UPAL is a Leveraged Commodities fund actively managed by ProShares, while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). UPAL is actively managed, while TQQQ is passively managed. At a 0.42 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

UPAL vs. TQQQ - 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 UltraPro QQQ (TQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

UPAL

• 1D: 0.62%
• 1M: -6.90%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

TQQQ

• 1D: 0.18%
• 1M: -18.18%
• 6M: 25.45%
• YTD: 28.83%
• 1Y: 56.98%
• 3Y*: 48.57%
• 5Y*: 17.01%
• 10Y*: 40.58%
• ALL TIME*: 42.82%

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

UPAL vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)
UPAL ProShares Ultra Palladium K-1 Free ETF	-41.70%
TQQQ ProShares UltraPro QQQ	16.75%

Correlation

The correlation between UPAL and TQQQ is 0.42, 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	0.42

Return for Risk

UPAL vs. TQQQ — 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.

TQQQ

TQQQ Risk / Return Rank: 38
TQQQ Sharpe Ratio Rank: 37
TQQQ Sortino Ratio Rank: 38
TQQQ Omega Ratio Rank: 38
TQQQ Calmar Ratio Rank: 39
TQQQ Martin Ratio Rank: 39

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. TQQQ - 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 UltraPro QQQ (TQQQ). 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	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	—	1.03	—
Sortino ratio: Return per unit of downside risk	—	1.55	—
Omega ratio: Gain probability vs. loss probability	—	1.20	—
Calmar ratio: Return relative to maximum drawdown	—	1.55	—
Martin ratio: Return relative to average drawdown	—	4.64	—

Drawdowns

UPAL vs. TQQQ - Drawdown Comparison

The maximum UPAL drawdown since its inception was -48.54%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for UPAL and TQQQ.

Drawdown Indicators

	UPAL	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-48.54%	-81.66%	+33.12%
Max Drawdown (1Y) Largest decline over 1 year	—	-36.97%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-58.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-81.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-81.66%	—
Current Drawdown Current decline from peak	-41.70%	-22.26%	-19.44%
Average Drawdown Average peak-to-trough decline	-28.55%	-18.48%	-10.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	12.30%	—

Volatility

Volatility by Period

	UPAL	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	21.96%	—
Volatility (6M) Calculated over the trailing 6-month period	—	46.26%	—
Volatility (1Y) Calculated over the trailing 1-year period	79.47%	55.82%	+23.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	79.47%	67.79%	+11.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	79.47%	66.44%	+13.03%

UPAL vs. TQQQ - Expense Ratio Comparison

Both UPAL and TQQQ have an expense ratio of 0.95%.

Dividends

UPAL vs. TQQQ - Dividend Comparison

UPAL's dividend yield for the trailing twelve months is around 0.26%, less than TQQQ's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TQQQ ProShares UltraPro QQQ	0.56%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%
UPAL ProShares Ultra Palladium K-1 Free ETF	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UPAL and TQQQ in my portfolio?

UPAL and TQQQ have a correlation of 0.42, 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 TQQQ?

Both ETFs have the same 0.95% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UPAL or TQQQ?

UPAL and TQQQ have the same expense ratio: 0.95% per year.

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

TQQQ has the higher dividend yield at 0.56%, compared with 0.26% for UPAL.

What is the main difference between UPAL and TQQQ?

UPAL is categorized as Leveraged Commodities, while TQQQ is Leveraged Equities.