UPGD vs. TQQQ

Last updated Aug 2, 2026

UPGD (Invesco Bloomberg Analyst Rating Improvers ETF) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - UPGD is a Mid Cap Blend Equities fund tracking the Bloomberg ANR Improvers Index - Benchmark TR Gross, while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, UPGD returned 10.04%/yr vs 39.46%/yr for TQQQ. Their 0.70 correlation means they have sometimes moved together and sometimes differently. UPGD charges 0.40%/yr vs 0.95%/yr for TQQQ.

Performance

UPGD vs. TQQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, UPGD achieves a 10.95% return, which is significantly lower than TQQQ's 23.06% return. Over the past 10 years, UPGD has underperformed TQQQ with an annualized return of 10.04%, while TQQQ has yielded a comparatively higher 39.46% annualized return.

UPGD

• 1D: -0.40%
• 1M: -1.10%
• 6M: 7.04%
• YTD: 10.95%
• 1Y: 17.12%
• 3Y*: 12.19%
• 5Y*: 7.89%
• 10Y*: 10.04%
• ALL TIME*: 8.43%

TQQQ

• 1D: 2.09%
• 1M: -11.90%
• 6M: 20.14%
• YTD: 23.06%
• 1Y: 56.87%
• 3Y*: 43.81%
• 5Y*: 15.36%
• 10Y*: 39.46%
• ALL TIME*: 42.33%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TQQQ ProShares UltraPro QQQ	$4.37B	$4.57B	$5.33B
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	$107.99K	$276.67K	$151.22K

UPGD vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	10.95%	8.89%	13.28%	15.65%	-13.17%	24.09%	6.21%	32.02%	-14.84%	13.31%
TQQQ ProShares UltraPro QQQ	23.06%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%

Correlation

The correlation between UPGD and TQQQ is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (3Y) Balances recent behavior with more history.	0.53
Correlation (5Y) Shows whether the relationship held over a longer period.	0.65
Correlation (10Y) Provides a long-term view across more market conditions.	0.63
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	0.70

Over the past year, the correlation between UPGD and TQQQ has dropped to 0.48 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

UPGD vs. TQQQ - Sectors Allocation Comparison

Sectors	UPGD	TQQQ
Consumer Cyclical	25.1%	12.3%
Industrials	24.4%	2.8%
Consumer Defensive	19.1%	7.7%
Technology	11.8%	53.8%
Utilities	7.9%	1.4%
Healthcare	6.4%	4.2%
Basic Materials	3.7%	1.1%
Communication Services	1.5%	15.8%
Financial Services	0.0%	0.2%
Energy	-	0.6%
Real Estate	-	0.1%

Return for Risk

UPGD vs. TQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UPGD

UPGD Risk / Return Rank: 45
UPGD Sharpe Ratio Rank: 45
UPGD Sortino Ratio Rank: 47
UPGD Omega Ratio Rank: 41
UPGD Calmar Ratio Rank: 44
UPGD Martin Ratio Rank: 47

TQQQ

TQQQ Risk / Return Rank: 36
TQQQ Sharpe Ratio Rank: 34
TQQQ Sortino Ratio Rank: 37
TQQQ Omega Ratio Rank: 36
TQQQ Calmar Ratio Rank: 37
TQQQ Martin Ratio Rank: 36

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.

UPGD vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) 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.

	UPGD	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.12	0.83	+0.29
Sortino ratio: Return per unit of downside risk	1.71	1.38	+0.33
Omega ratio: Gain probability vs. loss probability	1.20	1.17	+0.02
Calmar ratio: Return relative to maximum drawdown	1.57	1.29	+0.28
Martin ratio: Return relative to average drawdown	5.38	3.60	+1.78

UPGD vs. TQQQ - Sharpe Ratio Comparison

The current UPGD Sharpe Ratio is 1.12, which is higher than the TQQQ Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of UPGD and TQQQ, 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

UPGD vs. TQQQ - Drawdown Comparison

The maximum UPGD drawdown since its inception was -60.74%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for UPGD and TQQQ.

Drawdown Indicators

	UPGD	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-60.74%	-81.66%	+20.92%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	-36.97%	+26.96%
Max Drawdown (3Y) Largest decline over 3 years	-16.90%	-58.04%	+41.14%
Max Drawdown (5Y) Largest decline over 5 years	-24.31%	-81.66%	+57.35%
Max Drawdown (10Y) Largest decline over 10 years	-50.20%	-81.66%	+31.46%
Current Drawdown Current decline from peak	-2.60%	-25.74%	+23.14%
Average Drawdown Average peak-to-trough decline	-10.19%	-18.49%	+8.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	13.24%	-10.32%

Volatility

UPGD vs. TQQQ - Volatility Comparison

The current volatility for Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) is 4.00%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 20.41%. This indicates that UPGD experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPGD	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	20.41%	-16.41%
Volatility (6M) Calculated over the trailing 6-month period	10.85%	47.79%	-36.94%
Volatility (1Y) Calculated over the trailing 1-year period	14.10%	57.62%	-43.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.60%	68.04%	-49.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.55%	66.57%	-45.02%

UPGD vs. TQQQ - Expense Ratio Comparison

UPGD has a 0.40% expense ratio, which is lower than TQQQ's 0.95% expense ratio.

Dividends

UPGD vs. TQQQ - Dividend Comparison

UPGD's dividend yield for the trailing twelve months is around 1.57%, more than TQQQ's 0.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TQQQ ProShares UltraPro QQQ	0.58%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	1.57%	1.75%	1.28%	1.39%	0.72%	0.52%	0.28%	0.20%	1.43%	0.00%	1.55%	0.93%

Frequently Asked Questions

Can I hold both UPGD and TQQQ in my portfolio?

UPGD and TQQQ have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPGD or TQQQ?

TQQQ has higher volatility (20.41%) compared to UPGD (4.00%). In terms of maximum drawdown, UPGD dropped -60.74% vs TQQQ's -81.66%.

Which ETF is better, UPGD or TQQQ?

On 10-year performance, TQQQ leads with 39.46% vs 10.04% for UPGD. On fees, UPGD is cheaper at 0.40% per year. On volatility, UPGD has been the lower-risk option at 4.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPGD or TQQQ?

Over the 10-year period, TQQQ has performed better with a 39.46% return vs 10.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPGD or TQQQ?

UPGD is cheaper with a 0.40% expense ratio, compared with 0.95% for TQQQ.

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

UPGD has the higher dividend yield at 1.57%, compared with 0.58% for TQQQ.

What is the main difference between UPGD and TQQQ?

UPGD is categorized as Mid Cap Blend Equities, while TQQQ is Leveraged Equities. UPGD tracks Bloomberg ANR Improvers Index - Benchmark TR Gross, while TQQQ tracks NASDAQ-100 Index (300%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.40% for UPGD and 0.95% for TQQQ.

Which has better risk-adjusted returns?

UPGD currently has the higher Sharpe Ratio (1.12 vs 0.83), 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.