UPRO vs. IQQQ

Last updated Jun 4, 2026

UPRO (ProShares UltraPro S&P 500) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - UPRO is a Leveraged Equities fund tracking the S&P 500, while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, UPRO returned 80.84% vs 38.70% for IQQQ. Their correlation of 0.93 suggests significant overlap in exposure. UPRO charges 0.89%/yr vs 0.55%/yr for IQQQ.

Performance

UPRO vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro S&P 500 (UPRO) and ProShares Nasdaq-100 High Income ETF (IQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPRO achieves a 27.90% return, which is significantly higher than IQQQ's 18.72% return.

UPRO

• 1D: -2.09%
• 1M: 14.64%
• YTD: 27.90%
• 6M: 26.67%
• 1Y: 80.84%
• 3Y*: 52.58%
• 5Y*: 23.13%
• 10Y*: 30.09%

IQQQ

• 1D: -0.30%
• 1M: 9.88%
• YTD: 18.72%
• 6M: 17.39%
• 1Y: 38.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UPRO vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UPRO ProShares UltraPro S&P 500	27.90%	31.88%	28.14%
IQQQ ProShares Nasdaq-100 High Income ETF	18.72%	17.11%	13.39%

Correlation

The correlation between UPRO and IQQQ is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Mar 21, 2024	0.93

The correlation between UPRO and IQQQ has been stable across timeframes, ranging from 0.93 to 0.93 - a consistent structural relationship.

UPRO vs. IQQQ - Sectors Allocation Comparison

Sectors	UPRO	IQQQ
Financial Services	28.8%	0.2%
Technology	17.8%	53.8%
Communication Services	4.8%	15.8%
Consumer Cyclical	4.5%	12.3%
Healthcare	3.8%	4.2%
Industrials	3.4%	2.8%
Consumer Defensive	2.0%	7.7%
Energy	1.4%	0.6%
Utilities	1.1%	1.4%
Real Estate	0.8%	0.1%
Basic Materials	0.8%	1.1%

Return for Risk

UPRO vs. IQQQ — Risk / Return Rank

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

UPRO

UPRO Risk / Return Rank: 62
UPRO Sharpe Ratio Rank: 68
UPRO Sortino Ratio Rank: 57
UPRO Omega Ratio Rank: 58
UPRO Calmar Ratio Rank: 60
UPRO Martin Ratio Rank: 68

IQQQ

IQQQ Risk / Return Rank: 70
IQQQ Sharpe Ratio Rank: 76
IQQQ Sortino Ratio Rank: 70
IQQQ Omega Ratio Rank: 69
IQQQ Calmar Ratio Rank: 69
IQQQ Martin Ratio Rank: 66

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.

UPRO vs. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) 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.

	UPRO	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.53	-0.23
Sortino ratio: Return per unit of downside risk	2.76	3.27	-0.51
Omega ratio: Gain probability vs. loss probability	1.36	1.43	-0.06
Calmar ratio: Return relative to maximum drawdown	3.03	3.49	-0.46
Martin ratio: Return relative to average drawdown	12.80	12.41	+0.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UPRO vs. IQQQ - Sharpe Ratio Comparison

The current UPRO Sharpe Ratio is 2.30, which is comparable to the IQQQ Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of UPRO and IQQQ, 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

	UPRO	IQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.53	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	1.25	-0.59

Drawdowns

UPRO vs. IQQQ - Drawdown Comparison

The maximum UPRO drawdown since its inception was -76.82%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for UPRO and IQQQ.

Drawdown Indicators

	UPRO	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-76.82%	-20.41%	-56.41%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-11.13%	-15.65%
Max Drawdown (3Y) Largest decline over 3 years	-48.87%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-63.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-76.82%	—	—
Current Drawdown Current decline from peak	-2.09%	-0.30%	-1.79%
Average Drawdown Average peak-to-trough decline	-14.42%	-3.64%	-10.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.33%	3.13%	+3.20%

Volatility

UPRO vs. IQQQ - Volatility Comparison

ProShares UltraPro S&P 500 (UPRO) has a higher volatility of 8.45% compared to ProShares Nasdaq-100 High Income ETF (IQQQ) at 3.99%. This indicates that UPRO's price experiences larger fluctuations and is considered to be riskier than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPRO	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.45%	3.99%	+4.46%
Volatility (6M) Calculated over the trailing 6-month period	26.60%	11.54%	+15.06%
Volatility (1Y) Calculated over the trailing 1-year period	35.35%	15.40%	+19.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.32%	18.57%	+31.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.74%	18.57%	+35.17%

UPRO vs. IQQQ - Expense Ratio Comparison

UPRO has a 0.89% expense ratio, which is higher than IQQQ's 0.55% expense ratio.

Dividends

UPRO vs. IQQQ - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 0.68%, less than IQQQ's 4.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IQQQ ProShares Nasdaq-100 High Income ETF	4.42%	10.34%	7.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UPRO ProShares UltraPro S&P 500	0.68%	0.84%	0.93%	0.74%	0.52%	0.06%	0.11%	0.41%	0.63%	0.00%	0.12%	0.34%

Frequently Asked Questions

Can I hold both UPRO and IQQQ in my portfolio?

With a correlation of 0.93, UPRO and IQQQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, UPRO or IQQQ?

UPRO has higher volatility (8.45%) compared to IQQQ (3.99%). In terms of maximum drawdown, UPRO dropped -76.82% vs IQQQ's -20.41%.

Which ETF is better, UPRO or IQQQ?

On 1-year performance, UPRO leads with 80.84% vs 38.70% for IQQQ. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 3.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPRO or IQQQ?

Over the 1-year period, UPRO has performed better with a 80.84% return vs 38.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPRO or IQQQ?

IQQQ is cheaper with a 0.55% expense ratio, compared with 0.89% for UPRO.

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

IQQQ has the higher dividend yield at 4.42%, compared with 0.68% for UPRO.

What is the main difference between UPRO and IQQQ?

UPRO is categorized as Leveraged Equities, while IQQQ is Nasdaq-100. UPRO tracks S&P 500, while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.89% for UPRO and 0.55% for IQQQ.

Which has better risk-adjusted returns?

IQQQ currently has the higher Sharpe Ratio (2.53 vs 2.30), 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.