UPRO vs. TQQQ
Compare and contrast key facts about ProShares UltraPro S&P 500 (UPRO) and ProShares UltraPro QQQ (TQQQ).
UPRO and TQQQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UPRO is a passively managed fund by ProShares that tracks the performance of the S&P 500 Index (300%). It was launched on Jun 23, 2009. TQQQ is a passively managed fund by ProShares that tracks the performance of the NASDAQ-100 Index (300%). It was launched on Feb 9, 2010. Both UPRO and TQQQ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
UPRO vs. TQQQ - Performance Comparison
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UPRO vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | -16.03% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
TQQQ ProShares UltraPro QQQ | -20.81% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Returns By Period
In the year-to-date period, UPRO achieves a -16.03% return, which is significantly higher than TQQQ's -20.81% return. Over the past 10 years, UPRO has underperformed TQQQ with an annualized return of 25.25%, while TQQQ has yielded a comparatively higher 34.82% annualized return.
UPRO
- 1D
- 8.61%
- 1M
- -15.71%
- YTD
- -16.03%
- 6M
- -12.57%
- 1Y
- 32.51%
- 3Y*
- 37.29%
- 5Y*
- 16.63%
- 10Y*
- 25.25%
TQQQ
- 1D
- 10.00%
- 1M
- -15.69%
- YTD
- -20.81%
- 6M
- -19.12%
- 1Y
- 46.49%
- 3Y*
- 45.09%
- 5Y*
- 12.72%
- 10Y*
- 34.82%
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UPRO vs. TQQQ - Expense Ratio Comparison
UPRO has a 0.92% expense ratio, which is lower than TQQQ's 0.95% expense ratio.
Return for Risk
UPRO vs. TQQQ — Risk / Return Rank
UPRO
TQQQ
UPRO vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) 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.
| UPRO | TQQQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.60 | 0.69 | -0.09 |
Sortino ratioReturn per unit of downside risk | 1.18 | 1.37 | -0.20 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.19 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | 1.04 | 1.25 | -0.21 |
Martin ratioReturn relative to average drawdown | 4.18 | 3.87 | +0.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UPRO | TQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.60 | 0.69 | -0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.33 | 0.19 | +0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | 0.53 | -0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.64 | -0.05 |
Correlation
The correlation between UPRO and TQQQ is 0.90, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
UPRO vs. TQQQ - Dividend Comparison
UPRO's dividend yield for the trailing twelve months is around 1.04%, more than TQQQ's 0.76% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 1.04% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
TQQQ ProShares UltraPro QQQ | 0.76% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
Drawdowns
UPRO vs. TQQQ - Drawdown Comparison
The maximum UPRO drawdown since its inception was -76.82%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for UPRO and TQQQ.
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Drawdown Indicators
| UPRO | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.82% | -81.66% | +4.84% |
Max Drawdown (1Y)Largest decline over 1 year | -33.38% | -36.97% | +3.59% |
Max Drawdown (5Y)Largest decline over 5 years | -63.94% | -81.66% | +17.72% |
Max Drawdown (10Y)Largest decline over 10 years | -76.82% | -81.66% | +4.84% |
Current DrawdownCurrent decline from peak | -20.48% | -30.66% | +10.18% |
Average DrawdownAverage peak-to-trough decline | -14.53% | -18.66% | +4.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.33% | 12.00% | -3.67% |
Volatility
UPRO vs. TQQQ - Volatility Comparison
The current volatility for ProShares UltraPro S&P 500 (UPRO) is 15.89%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 19.43%. This indicates that UPRO 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.
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Volatility by Period
| UPRO | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.89% | 19.43% | -3.54% |
Volatility (6M)Calculated over the trailing 6-month period | 28.41% | 38.32% | -9.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.34% | 67.26% | -12.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.34% | 66.55% | -16.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.70% | 65.83% | -12.13% |