UPW vs. IQQQ

Last updated Jul 14, 2026

UPW (ProShares Ultra Utilities) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - UPW is a Leveraged Equities fund tracking the Dow Jones U.S. Utilities Index (200%), while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, UPW returned 20.09% vs 25.95% for IQQQ. At a 0.09 correlation, their price movements are largely independent. UPW charges 0.95%/yr vs 0.55%/yr for IQQQ.

Performance

UPW vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Utilities (UPW) 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, UPW achieves a 12.70% return, which is significantly lower than IQQQ's 13.67% return.

UPW

• 1D: 1.51%
• 1M: 6.52%
• 6M: 13.90%
• YTD: 12.70%
• 1Y: 20.09%
• 3Y*: 19.06%
• 5Y*: 11.78%
• 10Y*: 10.00%

IQQQ

• 1D: -1.84%
• 1M: -1.65%
• 6M: 11.37%
• YTD: 13.67%
• 1Y: 25.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UPW vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UPW ProShares Ultra Utilities	12.70%	23.61%	36.63%
IQQQ ProShares Nasdaq-100 High Income ETF	13.67%	17.11%	14.82%

Correlation

The correlation between UPW and IQQQ is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.00
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024	0.09

Return for Risk

UPW vs. IQQQ — Risk / Return Rank

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

UPW

UPW Risk / Return Rank: 24
UPW Sharpe Ratio Rank: 24
UPW Sortino Ratio Rank: 23
UPW Omega Ratio Rank: 23
UPW Calmar Ratio Rank: 27
UPW Martin Ratio Rank: 22

IQQQ

IQQQ Risk / Return Rank: 54
IQQQ Sharpe Ratio Rank: 55
IQQQ Sortino Ratio Rank: 50
IQQQ Omega Ratio Rank: 51
IQQQ Calmar Ratio Rank: 59
IQQQ Martin Ratio Rank: 57

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.

UPW vs. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Utilities (UPW) 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.

	UPW	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.68	1.48	-0.81
Sortino ratio: Return per unit of downside risk	1.07	1.99	-0.92
Omega ratio: Gain probability vs. loss probability	1.13	1.26	-0.13
Calmar ratio: Return relative to maximum drawdown	1.05	2.34	-1.29
Martin ratio: Return relative to average drawdown	2.10	7.74	-5.64

UPW vs. IQQQ - Sharpe Ratio Comparison

The current UPW Sharpe Ratio is 0.68, which is lower than the IQQQ Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of UPW 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.

Drawdowns

UPW vs. IQQQ - Drawdown Comparison

The maximum UPW drawdown since its inception was -77.75%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for UPW and IQQQ.

Drawdown Indicators

	UPW	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-77.75%	-20.41%	-57.34%
Max Drawdown (1Y) Largest decline over 1 year	-19.15%	-11.13%	-8.02%
Max Drawdown (3Y) Largest decline over 3 years	-33.16%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-49.42%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-62.67%	—	—
Current Drawdown Current decline from peak	-8.60%	-4.54%	-4.06%
Average Drawdown Average peak-to-trough decline	-22.53%	-3.63%	-18.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.58%	3.36%	+6.22%

Volatility

UPW vs. IQQQ - Volatility Comparison

ProShares Ultra Utilities (UPW) has a higher volatility of 9.03% compared to ProShares Nasdaq-100 High Income ETF (IQQQ) at 7.78%. This indicates that UPW'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

	UPW	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.03%	7.78%	+1.25%
Volatility (6M) Calculated over the trailing 6-month period	23.94%	14.34%	+9.60%
Volatility (1Y) Calculated over the trailing 1-year period	29.92%	17.62%	+12.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.50%	19.16%	+15.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.26%	19.16%	+18.10%

UPW vs. IQQQ - Expense Ratio Comparison

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

Dividends

UPW vs. IQQQ - Dividend Comparison

UPW's dividend yield for the trailing twelve months is around 1.38%, less than IQQQ's 5.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IQQQ ProShares Nasdaq-100 High Income ETF	5.25%	10.34%	7.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UPW ProShares Ultra Utilities	1.38%	1.67%	1.83%	2.40%	1.55%	1.30%	0.83%	0.83%	1.98%	1.51%	1.70%	2.16%

Frequently Asked Questions

Can I hold both UPW and IQQQ in my portfolio?

UPW and IQQQ have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPW or IQQQ?

UPW has higher volatility (9.03%) compared to IQQQ (7.78%). In terms of maximum drawdown, UPW dropped -77.75% vs IQQQ's -20.41%.

Which ETF is better, UPW or IQQQ?

On 1-year performance, IQQQ leads with 25.95% vs 20.09% for UPW. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 7.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPW or IQQQ?

Over the 1-year period, IQQQ has performed better with a 25.95% return vs 20.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPW or IQQQ?

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

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

IQQQ has the higher dividend yield at 5.25%, compared with 1.38% for UPW.

What is the main difference between UPW and IQQQ?

UPW is categorized as Leveraged Equities, while IQQQ is Nasdaq-100. UPW tracks Dow Jones U.S. Utilities Index (200%), while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.95% for UPW and 0.55% for IQQQ.

Which has better risk-adjusted returns?

IQQQ currently has the higher Sharpe Ratio (1.48 vs 0.68), 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.