PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
UPW vs. TQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UPW vs. TQQQ

Last updated Jun 24, 2026

UPW (ProShares Ultra Utilities) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds from ProShares - UPW tracks the Dow Jones U.S. Utilities Index (200%) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, UPW returned 10.32%/yr vs 45.48%/yr for TQQQ. At a 0.28 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

UPW vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Utilities (UPW) and ProShares UltraPro QQQ (TQQQ). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, UPW achieves a 10.19% return, which is significantly lower than TQQQ's 41.43% return. Over the past 10 years, UPW has underperformed TQQQ with an annualized return of 10.32%, while TQQQ has yielded a comparatively higher 45.48% annualized return.

UPW

1D
1.77%
1M
-0.06%
YTD
10.19%
6M
10.66%
1Y
20.48%
3Y*
20.05%
5Y*
12.26%
10Y*
10.32%

TQQQ

1D
-9.86%
1M
-4.37%
YTD
41.43%
6M
35.75%
1Y
100.69%
3Y*
58.02%
5Y*
21.47%
10Y*
45.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UPW vs. TQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UPW
ProShares Ultra Utilities		10.19%23.61%37.67%-22.37%-4.59%32.57%-17.15%48.59%2.36%22.53%
TQQQ
ProShares UltraPro QQQ		41.43%34.35%58.27%198.04%-79.09%82.98%110.05%133.84%-19.79%118.06%

Correlation

The correlation between UPW and TQQQ is 0.07, 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

0.07

Correlation (3Y)
Calculated over the trailing 3-year period

0.12

Correlation (5Y)
Calculated over the trailing 5-year period

0.23

Correlation (10Y)
Calculated over the trailing 10-year period

0.22

Correlation (All Time)
Calculated using the full available price history since Feb 11, 2010

0.28

Over the past year, the correlation between UPW and TQQQ has dropped to 0.07 - well below their long-term average of 0.28, suggesting their price drivers have been diverging.

UPW vs. TQQQ - Sectors Allocation Comparison

Sectors
UPW
TQQQ

Utilities

100.0%
1.4%

Basic Materials

-

1.1%

Communication Services

-

15.8%

Consumer Cyclical

-

12.3%

Consumer Defensive

-

7.7%

Energy

-

0.6%

Financial Services

-

0.2%

Healthcare

-

4.2%

Industrials

-

2.8%

Real Estate

-

0.1%

Technology

-

53.8%

Utilities

UPW
100.0%
TQQQ
1.4%

Basic Materials

UPW

-

TQQQ
1.1%

Communication Services

UPW

-

TQQQ
15.8%

Consumer Cyclical

UPW

-

TQQQ
12.3%

Consumer Defensive

UPW

-

TQQQ
7.7%

Energy

UPW

-

TQQQ
0.6%

Financial Services

UPW

-

TQQQ
0.2%

Healthcare

UPW

-

TQQQ
4.2%

Industrials

UPW

-

TQQQ
2.8%

Real Estate

UPW

-

TQQQ
0.1%

Technology

UPW

-

TQQQ
53.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra Utilities

ProShares UltraPro QQQ

Often compared with UPW:
UPW vs. UTSLUPW vs. SDPUPW vs. XLUUPW vs. UTESUPW vs. VPUUPW vs. FUTYUPW vs. SOXL
Often compared with TQQQ:
TQQQ vs. QQQTQQQ vs. SOXLTQQQ vs. QLDTQQQ vs. SQQQTQQQ vs. UPROTQQQ vs. SPXLTQQQ vs. TECL

Return for Risk

UPW vs. TQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UPW
UPW Risk / Return Rank: 2121
Overall Rank
UPW Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
UPW Sortino Ratio Rank: 2121
Sortino Ratio Rank
UPW Omega Ratio Rank: 2020
Omega Ratio Rank
UPW Calmar Ratio Rank: 2323
Calmar Ratio Rank
UPW Martin Ratio Rank: 2020
Martin Ratio Rank
TQQQ
TQQQ Risk / Return Rank: 5353
Overall Rank
TQQQ Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
TQQQ Sortino Ratio Rank: 4747
Sortino Ratio Rank
TQQQ Omega Ratio Rank: 4949
Omega Ratio Rank
TQQQ Calmar Ratio Rank: 5757
Calmar Ratio Rank
TQQQ Martin Ratio Rank: 5252
Martin Ratio Rank
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. TQQQ - Risk-Adjusted Trends Comparison

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

UPWTQQQDifference
Sharpe ratioReturn per unit of total volatility
0.70
1.90

-1.19

Sortino ratioReturn per unit of downside risk
1.09
2.27

-1.18

Omega ratioGain probability vs. loss probability

1.14

1.30

-0.17

Calmar ratioReturn relative to maximum drawdown

1.07

2.74

-1.67

Martin ratioReturn relative to average drawdown

2.20

8.72

-6.52

UPW vs. TQQQ - Sharpe Ratio Comparison

The current UPW Sharpe Ratio is 0.70, which is lower than the TQQQ Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of UPW 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.

Loading charts...

Drawdowns

UPW vs. TQQQ - Drawdown Comparison

The maximum UPW drawdown since its inception was -77.75%, roughly equal to the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for UPW and TQQQ.

Loading charts...

Drawdown Indicators

UPWTQQQDifference

Max Drawdown

Largest peak-to-trough decline

-77.75%

-81.66%

+3.91%

Max Drawdown (1Y)

Largest decline over 1 year

-19.15%

-36.97%

+17.82%

Max Drawdown (3Y)

Largest decline over 3 years

-33.16%

-58.04%

+24.88%

Max Drawdown (5Y)

Largest decline over 5 years

-49.42%

-81.66%

+32.24%

Max Drawdown (10Y)

Largest decline over 10 years

-62.67%

-81.66%

+18.99%

Current Drawdown

Current decline from peak

-10.63%

-14.65%

+4.02%

Average Drawdown

Average peak-to-trough decline

-22.57%

-18.49%

-4.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.35%

11.59%

-2.24%

Volatility

UPW vs. TQQQ - Volatility Comparison

The current volatility for ProShares Ultra Utilities (UPW) is 10.08%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 27.27%. This indicates that UPW 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.

Loading charts...

Volatility by Period

UPWTQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.08%

27.27%

-17.19%

Volatility (6M)

Calculated over the trailing 6-month period

23.61%

43.35%

-19.74%

Volatility (1Y)

Calculated over the trailing 1-year period

29.31%

53.39%

-24.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

34.38%

67.41%

-33.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

37.23%

66.32%

-29.09%

UPW vs. TQQQ - Expense Ratio Comparison

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

Dividends

UPW vs. TQQQ - Dividend Comparison

UPW's dividend yield for the trailing twelve months is around 1.45%, more than TQQQ's 0.42% yield.

PositionTTM20252024202320222021202020192018201720162015
TQQQ
ProShares UltraPro QQQ		0.42%0.65%1.27%1.26%0.57%0.00%0.00%0.06%0.11%0.00%0.00%0.01%
UPW
ProShares Ultra Utilities		1.45%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

UPW and TQQQ have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TQQQ has higher volatility (27.27%) compared to UPW (10.08%). In terms of maximum drawdown, UPW dropped -77.75% vs TQQQ's -81.66%.

On 10-year performance, TQQQ leads with 45.48% vs 10.32% for UPW. Both ETFs have the same 0.95% expense ratio. On volatility, UPW has been the lower-risk option at 10.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, TQQQ has performed better with a 45.48% return vs 10.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

UPW has the higher dividend yield at 1.45%, compared with 0.42% for TQQQ.

UPW tracks Dow Jones U.S. Utilities Index (200%), while TQQQ tracks NASDAQ-100 Index (300%).

TQQQ currently has the higher Sharpe Ratio (1.90 vs 0.70), 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.

Portfolio Optimizer

Find the right allocation for UPW and TQQQ

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer