UWM vs. IQQQ

Last updated Jul 14, 2026

UWM (ProShares Ultra Russell2000) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - UWM is a Leveraged Equities fund tracking the Russell 2000 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, UWM returned 63.22% vs 25.95% for IQQQ. A 0.68 correlation means they provide meaningful diversification when combined. UWM charges 0.95%/yr vs 0.55%/yr for IQQQ.

Performance

UWM vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Russell2000 (UWM) 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, UWM achieves a 36.62% return, which is significantly higher than IQQQ's 13.67% return.

UWM

• 1D: -1.64%
• 1M: 0.31%
• 6M: 21.36%
• YTD: 36.62%
• 1Y: 63.22%
• 3Y*: 22.43%
• 5Y*: 4.04%
• 10Y*: 11.79%

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)

UWM vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UWM ProShares Ultra Russell2000	36.62%	13.59%	12.44%
IQQQ ProShares Nasdaq-100 High Income ETF	13.67%	17.11%	14.82%

Correlation

The correlation between UWM and IQQQ is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024	0.68

The correlation between UWM and IQQQ has been stable across timeframes, ranging from 0.68 to 0.68 - a consistent structural relationship.

Return for Risk

UWM vs. IQQQ — Risk / Return Rank

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

UWM

UWM Risk / Return Rank: 63
UWM Sharpe Ratio Rank: 63
UWM Sortino Ratio Rank: 60
UWM Omega Ratio Rank: 53
UWM Calmar Ratio Rank: 71
UWM Martin Ratio Rank: 68

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.

UWM vs. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Russell2000 (UWM) 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.

	UWM	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.48	+0.16
Sortino ratio: Return per unit of downside risk	2.25	1.99	+0.26
Omega ratio: Gain probability vs. loss probability	1.26	1.26	+0.01
Calmar ratio: Return relative to maximum drawdown	2.85	2.34	+0.51
Martin ratio: Return relative to average drawdown	9.72	7.74	+1.98

UWM vs. IQQQ - Sharpe Ratio Comparison

The current UWM Sharpe Ratio is 1.64, which is comparable to the IQQQ Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of UWM 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

UWM vs. IQQQ - Drawdown Comparison

The maximum UWM drawdown since its inception was -88.21%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for UWM and IQQQ.

Drawdown Indicators

	UWM	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-88.21%	-20.41%	-67.80%
Max Drawdown (1Y) Largest decline over 1 year	-22.28%	-11.13%	-11.15%
Max Drawdown (3Y) Largest decline over 3 years	-49.79%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-61.62%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-71.46%	—	—
Current Drawdown Current decline from peak	-4.69%	-4.54%	-0.15%
Average Drawdown Average peak-to-trough decline	-30.72%	-3.63%	-27.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.52%	3.36%	+3.16%

Volatility

UWM vs. IQQQ - Volatility Comparison

ProShares Ultra Russell2000 (UWM) has a higher volatility of 9.46% compared to ProShares Nasdaq-100 High Income ETF (IQQQ) at 7.78%. This indicates that UWM'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

	UWM	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.46%	7.78%	+1.68%
Volatility (6M) Calculated over the trailing 6-month period	28.11%	14.34%	+13.77%
Volatility (1Y) Calculated over the trailing 1-year period	38.75%	17.62%	+21.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.08%	19.16%	+25.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.00%	19.16%	+26.84%

UWM vs. IQQQ - Expense Ratio Comparison

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

Dividends

UWM vs. IQQQ - Dividend Comparison

UWM's dividend yield for the trailing twelve months is around 0.82%, 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%
UWM ProShares Ultra Russell2000	0.82%	1.05%	1.16%	0.34%	0.40%	0.00%	0.07%	0.55%	0.41%	0.11%	0.27%	0.23%

Frequently Asked Questions

Can I hold both UWM and IQQQ in my portfolio?

UWM and IQQQ have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UWM or IQQQ?

UWM has higher volatility (9.46%) compared to IQQQ (7.78%). In terms of maximum drawdown, UWM dropped -88.21% vs IQQQ's -20.41%.

Which ETF is better, UWM or IQQQ?

On 1-year performance, UWM leads with 63.22% vs 25.95% for IQQQ. 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, UWM or IQQQ?

Over the 1-year period, UWM has performed better with a 63.22% return vs 25.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UWM or IQQQ?

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

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

IQQQ has the higher dividend yield at 5.25%, compared with 0.82% for UWM.

What is the main difference between UWM and IQQQ?

UWM is categorized as Leveraged Equities, while IQQQ is Nasdaq-100. UWM tracks Russell 2000 Index (200%), while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.95% for UWM and 0.55% for IQQQ.

Which has better risk-adjusted returns?

UWM currently has the higher Sharpe Ratio (1.64 vs 1.48), 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.