XPP vs. IQQQ

Last updated Jun 26, 2026

XPP (ProShares Ultra FTSE China 50) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - XPP is a Leveraged Equities fund tracking the FTSE/Xinhua China 25 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, XPP returned -31.54% vs 29.47% for IQQQ. At a 0.36 correlation, their price movements are largely independent. XPP charges 0.95%/yr vs 0.55%/yr for IQQQ.

Performance

XPP vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra FTSE China 50 (XPP) 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, XPP achieves a -34.24% return, which is significantly lower than IQQQ's 13.95% return.

XPP

• 1D: -4.68%
• 1M: -21.13%
• YTD: -34.24%
• 6M: -35.23%
• 1Y: -31.54%
• 3Y*: 0.47%
• 5Y*: -23.89%
• 10Y*: -6.70%

IQQQ

• 1D: 0.87%
• 1M: -2.10%
• YTD: 13.95%
• 6M: 12.28%
• 1Y: 29.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XPP vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XPP ProShares Ultra FTSE China 50	-34.24%	45.84%	45.85%
IQQQ ProShares Nasdaq-100 High Income ETF	13.95%	17.11%	14.82%

Correlation

The correlation between XPP and IQQQ is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024	0.36

Return for Risk

XPP vs. IQQQ — Risk / Return Rank

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

XPP

XPP Risk / Return Rank: 3
XPP Sharpe Ratio Rank: 3
XPP Sortino Ratio Rank: 3
XPP Omega Ratio Rank: 3
XPP Calmar Ratio Rank: 4
XPP Martin Ratio Rank: 0

IQQQ

IQQQ Risk / Return Rank: 58
IQQQ Sharpe Ratio Rank: 61
IQQQ Sortino Ratio Rank: 54
IQQQ Omega Ratio Rank: 56
IQQQ Calmar Ratio Rank: 62
IQQQ Martin Ratio Rank: 59

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.

XPP vs. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) 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.

	XPP	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.80	1.74	-2.55
Sortino ratio: Return per unit of downside risk	-1.05	2.28	-3.33
Omega ratio: Gain probability vs. loss probability	0.88	1.30	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.71	2.66	-3.37
Martin ratio: Return relative to average drawdown	-1.73	9.05	-10.78

XPP vs. IQQQ - Sharpe Ratio Comparison

The current XPP Sharpe Ratio is -0.80, which is lower than the IQQQ Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of XPP 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

XPP vs. IQQQ - Drawdown Comparison

The maximum XPP drawdown since its inception was -89.90%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for XPP and IQQQ.

Drawdown Indicators

	XPP	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-89.90%	-20.41%	-69.49%
Max Drawdown (1Y) Largest decline over 1 year	-44.65%	-11.13%	-33.52%
Max Drawdown (3Y) Largest decline over 3 years	-52.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-85.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-89.90%	—	—
Current Drawdown Current decline from peak	-82.59%	-4.31%	-78.28%
Average Drawdown Average peak-to-trough decline	-47.92%	-3.63%	-44.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.20%	3.27%	+14.93%

Volatility

XPP vs. IQQQ - Volatility Comparison

ProShares Ultra FTSE China 50 (XPP) has a higher volatility of 13.07% compared to ProShares Nasdaq-100 High Income ETF (IQQQ) at 8.20%. This indicates that XPP'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

	XPP	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.07%	8.20%	+4.87%
Volatility (6M) Calculated over the trailing 6-month period	29.87%	13.57%	+16.30%
Volatility (1Y) Calculated over the trailing 1-year period	39.37%	17.00%	+22.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.86%	19.06%	+43.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.80%	19.06%	+35.74%

XPP vs. IQQQ - Expense Ratio Comparison

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

Dividends

XPP vs. IQQQ - Dividend Comparison

XPP's dividend yield for the trailing twelve months is around 3.18%, less than IQQQ's 4.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
IQQQ ProShares Nasdaq-100 High Income ETF	4.61%	10.34%	7.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XPP ProShares Ultra FTSE China 50	3.18%	2.32%	2.96%	2.87%	0.00%	0.00%	0.00%	3.81%	1.47%

Frequently Asked Questions

Can I hold both XPP and IQQQ in my portfolio?

XPP and IQQQ have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XPP or IQQQ?

XPP has higher volatility (13.07%) compared to IQQQ (8.20%). In terms of maximum drawdown, XPP dropped -89.90% vs IQQQ's -20.41%.

Which ETF is better, XPP or IQQQ?

On 1-year performance, IQQQ leads with 29.47% vs -31.54% for XPP. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 8.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XPP or IQQQ?

Over the 1-year period, IQQQ has performed better with a 29.47% return vs -31.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XPP or IQQQ?

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

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

IQQQ has the higher dividend yield at 4.61%, compared with 3.18% for XPP.

What is the main difference between XPP and IQQQ?

XPP is categorized as Leveraged Equities, while IQQQ is Nasdaq-100. XPP tracks FTSE/Xinhua China 25 Index (200%), while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.95% for XPP and 0.55% for IQQQ.

Which has better risk-adjusted returns?

IQQQ currently has the higher Sharpe Ratio (1.74 vs -0.80), 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.