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XPP vs. QQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XPP vs. QQQ

Last updated Aug 2, 2026
Documentation

XPP (ProShares Ultra FTSE China 50) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - XPP is a China Equities fund tracking the FTSE/Xinhua China 25 Index (200%), while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, XPP returned -5.62%/yr vs 20.44%/yr for QQQ. Their 0.54 correlation means they have sometimes moved together and sometimes differently. XPP charges 0.95%/yr vs 0.18%/yr for QQQ.

Performance

XPP vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra FTSE China 50 (XPP) and Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XPP achieves a -13.25% return, which is significantly lower than QQQ's 12.26% return. Over the past 10 years, XPP has underperformed QQQ with an annualized return of -5.62%, while QQQ has yielded a comparatively higher 20.44% annualized return.

XPP

1D
-0.03%
1M
29.99%
6M
-18.24%
YTD
-13.25%
1Y
-7.90%
3Y*
4.02%
5Y*
-14.42%
10Y*
-5.62%
ALL TIME*
-4.67%

QQQ

1D
0.65%
1M
-3.45%
6M
10.89%
YTD
12.26%
1Y
24.81%
3Y*
22.29%
5Y*
14.23%
10Y*
20.44%
ALL TIME*
10.64%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

QQQ

Invesco QQQ ETF
$30.32B$28.40B$31.45B

XPP

ProShares Ultra FTSE China 50
$97.64K$74.04K$132.37K

XPP vs. QQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XPP
ProShares Ultra FTSE China 50		-13.25%45.84%38.18%-34.77%-50.06%-40.45%7.07%24.88%-31.36%80.21%
QQQ
Invesco QQQ ETF		12.26%20.77%25.58%54.86%-32.58%27.42%48.62%38.96%-0.13%32.66%

Correlation

The correlation between XPP and QQQ is 0.40, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.40

Correlation (3Y)
Balances recent behavior with more history.

0.34

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.39

Correlation (10Y)
Provides a long-term view across more market conditions.

0.48

Correlation (All Time)
Calculated using the full available price history since Jun 4, 2009

0.54

The correlation between XPP and QQQ shifts across timeframes, from 0.34 (3 years) to 0.54 (all time), reflecting how their relationship changes across market environments.

XPP vs. QQQ - Sectors Allocation Comparison

Sectors
XPP
QQQ

Financial Services

48.4%
0.2%

Basic Materials

-

1.0%

Communication Services

-

13.1%

Consumer Cyclical

-

10.7%

Consumer Defensive

-

6.3%

Energy

-

0.5%

Healthcare

-

3.6%

Industrials

-

2.7%

Real Estate

-

0.1%

Technology

-

60.9%

Utilities

-

1.1%

Financial Services

XPP
48.4%
QQQ
0.2%

Basic Materials

XPP

-

QQQ
1.0%

Communication Services

XPP

-

QQQ
13.1%

Consumer Cyclical

XPP

-

QQQ
10.7%

Consumer Defensive

XPP

-

QQQ
6.3%

Energy

XPP

-

QQQ
0.5%

Healthcare

XPP

-

QQQ
3.6%

Industrials

XPP

-

QQQ
2.7%

Real Estate

XPP

-

QQQ
0.1%

Technology

XPP

-

QQQ
60.9%

Utilities

XPP

-

QQQ
1.1%

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 FTSE China 50

Invesco QQQ ETF

Often compared with XPP:
XPP vs. YINNXPP vs. KLIPXPP vs. EETXPP vs. TSLLXPP vs. SSOXPP vs. VTIXPP vs. TQQQ
Often compared with QQQ:
QQQ vs. SPYQQQ vs. VOOQQQ vs. VGTQQQ vs. TQQQQQQ vs. SMHQQQ vs. QQQMQQQ vs. SPMO

Return for Risk

XPP vs. QQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
XPP
XPP Risk / Return Rank: 88
Overall Rank
XPP Sharpe Ratio Rank: 77
Sharpe Ratio Rank
XPP Sortino Ratio Rank: 88
Sortino Ratio Rank
XPP Omega Ratio Rank: 88
Omega Ratio Rank
XPP Calmar Ratio Rank: 88
Calmar Ratio Rank
XPP Martin Ratio Rank: 77
Martin Ratio Rank
QQQ
QQQ Risk / Return Rank: 4949
Overall Rank
QQQ Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
QQQ Sortino Ratio Rank: 4646
Sortino Ratio Rank
QQQ Omega Ratio Rank: 4545
Omega Ratio Rank
QQQ Calmar Ratio Rank: 5353
Calmar Ratio Rank
QQQ Martin Ratio Rank: 5252
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XPP vs. QQQ - Risk-Adjusted Trends Comparison

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

XPPQQQDifference
Sharpe ratioReturn per unit of total volatility
-0.27
1.16

-1.43

Sortino ratioReturn per unit of downside risk
-0.12
1.65

-1.77

Omega ratioGain probability vs. loss probability

0.99

1.21

-0.22

Calmar ratioReturn relative to maximum drawdown

-0.24

1.88

-2.12

Martin ratioReturn relative to average drawdown

-0.50

6.00

-6.50

XPP vs. QQQ - Sharpe Ratio Comparison

The current XPP Sharpe Ratio is -0.27, which is lower than the QQQ Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of XPP and QQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

XPP vs. QQQ - Drawdown Comparison

The maximum XPP drawdown since its inception was -89.90%, which is greater than QQQ's maximum drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for XPP and QQQ.

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Drawdown Indicators

XPPQQQDifference

Max Drawdown

Largest peak-to-trough decline

-89.90%

-82.97%

-6.93%

Max Drawdown (1Y)

Largest decline over 1 year

-44.78%

-11.96%

-32.82%

Max Drawdown (3Y)

Largest decline over 3 years

-48.56%

-22.77%

-25.79%

Max Drawdown (5Y)

Largest decline over 5 years

-81.38%

-35.12%

-46.26%

Max Drawdown (10Y)

Largest decline over 10 years

-89.90%

-35.12%

-54.78%

Current Drawdown

Current decline from peak

-77.04%

-7.69%

-69.35%

Average Drawdown

Average peak-to-trough decline

-48.11%

-32.62%

-15.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

21.55%

3.74%

+17.81%

Volatility

XPP vs. QQQ - Volatility Comparison

ProShares Ultra FTSE China 50 (XPP) has a higher volatility of 10.66% compared to Invesco QQQ ETF (QQQ) at 6.87%. This indicates that XPP's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XPPQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.66%

6.87%

+3.79%

Volatility (6M)

Calculated over the trailing 6-month period

29.57%

16.08%

+13.49%

Volatility (1Y)

Calculated over the trailing 1-year period

40.39%

19.38%

+21.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

62.33%

22.90%

+39.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

54.80%

22.50%

+32.30%

XPP vs. QQQ - Expense Ratio Comparison

XPP has a 0.95% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

XPP vs. QQQ - Dividend Comparison

XPP's dividend yield for the trailing twelve months is around 2.41%, more than QQQ's 0.44% yield.

PositionTTM20252024202320222021202020192018201720162015
QQQ
Invesco QQQ ETF		0.44%0.45%0.56%0.62%0.80%0.43%0.55%0.74%0.91%0.84%1.06%0.99%
XPP
ProShares Ultra FTSE China 50		2.41%2.32%2.96%2.87%0.00%0.00%0.00%3.81%1.47%0.00%0.00%0.00%

Frequently Asked Questions

XPP and QQQ have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XPP has higher volatility (10.66%) compared to QQQ (6.87%). In terms of maximum drawdown, XPP dropped -89.90% vs QQQ's -82.97%.

On 10-year performance, QQQ leads with 20.44% vs -5.62% for XPP. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 6.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QQQ has performed better with a 20.44% return vs -5.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QQQ is cheaper with a 0.18% expense ratio, compared with 0.95% for XPP.

XPP has the higher dividend yield at 2.41%, compared with 0.44% for QQQ.

XPP is categorized as China Equities, while QQQ is Nasdaq-100. XPP tracks FTSE/Xinhua China 25 Index (200%), while QQQ tracks NASDAQ-100 Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for XPP and 0.18% for QQQ.

QQQ currently has the higher Sharpe Ratio (1.16 vs -0.27), 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.

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