QQQ vs QQUP
Invesco QQQ Trust, Series 1 vs ProShares Ultra QQQ Mega
Which is better, QQQ or QQUP?
Large Cap Growth against Trading-Leveraged Equity.
QQQ has a lower expense ratio. QQQ led over 1Y, QQUP over the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | QQQ | QQUP |
|---|---|---|
| Expense Ratio | 0.18%Best | 0.95% |
| AUM | $483.5B | $28M |
| Dividend Yield | 0.44% | 0.60% |
| Holdings | 107 | 12 |
| YTD Return | +16.87%Best | +11.82% |
| 1Y Return | +22.98%Best | +17.01% |
| 3Y Return (annualized) | +24.98% | - |
| 5Y Return (annualized) | +14.39% | - |
| Volatility (annualized) | 19.8%Best | 47.0% |
| Max Drawdown | -12.0%Best | -37.7% |
| $10,000 over 1.2 years | $13,321 | $15,668Best |
| Fund Family | Invesco (US) | ProShares |
| Category | Equity | Alternative |
| Style | Large Cap Growth | Trading-Leveraged Equity |
| Inception | Mar 10, 1999 | Jun 10, 2025 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.2 years row, are measured over the window both funds cover: Jun 12, 2025 to Sep 11, 2026 (1.2 years).
QQQ vs QQUP growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1.2 years both funds cover.
QQQ vs QQUP Performance
Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US) and ProShares Ultra QQQ Mega (QQUP) is an ETF from ProShares. Over the past year QQQ returned +22.98% while QQUP returned +17.01%. Year to date, QQQ is up 16.87% versus a gain of 11.82% for QQUP.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQUP has been the more volatile fund, with annualized monthly volatility of 47.0% compared with 19.8% for QQQ. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -12.0% for QQQ and -37.7% for QQUP. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.78. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
QQQ charges 0.18% per year while QQUP charges 0.95%. On a $10,000 position that is $18 vs $95 annually, a gap of $77 per year that compounds over a long holding period. On income, QQQ currently yields 0.44% against 0.60% for QQUP.
Holdings Overlap
At least 38.4% of QQQ's money is in holdings QQUP also owns.
Stated as a floor: for QQUP, our book for it covers 56.3% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
The two portfolios partly overlap.
8 positions in common, counted across the 102 positions we hold weights for in QQQ and 8 in QQUP, against full books of 107 and 12.
Top Shared Holdings
| Stock | Weight in QQQ | Weight in QQUP | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 8.44% | 12.55% | 4.11% |
| AAPLApple, Inc | 7.27% | 10.93% | 3.66% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.76% | 8.84% | 3.08% |
| AMZNAmazon.Com Inc | 4.67% | 6.56% | 1.89% |
| GOOGLAlphabet A Usd 0.001 | 3.36% | 4.64% | 1.28% |
| GOOGAlphabet Inc | 3.13% | 4.30% | 1.17% |
| AVGOBroadcom Inc | 3.16% | 4.13% | 0.97% |
| TSLATesla Inc | 2.56% | 4.31% | 1.75% |
38.4% of QQQ is already inside QQUP.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, QQQ or QQUP?
QQQ has an expense ratio of 0.18% while QQUP charges 0.95%. QQQ is the cheaper option, by $77 a year on a $10,000 investment.
Which performed better, QQQ or QQUP?
Over the past year QQQ returned +22.98% vs +17.01% for QQUP, so QQQ leads on 1-year performance. Over the longest common window we track (1 years), QQQ annualized +26.99% vs +45.38% for QQUP. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, QQQ or QQUP?
QQUP has been the more volatile fund at 47.0% annualized versus 19.8% for QQQ. Worst drawdown: QQQ -12.0% vs QQUP -37.7%.
Should I hold both QQQ and QQUP?
QQQ and QQUP have a monthly-return correlation of 0.78, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between QQQ and QQUP?
At least 38.4% of QQQ's money is in holdings QQUP also owns. Our book for QQUP is partial, so the real figure is this or higher. They hold 8 positions in common, counted across the 102 positions we hold weights for in QQQ and 8 in QQUP.
Which pays a higher dividend, QQQ or QQUP?
QQQ yields 0.44% while QQUP yields 0.60%, so QQUP currently pays the higher dividend yield.
Is QQUP better than QQQ?
QQQ has a lower expense ratio. QQQ led over 1Y, QQUP over the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.