QQQ vs QQUP
Invesco QQQ Trust, Series 1 vs ProShares Ultra QQQ Mega
Quick Verdict
QQQ has a lower expense ratio. QQUP delivered stronger 1-year returns. QQQ offers more diversification with 108 holdings.
Side-by-Side Comparison
| Metric | QQQ | QQUP | Winner |
|---|---|---|---|
| Expense Ratio | 0.18% | 0.95% | |
| AUM | $496.3B | $29M | |
| Dividend Yield | 0.44% | 0.63% | |
| Holdings | 108 | 13 | |
| YTD Return | +16.64% | +8.56% | |
| 1Y Return | +27.27% | +28.71% | |
| 3Y Return (annualized) | +25.96% | - | |
| 5Y Return (annualized) | +14.54% | - | |
| Volatility (annualized) | 30.6% | 48.6% | |
| Max Drawdown | -83.0% | -37.7% | |
| Fund Family | Invesco (US) | ProShares | |
| Category | Equity | Alternative | |
| Inception | Mar 10, 1999 | Jun 10, 2025 |
QQQ vs QQUP Performance
Invesco QQQ Trust, Series 1 (QQQ) is a ETF from Invesco (US) and ProShares Ultra QQQ Mega (QQUP) is a ETF from ProShares. Over the past year QQQ returned +27.27% while QQUP returned +28.71%. Year to date, QQQ is up 16.64% versus a gain of 8.56% for QQUP.
Risk: Volatility and Drawdowns
QQUP has been the more volatile fund, with annualized monthly volatility of 48.6% compared with 30.6% 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 -83.0% for QQQ and -37.7% for QQUP. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
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 0.63% for QQUP.
Holdings Overlap
QQQ and QQUP share 8 holdings out of 102 unique holdings combined, representing a 38.4% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $77 per year of difference.
Which performed better, QQQ or QQUP?
Over the past year QQQ returned +27.27% vs +28.71% for QQUP, so QQUP leads on 1-year performance. Over the longest common window we track (1 years), QQQ annualized +13.03% vs +44.40% for QQUP. Past performance does not guarantee future results.
Which is riskier, QQQ or QQUP?
QQUP has been the more volatile fund at 48.6% annualized versus 30.6% for QQQ. Worst drawdown: QQQ -83.0% vs QQUP -37.7%.
Should I hold both QQQ and QQUP?
QQQ and QQUP have a monthly-return correlation of 0.78, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between QQQ and QQUP?
QQQ and QQUP share 8 common holdings with a 38.4% weight overlap. Combined, they hold 102 unique securities.
Which pays a higher dividend, QQQ or QQUP?
QQQ yields 0.44% while QQUP yields 0.63%, so QQUP currently pays the higher dividend yield.
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