QQQ vs QQXL
Invesco QQQ Trust, Series 1 vs ProShares Ultra QQQ Top 30
Quick Verdict
QQQ has a lower expense ratio. QQXL delivered stronger 1-year returns. QQQ offers more diversification with 108 holdings.
Side-by-Side Comparison
| Metric | QQQ | QQXL | Winner |
|---|---|---|---|
| Expense Ratio | 0.18% | 0.95% | |
| AUM | $496.3B | $6M | |
| Dividend Yield | 0.44% | 0.86% | |
| Holdings | 108 | 36 | |
| YTD Return | +16.30% | +23.52% | |
| 1Y Return | +24.83% | +36.38% | |
| 3Y Return (annualized) | +25.48% | - | |
| 5Y Return (annualized) | +14.50% | - | |
| Volatility (annualized) | 30.6% | 50.4% | |
| Max Drawdown | -83.0% | -27.3% | |
| Fund Family | Invesco (US) | ProShares | |
| Category | Equity | Alternative | |
| Inception | Mar 10, 1999 | Aug 13, 2025 |
QQQ vs QQXL Performance
Invesco QQQ Trust, Series 1 (QQQ) is a ETF from Invesco (US) and ProShares Ultra QQQ Top 30 (QQXL) is a ETF from ProShares. Over the past year QQQ returned +24.83% while QQXL returned +36.38%. Year to date, QQQ is up 16.30% versus a gain of 23.52% for QQXL.
Risk: Volatility and Drawdowns
QQXL has been the more volatile fund, with annualized monthly volatility of 50.4% 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 -27.3% for QQXL. 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 0.99. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
QQQ charges 0.18% per year while QQXL 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 0.86% for QQXL.
Holdings Overlap
QQQ and QQXL share 30 holdings out of 103 unique holdings combined, representing a 10.7% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, QQQ or QQXL?
QQQ has an expense ratio of 0.18% while QQXL 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 QQXL?
Over the past year QQQ returned +24.83% vs +36.38% for QQXL, so QQXL leads on 1-year performance. Over the longest common window we track (1 years), QQQ annualized +13.01% vs +32.36% for QQXL. Past performance does not guarantee future results.
Which is riskier, QQQ or QQXL?
QQXL has been the more volatile fund at 50.4% annualized versus 30.6% for QQQ. Worst drawdown: QQQ -83.0% vs QQXL -27.3%.
Should I hold both QQQ and QQXL?
QQQ and QQXL have a monthly-return correlation of 0.99, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between QQQ and QQXL?
QQQ and QQXL share 30 common holdings with a 10.7% weight overlap. Combined, they hold 103 unique securities.
Which pays a higher dividend, QQQ or QQXL?
QQQ yields 0.44% while QQXL yields 0.86%, so QQXL currently pays the higher dividend yield.
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