QQUP vs SPY
ProShares Ultra QQQ Mega vs State Street SPDR S&P 500 ETF Trust
Which is better, QQUP or SPY?
Trading-Leveraged Equity against Large Cap Blend.
SPY has a lower expense ratio. QQUP led over the full window, SPY over 1Y.
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 | QQUP | SPY |
|---|---|---|
| Expense Ratio | 0.95% | 0.09%Best |
| AUM | $28M | $804.7B |
| Dividend Yield | 0.60% | 0.98% |
| Holdings | 12 | 505 |
| YTD Return | +11.82% | +12.47%Best |
| 1Y Return | +17.01% | +17.51%Best |
| 3Y Return (annualized) | - | +21.18% |
| 5Y Return (annualized) | - | +12.88% |
| Volatility (annualized) | 47.0% | 11.9%Best |
| Max Drawdown | -37.7% | -8.9%Best |
| $10,000 over 1.2 years | $15,668Best | $12,714 |
| Fund Family | ProShares | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Trading-Leveraged Equity | Large Cap Blend |
| Inception | Jun 10, 2025 | Jan 22, 1993 |
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).
QQUP vs SPY 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.
QQUP vs SPY Performance
ProShares Ultra QQQ Mega (QQUP) is an ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year QQUP returned +17.01% while SPY returned +17.51%. Year to date, QQUP is up 11.82% versus a gain of 12.47% for SPY.
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 11.9% for SPY. 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 -37.7% for QQUP and -8.9% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
QQUP charges 0.95% per year while SPY charges 0.09%. On a $10,000 position that is $95 vs $9 annually, a gap of $86 per year that compounds over a long holding period. On income, QQUP currently yields 0.60% against 0.98% for SPY.
Holdings Overlap
At least 34.5% of SPY'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 8 positions we hold weights for in QQUP and 504 in SPY, against full books of 12 and 505.
Top Shared Holdings
| Stock | Weight in QQUP | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 12.55% | 7.71% | 4.84% |
| AAPLApple, Inc | 10.93% | 6.83% | 4.10% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 8.84% | 5.50% | 3.34% |
| AMZNAmazon.Com Inc | 6.56% | 4.08% | 2.48% |
| GOOGLAlphabet A Usd 0.001 | 4.64% | 3.33% | 1.31% |
| AVGOBroadcom Inc | 4.13% | 2.97% | 1.16% |
| GOOGAlphabet Inc | 4.30% | 2.67% | 1.63% |
| TSLATesla Inc | 4.31% | 1.38% | 2.93% |
34.5% of SPY 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, QQUP or SPY?
QQUP has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option, by $86 a year on a $10,000 investment.
Which performed better, QQUP or SPY?
Over the past year QQUP returned +17.01% vs +17.51% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), QQUP annualized +45.38% vs +22.15% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, QQUP or SPY?
QQUP has been the more volatile fund at 47.0% annualized versus 11.9% for SPY. Worst drawdown: QQUP -37.7% vs SPY -8.9%.
Should I hold both QQUP and SPY?
QQUP and SPY have a monthly-return correlation of 0.88, 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 QQUP and SPY?
At least 34.5% of SPY'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 8 positions we hold weights for in QQUP and 504 in SPY.
Which pays a higher dividend, QQUP or SPY?
QQUP yields 0.60% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than QQUP?
SPY has a lower expense ratio. QQUP led over the full window, SPY over 1Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.