QQUP vs SPY
ProShares Ultra QQQ Mega vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. QQUP delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | QQUP | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.95% | 0.09% | |
| AUM | $29M | $821.1B | |
| Dividend Yield | 0.63% | 1.01% | |
| Holdings | 13 | 505 | |
| YTD Return | +8.56% | +12.68% | |
| 1Y Return | +28.71% | +21.82% | |
| 3Y Return (annualized) | - | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 48.6% | 15.3% | |
| Max Drawdown | -37.7% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jun 10, 2025 | Jan 22, 1993 |
QQUP vs SPY Performance
ProShares Ultra QQQ Mega (QQUP) is a ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year QQUP returned +28.71% while SPY returned +21.82%. Year to date, QQUP is up 8.56% versus a gain of 12.68% for SPY.
Risk: Volatility and Drawdowns
QQUP has been the more volatile fund, with annualized monthly volatility of 48.6% compared with 15.3% 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 -56.5% for SPY. 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 0.88. 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 0.63% against 1.01% for SPY.
Holdings Overlap
QQUP and SPY share 8 holdings out of 504 unique holdings combined, representing a 34.5% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $86 per year of difference.
Which performed better, QQUP or SPY?
Over the past year QQUP returned +28.71% vs +21.82% for SPY, so QQUP leads on 1-year performance. Over the longest common window we track (1 years), QQUP annualized +44.40% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, QQUP or SPY?
QQUP has been the more volatile fund at 48.6% annualized versus 15.3% for SPY. Worst drawdown: QQUP -37.7% vs SPY -56.5%.
Should I hold both QQUP and SPY?
QQUP and SPY have a monthly-return correlation of 0.88, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between QQUP and SPY?
QQUP and SPY share 8 common holdings with a 34.5% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, QQUP or SPY?
QQUP yields 0.63% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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