QQXL vs SPY
ProShares Ultra QQQ Top 30 vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. QQXL delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | QQXL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.95% | 0.09% | |
| AUM | $6M | $821.1B | |
| Dividend Yield | 0.86% | 1.01% | |
| Holdings | 36 | 505 | |
| YTD Return | +22.04% | +12.35% | |
| 1Y Return | +35.35% | +20.15% | |
| 3Y Return (annualized) | - | +21.69% | |
| 5Y Return (annualized) | - | +12.77% | |
| Volatility (annualized) | 50.4% | 15.3% | |
| Max Drawdown | -27.3% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Aug 13, 2025 | Jan 22, 1993 |
QQXL vs SPY Performance
ProShares Ultra QQQ Top 30 (QQXL) 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 QQXL returned +35.35% while SPY returned +20.15%. Year to date, QQXL is up 22.04% versus a gain of 12.35% for SPY.
Risk: Volatility and Drawdowns
QQXL has been the more volatile fund, with annualized monthly volatility of 50.4% 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 -27.3% for QQXL 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 0.92. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
QQXL 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, QQXL currently yields 0.86% against 1.01% for SPY.
Holdings Overlap
QQXL and SPY share 30 holdings out of 505 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, QQXL or SPY?
QQXL 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, QQXL or SPY?
Over the past year QQXL returned +35.35% vs +20.15% for SPY, so QQXL leads on 1-year performance. Over the longest common window we track (1 years), QQXL annualized +31.00% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, QQXL or SPY?
QQXL has been the more volatile fund at 50.4% annualized versus 15.3% for SPY. Worst drawdown: QQXL -27.3% vs SPY -56.5%.
Should I hold both QQXL and SPY?
QQXL and SPY have a monthly-return correlation of 0.92, 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 QQXL and SPY?
QQXL and SPY share 30 common holdings with a 10.7% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, QQXL or SPY?
QQXL yields 0.86% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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