QQQ vs UPRO
Invesco QQQ Trust, Series 1 vs ProShares UltraPro S&P 500
Which is better, QQQ or UPRO?
Large Cap Growth against Multi Alternative.
QQQ has a lower expense ratio. UPRO led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.91.
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 | QQQ | UPRO |
|---|---|---|
| Expense Ratio | 0.18%Best | 0.88% |
| AUM | $506.1B | $5.7B |
| Dividend Yield | 0.42% | 0.77% |
| Holdings | 321 | 520 |
| YTD Return | +19.30% | +29.25%Best |
| 1Y Return | +22.47% | +38.25%Best |
| 3Y Return (annualized) | +26.18% | +51.43%Best |
| 5Y Return (annualized) | +15.42% | +19.36%Best |
| Volatility (annualized) | 17.6%Best | 44.4% |
| Max Drawdown | -35.1%Best | -76.8% |
| $10,000 over 5 years | $20,484 | $24,227Best |
| Fund Family | Invesco (US) | ProShares |
| Category | Equity | Alternative |
| Style | Large Cap Growth | Multi Alternative |
| Inception | Mar 10, 1999 | Jun 23, 2009 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jun 25, 2009 to Oct 14, 2026 (17.3 years).
QQQ vs UPRO 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 17.3 years both funds cover.
QQQ vs UPRO Performance
Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US) and ProShares UltraPro S&P 500 (UPRO) is an ETF from ProShares. Over the past year QQQ returned +22.47% while UPRO returned +38.25%. Year to date, QQQ is up 19.30% versus a gain of 29.25% for UPRO.
Over three years, QQQ compounded at +26.18% per year against +51.43% for UPRO; over five years the annualized figures are +15.42% and +19.36% respectively. Across the full 17-year window we track, UPRO has the edge at +32.30% annualized vs +19.16%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UPRO has been the more volatile fund, with annualized monthly volatility of 44.4% compared with 17.6% 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 -35.1% for QQQ and -76.8% for UPRO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.91. 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 UPRO charges 0.88%. On a $10,000 position that is $18 vs $88 annually, a gap of $70 per year that compounds over a long holding period. On income, QQQ currently yields 0.42% against 0.77% for UPRO.
Holdings Overlap
At least 89.0% of QQQ's money is in holdings UPRO also owns.
Stated as a floor: for UPRO, our book for it covers 72.5% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
Most of QQQ is already inside UPRO. Owning both mostly buys the same companies twice.
83 positions in common, counted across the 101 positions we hold weights for in QQQ and 502 in UPRO, against full books of 321 and 520.
Top Shared Holdings
| Stock | Weight in QQQ | Weight in UPRO | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 8.33% | 4.01% | 4.32% |
| AAPLApple, Inc | 7.35% | 3.83% | 3.52% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.76% | 2.94% | 2.82% |
| AMZNAmazon.Com Inc | 4.07% | 1.95% | 2.12% |
| MUMicron Technology, Inc. | 5.02% | 0.82% | 4.20% |
| AMDAdvanced Micro Devices Inc. | 4.17% | 0.63% | 3.54% |
| GOOGLAlphabet Inc-cl A | 3.05% | 1.61% | 1.44% |
| METAMeta Platform Inc | 3.26% | 1.15% | 2.11% |
| GOOGAlphabet, Inc.- Cl C | 2.85% | 1.28% | 1.57% |
| AVGOBroadcom Inc | 2.53% | 1.28% | 1.25% |
89.0% of QQQ is already inside UPRO.
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, QQQ or UPRO?
QQQ has an expense ratio of 0.18% while UPRO charges 0.88%. QQQ is the cheaper option, by $70 a year on a $10,000 investment.
Which performed better, QQQ or UPRO?
Over the past year QQQ returned +22.47% vs +38.25% for UPRO, so UPRO leads on 1-year performance. Over the longest common window we track (17 years), QQQ annualized +19.16% vs +32.30% for UPRO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, QQQ or UPRO?
UPRO has been the more volatile fund at 44.4% annualized versus 17.6% for QQQ. Worst drawdown: QQQ -35.1% vs UPRO -76.8%.
Should I hold both QQQ and UPRO?
QQQ and UPRO have a monthly-return correlation of 0.91, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between QQQ and UPRO?
At least 89.0% of QQQ's money is in holdings UPRO also owns. Our book for UPRO is partial, so the real figure is this or higher. They hold 83 positions in common, counted across the 101 positions we hold weights for in QQQ and 502 in UPRO.
Which pays a higher dividend, QQQ or UPRO?
QQQ yields 0.42% while UPRO yields 0.77%, so UPRO currently pays the higher dividend yield.
Is UPRO better than QQQ?
QQQ has a lower expense ratio. UPRO led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.91. Which one suits a particular account depends on what it is for. This is information, not a recommendation.