QQQ vs UPRO
QQQ vs UPRO
Invesco QQQ Trust, Series 1 vs ProShares UltraPro S&P 500
Quick Verdict
QQQ has a lower expense ratio. UPRO delivered stronger 1-year returns. UPRO offers more diversification with 504 holdings.
Side-by-Side Comparison
| Metric | QQQ | UPRO | Winner |
|---|---|---|---|
| Expense Ratio | 0.18% | 0.89% | |
| AUM | $455.8B | $5.1B | |
| Dividend Yield | 0.41% | 0.37% | |
| Holdings | 108 | 520 | |
| YTD Return | +12.48% | +20.59% | |
| 1Y Return | +22.35% | +44.86% | |
| 3Y Return (annualized) | +22.30% | +40.03% | |
| 5Y Return (annualized) | +14.24% | +18.44% | |
| Volatility (annualized) | 30.6% | 44.6% | |
| Max Drawdown | -83.0% | -76.8% | |
| Fund Family | Invesco (US) | ProShares | |
| Category | Equity | Alternative | |
| Inception | Mar 10, 1999 | Jun 23, 2009 |
QQQ vs UPRO Performance
Invesco QQQ Trust, Series 1 (QQQ) is a ETF from Invesco (US) and ProShares UltraPro S&P 500 (UPRO) is a ETF from ProShares. Over the past year QQQ returned +22.35% while UPRO returned +44.86%. Year to date, QQQ is up 12.48% versus a gain of 20.59% for UPRO.
Over three years, QQQ compounded at +22.30% per year against +40.03% for UPRO; over five years the annualized figures are +14.24% and +18.44% respectively. Across the full 17-year window we track, UPRO has the edge at +32.20% annualized vs +12.91%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UPRO has been the more volatile fund, with annualized monthly volatility of 44.6% 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 -76.8% for UPRO. 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 0.91. 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 0.89%. On a $10,000 position that is $18 vs $89 annually, a gap of $71 per year that compounds over a long holding period. On income, QQQ currently yields 0.41% against 0.37% for UPRO.
Holdings Overlap
QQQ and UPRO share 88 holdings out of 519 unique holdings combined, representing a 25.2% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in QQQ | Weight in UPRO | Difference |
|---|---|---|---|
| NVDA | 7.88% | 3.40% | 4.48% |
| AAPL | 7.46% | 3.29% | 4.17% |
| MSFT | 4.65% | 2.06% | 2.59% |
| AMZN | Pro | Pro | Pro |
| MU | Pro | Pro | Pro |
| GOOGL | Pro | Pro | Pro |
| AMD | Pro | Pro | Pro |
| GOOG | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
See all 10 holdings QQQ shares with UPRO Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
Frequently Asked Questions
Which is cheaper, QQQ or UPRO?
QQQ has an expense ratio of 0.18% while UPRO charges 0.89%. QQQ is the cheaper option. On a $10,000 investment, that is $71 per year of difference.
Which performed better, QQQ or UPRO?
Over the past year QQQ returned +22.35% vs +44.86% for UPRO, so UPRO leads on 1-year performance. Over the longest common window we track (17 years), QQQ annualized +12.91% vs +32.20% for UPRO. Past performance does not guarantee future results.
Which is riskier, QQQ or UPRO?
UPRO has been the more volatile fund at 44.6% annualized versus 30.6% for QQQ. Worst drawdown: QQQ -83.0% 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. 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 UPRO?
QQQ and UPRO share 88 common holdings with a 25.2% weight overlap. Combined, they hold 519 unique securities.
Which pays a higher dividend, QQQ or UPRO?
QQQ yields 0.41% while UPRO yields 0.37%, so QQQ currently pays the higher dividend yield.
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