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ETF Comparison

UPRO vs TQQQ: 3x the S&P 500, or 3x the Nasdaq-100?

A head-to-head of ProShares UltraPro S&P500 and ProShares UltraPro QQQ covering the index each resets to, cost, and role.

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

  • TQQQInvestors who want Nasdaq-100 exposure and can accept a more concentrated book.
  • UPROInvestors who want broader S&P 500 exposure and lower measured market sensitivity.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

TQQQ has outpaced UPRO over the trailing twelve months, posting a 55.67% total return against 35.10%. The lead holds up over 10 years too: TQQQ has compounded at 41.41% a year, against 29.35% for UPRO. UPRO has been the steadier holding, though — annualized volatility of 44.4% against 60.5% for TQQQ. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD cumulative1Y cumulative3Y annualized5Y annualized10Y annualizedSince Feb 2010Volatility Sharpe Sortino Max drawdown
TQQQ55.66%55.67%66.16%21.84%41.41%43.24%60.5%0.771.08-58.0%
UPRO30.51%35.10%55.67%21.66%29.35%30.65%44.4%0.901.27-48.9%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Feb 2010” measures every fund from February 11, 2010 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricTQQQUPRO
Full nameProShares UltraPro QQQProShares UltraPro S&P500
IssuerProSharesProShares
Underlying indexNasdaq-100 IndexS&P 500
Last Close$81.01 as of October 2, 2026$150.88 as of October 2, 2026
Distribution rate0.77%0.72%
Trailing 12-month yield0.60%0.75%
Distribution Safety Score™ 7485
Safety-Adjusted Yield 0.57%0.61%
Expense ratio0.78%0.88%
AUM$38.7B$5.47B
Distribution frequencyQuarterlyQuarterly
ObjectiveSeek daily investment results, before fees, that correspond to three times the daily performance of the Nasdaq-100 Index.Seeks daily investment results that correspond to three times (3x) the daily performance of the S&P 500 Index.
Asset classEquityEquity
Inception date02/09/201006/23/2009
Beta4.043.11
Last dividend$0.156$0.26983
Ex-dividend date09/23/202609/23/2026

Bottom lineChoose TQQQ if you want Nasdaq-100 exposure and can accept a more concentrated book. Choose UPRO if you want broader S&P 500 exposure and lower measured market sensitivity.

Daily Nasdaq-100 leverage versus daily S&P 500 leverage

TQQQ targets three times the daily Nasdaq-100 move. UPRO targets three times the daily S&P 500 move. Index is the split.

TQQQUPRO
IndexNasdaq-100S&P 500
Daily target3x3x
Expense ratio0.78%0.88%
Fund size$38.7B$5.47B

How the risk works

Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.

  • Daily leverage reset. TQQQ and UPRO target a multiple of the index's DAILY move, resetting every session. Over weeks and months the compounding of daily resets (volatility decay) can drag returns far below the stated multiple, especially in choppy markets — and losses are magnified the same way gains are.

Learn the mechanics: Why daily-reset leverage decays

Model this comparison:
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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

ProShares
ETFs170
Total AUM$129B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

ProShares is known for offering leveraged and inverse ETFs that provide amplified exposure to market movements, along with thematic and income-focused strategies. Their fund lineup spans digital assets (including Bitcoin and Ethereum exposure through BITO and EETH), dividend strategies like the Dividend Aristocrats fund (NOBL), covered call income strategies, and leveraged/inverse products that track major indices with 2x or 3x daily multipliers (such as SSO and TQQQ for tech-heavy portfolios). With 23 ETFs across specialized families including leveraged products, money market funds, and sector-specific offerings, ProShares serves investors seeking both traditional income and alternative exposure strategies.

See our curated list of related YouTube videos on TQQQ and UPRO.

See all ProShares ETFs

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Quick verdict

TQQQ (ProShares UltraPro QQQ) and UPRO (ProShares UltraPro S&P500) are both quarterly-pay dividend ETFs, but they take different approaches.

TQQQ offers the higher yield at 0.77% vs 0.72% for UPRO. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

TQQQ is cheaper with an expense ratio of 0.78% compared to 0.88%.

They have different reference exposures: TQQQ is linked to Nasdaq-100 Index while UPRO is linked to S&P 500, which means their performance drivers differ.

TQQQ is the larger fund by assets ($38.7B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose TQQQ

ProShares UltraPro QQQ

  • Want Nasdaq-100 exposure — fewer names, heavier technology weight, and typically a higher current distribution.
  • Want broad equity exposure.
  • Want to keep costs low — a 0.78% expense ratio vs 0.88% for UPRO.

Choose UPRO

ProShares UltraPro S&P500

  • Want broader S&P 500 exposure — more sectors, less mega-cap concentration, and typically lower beta.
  • Want broad equity exposure.
  • Prefer lower volatility — a beta of 3.1 vs 4.0 for TQQQ.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, TQQQ would generate roughly $19.25 cash per distribution, while UPRO would produce $18.00 cash per distribution, at current distribution rates. Both pay quarterly distributions.

TQQQ yield0.77%
UPRO yield0.72%
Cash diff on $10K$1.25

Cost & efficiency

Over 10 years on $10,000, TQQQ would cost approximately $780 in fees vs $880 for UPRO (simplified, not compounded). The $100.00 difference may be offset by yield or performance.

TQQQ ER0.78%
UPRO ER0.88%

Strategy & risk

TQQQ tracks Nasdaq-100 Index with a leverage approach, while UPRO tracks S&P 500 with a leverage approach. Beta is 4.04 for TQQQ and 3.11 for UPRO, making UPRO the less volatile of the two by this measure.

TQQQ beta4.04
UPRO beta3.11

Fund details

TQQQ is managed by ProShares (launched 02/09/2010) with $38.7B in assets. UPRO is managed by ProShares (launched 06/23/2009) with $5.47B in assets.

TQQQ AUM$38.7B
UPRO AUM$5.47B
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Frequently asked questions

What is the difference between UPRO and TQQQ?

UPRO (ProShares UltraPro S&P500) targets three times the daily S&P 500 move. TQQQ (ProShares UltraPro QQQ) targets three times the daily Nasdaq-100 move. Both reset daily, so the multiple is not a long-run return. Cost is 0.78% versus 0.88%. Distributions are 0.77% and 0.72% as of October 2026. Index, not a one-date yield, is the split.

What is the current distribution rate for TQQQ and UPRO?

TQQQ currently distributes 0.77% and UPRO 0.72%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is TQQQ or UPRO better for dividend income?

It depends on your goals. TQQQ currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

Can I hold both TQQQ and UPRO?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is TQQQ or UPRO safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — UPRO scores 85, TQQQ scores 74, so UPRO's payout currently looks the more resilient of the two. UPRO has also shown lower price volatility (beta 3.11 vs 4.04 for TQQQ). No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.

Which has lower fees, TQQQ or UPRO?

TQQQ has an expense ratio of 0.78% while UPRO charges 0.88%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in TQQQ vs UPRO generate?

At current rates, $10,000 in TQQQ would generate roughly $19.25 cash per distribution ($77.00 annually). The same in UPRO would produce about $18.00 cash per distribution ($72.00 annually).

Which has performed better historically, TQQQ or UPRO?

TQQQ has outpaced UPRO over the trailing twelve months, posting a 55.67% total return against 35.10%. The lead holds up over 10 years too: TQQQ has compounded at 41.41% a year, against 29.35% for UPRO. UPRO has been the steadier holding, though — annualized volatility of 44.4% against 60.5% for TQQQ. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

TQQQ vs UPRO — at a glance

Generated October 3, 2026.

Overview

TQQQ and UPRO are both 3x leveraged equity ETFs from ProShares, but they target different underlying indexes. The key distinction is sector exposure: TQQQ is tech-heavy and more volatile; UPRO is broader and more stable. TQQQ's beta of 4.04 far exceeds UPRO's 3.11, confirming the tech-concentrated fund's higher volatility. The expense ratio gap is modest—0.78% for TQQQ versus 0.88% for UPRO—and both distribute quarterly at low yields (0.77% and 0.72% respectively).

Who each is best for

TQQQ: Fits tactical traders and growth-focused investors with high risk tolerance who want concentrated exposure to large-cap technology and innovation and are prepared for sharp drawdowns in market downturns.

UPRO: Designed for leveraged-equity traders seeking broader market exposure across sectors; suits those comfortable with 3x daily reset mechanics but wanting lower volatility than a tech-concentrated alternative.

Key risks to know

  • Leverage decay on sideways markets. Both funds reset daily, meaning that in choppy or oscillating price action, cumulative losses can exceed the daily leverage multiple. A market that finishes flat after sharp intraday swings will erode NAV even if underlying indexes post zero return.
  • TQQQ's sector concentration risk. Heavy weighting to technology and growth stocks means TQQQ can suffer outsized losses when tech valuations contract or interest-rate shocks hit growth more severely than cyclical sectors. UPRO's diversification across sectors offers some shelter in these periods. Holding either fund across weeks or months does not reliably produce 3x annual index performance; rebalancing friction and volatility decay diverge actual returns from simple multiples of underlying index moves.
  • Borrowing costs embedded in NAV. Both funds borrow to maintain leverage; rising interest rates increase the cost of carry, which is deducted from NAV. When short-term rates climb sharply, margin and financing costs can meaningfully reduce returns versus what the 3x daily mechanic alone would suggest.

Bottom line

If you're building a tactical, high-conviction position and expect broad-market strength, UPRO's lower volatility and sector diversity may hold up better across cycles. If you're betting on technology outperformance and can tolerate sharp swings, TQQQ's concentration and higher beta deliver amplified gains—and losses. Both are designed for short-term trading, not long-term buy-and-hold; holding either across months or years subjects you to leverage decay that diverges actual performance from simple 3x index multiples. Past performance does not predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

Dividend growth vs. high yield Yield on cost, explained How expense ratios eat returns

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These comparisons follow the Dividend Vision methodology.