ETF Comparison

TQQQ vs UPRO: Which Is the Better Pick in 2026?

A head-to-head comparison of ProShares UltraPro QQQ and ProShares UltraPro S&P500 covering yield, cost, risk, and income potential.

Data updated July 4, 2026

ProShares

ETFs165

Total AUM$123B

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.

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Side-by-side snapshot

	TQQQ	UPRO
Full name	ProShares UltraPro QQQ	ProShares UltraPro S&P500
Issuer	ProShares	ProShares
Last Close	$73.35 as of July 4, 2026	$140.77 as of July 4, 2026
Distribution yield	0.93%	0.85%
Distribution Safety Score	80	50
Expense ratio	0.88%	0.92%
AUM	$34.0B	$5.13B
Distribution frequency	Quarterly	Quarterly
Underlying index	Nasdaq-100 Index	S&P 500
Objective	Seek 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 class	Equity	Equity
Inception date	02/09/2010	06/23/2009
Beta	3.91	3.11
Last dividend	$0.1712	$0.2987
Ex-dividend date	06/24/2026	06/24/2026

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Visual comparison

Key metrics

Projected income on $10K

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

Total returns

TQQQ has outpaced UPRO over the trailing twelve months, posting a 82.11% total return against 55.34%. The lead holds up over 10 years too: TQQQ has compounded at 43.80% a year, against 29.48% for UPRO. UPRO has been the steadier holding, though — annualized volatility of 44.5% against 59.9% for TQQQ. Figures are total returns: price change plus every distribution reinvested.

Symbol	YTD	1Y	3Y	5Y	10Y	Since Feb 2010	Volatility	Sharpe	Sortino	Max drawdown
TQQQ	40.35%	82.11%	54.27%	20.16%	43.80%	43.12%	59.9%	0.65	0.90	-58.0%
UPRO	21.28%	55.34%	44.81%	20.40%	29.48%	30.60%	44.5%	0.74	1.03	-48.9%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 2, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Feb 2010” measures every fund from February 11, 2010 — the youngest fund's first trading day — 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.

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 0.93% vs 0.85% 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 0.88% compared to 0.92%.

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

TQQQ is the larger fund by assets ($34.0B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment, TQQQ would generate roughly $7.75/month, while UPRO would produce $7.08/month, at current distribution rates. Both pay quarterly distributions.

TQQQ yield0.93%

UPRO yield0.85%

Monthly diff on $10K$0.67

Cost & efficiency

Over 10 years on $10,000, TQQQ would cost approximately $880 in fees vs $920 for UPRO (simplified, not compounded). The $40.00 difference may be offset by yield or performance.

TQQQ ER0.88%

UPRO ER0.92%

Strategy & risk

TQQQ tracks Nasdaq-100 Index with a leverage approach, while UPRO tracks S&P 500 with a leverage approach. Beta is 3.91 for TQQQ and 3.11 for UPRO, indicating UPRO is less volatile relative to the market.

TQQQ beta3.91

UPRO beta3.11

Fund details

TQQQ is managed by ProShares (launched 02/09/2010) with $34.0B in assets. UPRO is managed by ProShares (launched 06/23/2009) with $5.13B in assets.

TQQQ AUM$34.0B

UPRO AUM$5.13B

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Frequently asked questions

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.

What is the difference between TQQQ and UPRO?

TQQQ (ProShares UltraPro QQQ) tracks Nasdaq-100 Index with a leverage approach, while UPRO (ProShares UltraPro S&P500) tracks S&P 500 with a leverage approach. They are issued by ProShares and ProShares respectively.

Can I hold both TQQQ and UPRO?

Yes. Many income investors hold both to diversify across different strategies and underlying indexes. This can reduce concentration risk while maintaining a strong income stream.

Which has lower fees, TQQQ or UPRO?

TQQQ has an expense ratio of 0.88% while UPRO charges 0.92%. 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 $7.75 per month ($93.00 annually). The same in UPRO would produce about $7.08 per month ($85.00 annually).

Which has performed better historically, TQQQ or UPRO?

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TQQQ vs UPRO — at a glance

Generated June 2026 from current fund data.

Overview

TQQQ and UPRO are both leveraged equity ETFs from ProShares that amplify daily index moves by 3x. The critical difference: TQQQ targets the Nasdaq-100 (tech-heavy, 100 largest non-financial firms), while UPRO tracks the S&P 500 (broad market, 500 large-cap companies). Both use daily rebalancing to maintain their 3x leverage, which means they're designed for tactical or short-term positioning, not buy-and-hold portfolios.

How they differ

The biggest distinction is index exposure. TQQQ concentrates on Nasdaq-100 constituents—mega-cap tech names dominate the fund—whereas UPRO spreads exposure across the S&P 500's broader mix of sectors and market caps. This shows in beta: TQQQ's beta of 3.91 is higher than UPRO's 3.11, reflecting both the underlying index's higher volatility and the compounding effect of daily rebalancing on a more volatile base.

On yield, both are modest: TQQQ distributes 0.91% and UPRO 0.89%, reflecting their minimal underlying dividend capture. Expenses are nearly identical—0.88% for TQQQ, 0.92% for UPRO—a negligible gap given the products' purpose. The larger difference is in scale: TQQQ holds $34.0B in assets versus UPRO's $5.13B, meaning TQQQ has tighter spreads and deeper liquidity for intraday traders.

Who each is best for

TQQQ: Fits investors with high risk tolerance seeking concentrated exposure to large-cap technology and growth momentum over days or weeks, not months. The leveraged Nasdaq tilt appeals to those betting on concentrated secular trends in software, semiconductors, and AI.

UPRO: Fits investors who want leveraged broad-market exposure with less concentration risk than TQQQ, accepting sector diversification in exchange for smoother volatility over the same short timeframes.

Key risks to know

Daily rebalancing drag in choppy markets. Leverage resets every day. In sideways or volatile periods, the fund can lag its 3x target return due to "decay"—the mathematical effect of compounding losses and gains asymmetrically. This is especially pronounced during high-volatility regimes.

NAV erosion over longer holding periods. These funds are designed for tactical trades, not buy-and-hold strategies. Holding either for years exposes you to cumulative drag that can materially underperform the unleveraged index, even if it rises steadily.

Tech and growth cyclicality (TQQQ). Nasdaq-100 constituents cluster in sectors sensitive to interest-rate and earnings-multiple shocks. Rising rates or growth slowdowns can hit the concentrated Nasdaq index—and TQQQ's 3x magnification—harder than broad-market downturns affect UPRO.

Leverage amplifies drawdowns. A 10% drop in the underlying index translates to roughly a 30% drop in these funds. Recovery is nonlinear: a 30% decline requires a 43% gain to break even. TQQQ's higher beta means it faces steeper drawdowns in market stress.

Bottom line

If you're seeking concentrated tech leverage with maximum liquidity, TQQQ's larger AUM and Nasdaq focus stand out. If you prefer leveraged broad-market exposure with lower concentration and less sector-specific tail risk, UPRO's S&P 500 anchor is the alternative. Both are tactical vehicles with meaningful decay risk over multi-month or longer horizons; neither is suited to passive, long-term wealth building. Past performance doesn't predict future results.

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