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 August 19, 2026

Best for

TQQQInvestors who want broad equity exposure.
UPROInvestors who want broad equity exposure.

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

TQQQ has outpaced UPRO over the trailing twelve months, posting a 55.74% total return against 51.56%. The lead holds up over 10 years too: TQQQ has compounded at 40.15% a year, against 28.94% for UPRO. UPRO has been the steadier holding, though — annualized volatility of 44.7% against 60.7% 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.
Symbol	YTD	1Y	3Y	5Y	10Y	Since Feb 2010	Volatility	Sharpe	Sortino	Max drawdown
TQQQ	38.20%	55.74%	57.62%	18.41%	40.15%	42.58%	60.7%	0.68	0.94	-58.0%
UPRO	31.38%	51.56%	51.38%	21.03%	28.94%	30.96%	44.7%	0.83	1.17	-48.9%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 19, 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.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
Metric	TQQQ	UPRO
Full name	ProShares UltraPro QQQ	ProShares UltraPro S&P500
Issuer	ProShares	ProShares
Last Close	$72.53 as of August 19, 2026	$151.19 as of August 19, 2026
Distribution yield	0.94%	0.79%
Distribution Safety Score™	56	85
Expense ratio	0.82%	0.89%
AUM	$38.5B	$5.78B
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	4.02	3.11
Last dividend	$0.1710	$0.2987
Ex-dividend date	06/24/2026	06/24/2026

Bottom lineTQQQ and UPRO are both for investors who want broad equity exposure — so strategy isn't the deciding factor here. Fees and payouts are close too, so it comes down to which your broker offers commission-free and any share-price or tax-lot preference.

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

ETFs169

Total AUM$130B

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.

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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 0.94% vs 0.79% 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 0.82% compared to 0.89%.

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 ($38.5B), which generally means tighter spreads and better liquidity.

Who should choose each?

Choose TQQQ

ProShares UltraPro QQQ

Want broad equity exposure.
Want to keep costs low — a 0.82% expense ratio vs 0.89% for UPRO.

Choose UPRO

ProShares UltraPro S&P500

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.

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Deep dive

Yield & income

On a $10,000 investment, TQQQ would generate roughly $7.83/month, while UPRO would produce $6.58/month, at current distribution rates. Both pay quarterly distributions.

TQQQ yield0.94%

UPRO yield0.79%

Monthly diff on $10K$1.25

Cost & efficiency

Over 10 years on $10,000, TQQQ would cost approximately $820 in fees vs $890 for UPRO (simplified, not compounded). The $70.00 difference may be offset by yield or performance.

TQQQ ER0.82%

UPRO ER0.89%

Strategy & risk

TQQQ tracks Nasdaq-100 Index with a leverage approach, while UPRO tracks S&P 500 with a leverage approach. Beta is 4.02 for TQQQ and 3.11 for UPRO, making UPRO the less volatile of the two by this measure.

TQQQ beta4.02

UPRO beta3.11

Fund details

TQQQ is managed by ProShares (launched 02/09/2010) with $38.5B in assets. UPRO is managed by ProShares (launched 06/23/2009) with $5.78B in assets.

TQQQ AUM$38.5B

UPRO AUM$5.78B

Ready to act?

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Frequently asked questions

What is the current distribution yield for TQQQ and UPRO?

TQQQ currently distributes 0.94% and UPRO 0.79%, based on fund data updated August 2026. Distribution yield 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.

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 — 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 56, so UPRO's payout currently looks the more resilient of the two. UPRO has also shown lower price volatility (beta 3.11 vs 4.02 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 0.82% while UPRO charges 0.89%. 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 $7.83 per month ($94.00 annually). The same in UPRO would produce about $6.58 per month ($79.00 annually).

Which has performed better historically, TQQQ or UPRO?

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TQQQ vs UPRO — at a glance

Generated August 15, 2026.

Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.

Overview

TQQQ and UPRO are both 3x leveraged ETFs from ProShares that aim to deliver triple the daily return of their underlying indexes—the Nasdaq-100 and S&P 500, respectively. The key distinction is exposure: TQQQ targets growth and technology through the Nasdaq-100, while UPRO tracks the broader, more diversified S&P 500. Both use daily rebalancing and are designed for tactical, shorter-term trading rather than buy-and-hold investing.

How they differ

The single biggest difference is underlying index composition. TQQQ's Nasdaq-100 skews heavily toward technology and growth stocks, while UPRO's S&P 500 includes all sectors—financials, healthcare, industrials, energy, and utilities alongside tech. That structural tilt makes TQQQ more volatile and sensitive to tech sentiment; UPRO offers broader market exposure.

Second, the funds' leverage mechanics diverge slightly. TQQQ has a beta of 4.02 versus UPRO's 3.11, reflecting the Nasdaq-100's higher volatility relative to the S&P 500; both aim for 3x daily returns, but TQQQ amplifies a more volatile underlying index. TQQQ also has $37.8B in assets versus UPRO's $5.64B, giving TQQQ deeper liquidity.

Third, costs are modest but differ. TQQQ's expense ratio is 0.88% and UPRO's is 0.92%, a negligible spread, but TQQQ's higher AUM typically translates to tighter spreads and lower implicit costs in trading.

Who each is best for

TQQQ: Fits investors seeking concentrated exposure to large-cap tech and growth, with short time horizons and high risk tolerance. Designed for tactical trading and tactical hedging rather than long-term core holdings.

UPRO: Fits investors who want 3x daily leverage on a diversified, broad market index, preferring sector balance to growth concentration. Suited to shorter-term tactical positioning across the full market rather than tech-centric bets.

Key risks to know

Daily rebalancing decay in sideways or volatile markets. Both funds reset their leverage daily, which means in choppy or mean-reverting markets, compounding drag can erode returns relative to a simple 3x static multiple of total return. This risk is structural to leveraged daily-reset products and intensifies during elevated volatility.

Nasdaq concentration versus diversification. TQQQ's Nasdaq-100 tilt leaves it vulnerable to tech sector drawdowns; UPRO's S&P 500 exposure provides cross-sector ballast. A sustained tech correction will hit TQQQ far harder.

Leverage amplifies downside. A 10% daily drop in the underlying index translates to roughly a 30% drop in fund value. Both funds can experience steep single-day losses, and extended bear markets can produce NAV erosion that exceeds mathematical expectations due to rebalancing friction.

Beta divergence under stress. TQQQ's higher beta (4.02 vs. 3.11) means it will fall faster in sharp selloffs and rise faster in rallies. Investors expecting literal 3x performance in all conditions will see slippage, especially during gap moves and crisis volatility.

Bottom line

If you're seeking concentrated tech leverage with maximum historical growth exposure, TQQQ's Nasdaq tilt and larger AUM offer liquidity and conviction. If you prefer 3x leverage on the full market and want diversification across sectors, UPRO's S&P 500 foundation provides broader downside cushioning. Both carry steep drawdown risk and daily rebalancing friction; neither suits long-term passive portfolios. 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.

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The metrics behind this comparison, explained in the Academy.

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