# TQQQ vs UPRO: fees, holdings and returns compared

> TQQQ vs UPRO: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops.

TQQQ aims for 3 times the Nasdaq-100's move each day. UPRO aims for 3 times the S&P 500's move each day. Both use borrowed money and swaps, reset every day, and have had very deep drops. TQQQ follows a more tech-heavy index, so it has swung even more. Over the same dates since February 2010, TQQQ returned about 41.9% a year and UPRO returned about 30.5% a year.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 16, 2026. Prices through October 20, 2026.

## Key points

- TQQQ costs less: 0.78% a year against 0.88%.
- TQQQ started trading in February 2010. UPRO started in June 2009.
- Worst drops since 2010: TQQQ −81.7%, UPRO −76.8%.
- Daily correlation: 0.93 (1 means they always move together).

## What is the difference between TQQQ and UPRO?

Both multiply one day's move by three, and over longer periods the daily reset makes their results drift from 3 times the index, most of all when prices jump around. The Nasdaq-100 swings more than the S&P 500, so TQQQ's swings are bigger still. In 2022, both lost most of their value from the top. Both charge high fees.

| Fact | TQQQ | UPRO |
| --- | --- | --- |
| Full name | ProShares UltraPro QQQ | ProShares UltraPro S&P500 |
| Issuer | ProShares | ProShares |
| Expense ratio | 0.78% a year | 0.88% a year |
| Started trading | February 9, 2010 | June 23, 2009 |
| Tracks | Nasdaq-100 Index | S&P 500 |
| Holdings | n/a | n/a |
| Type | Leveraged, ETF | Leveraged, ETF |

Fund facts checked on the [ProShares TQQQ page](https://www.proshares.com/our-etfs/leveraged-and-inverse/tqqq) and the [ProShares UPRO page](https://www.proshares.com/our-etfs/leveraged-and-inverse/upro).

## Is TQQQ or UPRO cheaper?

TQQQ costs less: 0.78% a year against 0.88%. On $10,000, that is about $78 a year for TQQQ and $88 for UPRO. The fund takes its fee out of its own value a little each day, so you never get a bill.

## TQQQ vs UPRO performance over the same dates

Both funds are measured from February 2010 to October 2026, the dates both traded. TQQQ returned about 41.9% a year and UPRO returned about 30.5% a year. TQQQ came out ahead over this period, which does not mean it will again.

| Measure | TQQQ | UPRO |
| --- | --- | --- |
| $10,000 grew to | $3,431,535 | $847,048 |
| Total return | 34,215% | 8,370% |
| Return per year (CAGR) | 41.9% | 30.5% |
| Worst drop from a high | −81.7% | −76.8% |
| Volatility (how much it swings) | 61.1% | 51.0% |
| Last 12 months | 31.5% | 33.5% |
| Last 3 years, per year | 62.2% | 58.1% |
| Last 5 years, per year | 15.8% | 18.6% |
| Last 10 years, per year | 39.8% | 29.6% |

Prices through October 20, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

## TQQQ and UPRO returns by year

| Year | TQQQ | UPRO |
| --- | --- | --- |
| 2026 (part of the year) | 34.3% | 30.0% |
| 2025 | 34.4% | 31.9% |
| 2024 | 58.3% | 63.6% |
| 2023 | 198.0% | 68.5% |
| 2022 | −79.1% | −56.8% |
| 2021 | 83.0% | 98.6% |
| 2020 | 110.0% | 10.1% |
| 2019 | 133.8% | 102.3% |
| 2018 | −19.8% | −25.1% |
| 2017 | 118.1% | 71.4% |
| 2016 | 11.4% | 30.8% |
| 2015 | 17.2% | −5.2% |
| 2014 | 57.1% | 38.0% |
| 2013 | 139.7% | 118.5% |
| 2012 | 52.3% | 46.8% |
| 2011 | −8.1% | −11.9% |
| 2010 (part of the year) | 78.1% | 51.3% |

## Which fell further in bad times?

A drawdown is how far a fund falls from its last high point. TQQQ's worst fall was −81.7%, from November 19, 2021 to December 28, 2022. It got back to that high on December 4, 2024.

UPRO's worst fall was −76.8%, from February 19, 2020 to March 23, 2020. It got back to that high on January 8, 2021.

Their daily moves had a correlation of 0.93. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So holding both adds little variety.

## Why people choose TQQQ or UPRO

**TQQQ.** Short-term traders who want 3 times the daily move of large tech-heavy companies use TQQQ, accepting very large swings.

**UPRO.** Short-term traders who want 3 times the daily move of the S&P 500 use UPRO. ProShares says both are meant for daily use by people who understand leverage.

## Strategies that hold TQQQ or UPRO

These classic strategies hold one or both at least some of the time. Each is a set of written rules you can open, test and copy.

- [Leverage Rotation Strategy (UPRO above the 200-day average)](https://tactfolio.com/strategies/leverage-rotation-strategy.md), by Michael Gayed and Charles Bilello, 2016 (holds UPRO)

## Test a mix of TQQQ and UPRO

Open the [builder](https://tactfolio.com/builder), add TQQQ and UPRO, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for [TQQQ](https://tactfolio.com/etf/TQQQ.md) and [UPRO](https://tactfolio.com/etf/UPRO.md), or see [more ETF comparisons](https://tactfolio.com/etf-comparisons.md).

## The details

Both funds use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund's first day, so neither gets a head start. Correlation uses daily returns over the same days. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures.

## Research and test it

- [Leveraged ETFs](https://tactfolio.com/learn/leveraged-etfs): How a leveraged ETF works, why the daily reset makes long-term returns drift, a two-day 2x and 3x example, and what regulators warn.
- [Leverage](https://tactfolio.com/learn/leverage-explained): What leverage is, how to work out a leverage ratio, and how 2:1 and 10:1 change gains and losses.
- [Leverage calculator](https://tactfolio.com/trading-tools/leverage-calculator): See your effective leverage, what a 1% price move does to your account, and the move that would wipe it out.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.

## Common questions

### Can TQQQ or UPRO lose almost everything?

They can lose most of their value. If the Nasdaq-100 or the S&P 500 fell by about a third in one day, a 3 times daily fund would be wiped out, and multi-day falls have already cut both by most of their value.

### Is UPRO safer than TQQQ?

UPRO's index has swung less, so UPRO has swung less than TQQQ. Both are still far riskier than an unleveraged fund.

### Which is cheaper, TQQQ or UPRO?

TQQQ costs less: 0.78% a year against 0.88%. Fees come from each issuer and were checked on October 16, 2026.

### Which did better, TQQQ or UPRO?

From February 2010 to October 2026, TQQQ returned about 41.9% a year and UPRO returned about 30.5% a year, with dividends reinvested. Their worst drops were −81.7% and −76.8%. Past returns do not tell you what comes next.

## Sources

- [ProShares: ProShares UltraPro QQQ fund page](https://www.proshares.com/our-etfs/leveraged-and-inverse/tqqq)
- [ProShares: ProShares UltraPro S&P500 fund page](https://www.proshares.com/our-etfs/leveraged-and-inverse/upro)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in. These funds reset daily. Held for longer, their returns can differ a lot from the multiple in their name.