⚖️ TQQQ vs UPRO Comparison · Free & No Signup

TQQQ vs UPRO: 3x Leveraged ETFs — Extreme Returns, Extreme Risk

TQQQ and UPRO both deliver 3x the daily return of their index. In bull markets, gains compound spectacularly. In bear markets, losses are catastrophic. Not for most investors.

💰 TQQQ is cheaper 🔬 Compare top 10 holdings → 💡 Plain-English verdict

🤝 BFF Take

Different Indexes — Neither Is "Safer" for Long-Term Holders

TQQQ (ProShares UltraPro QQQ) delivers 3x the daily return of the Nasdaq-100. UPRO (ProShares UltraPro S&P 500) delivers 3x the daily return of the S&P 500. Both are designed for sophisticated traders, not long-term buy-and-hold investors. The reason: leveraged ETFs reset daily, which creates a "volatility drag" — in sideways or volatile markets, you can lose money even if the index ends flat. TQQQ is more volatile (the Nasdaq-100 swings harder) but has higher upside in tech bull markets. UPRO is slightly more stable but less likely to produce TQQQ-level gains. Both fell 70-80% during 2022. TQQQ fell over 80% during the dot-com bust. These instruments require precise timing and risk management — not appropriate for retirement or long-term savings.

📋 Quick Takeaways

⚠️Both are 3x leveraged ETFs — designed for short-term trading, NOT long-term investing. Permanent capital loss risk is real

📉TQQQ fell ~80% in 2022; UPRO fell ~70% — both are catastrophic loss vehicles in bear markets

💰TQQQ costs 0.88%; UPRO costs 0.92% — both expensive, but fee drag is secondary to volatility risk

📊 Data-Based Take: UPRO has the lower fee

Whether the lower-cost fund suits your situation depends on your existing holdings, account type, tax situation, and how you use each fund. This is a cost comparison, not a personalized recommendation.

✓ Reviewed by a CFA® Charterholder · Data as of Jul 14, 2026 · Educational only, not financial advice

TQQQ

ProShares UltraPro QQQ

Expense Ratio

0.88% ✓

1-Year Return

+82.1%

AUM

$39.0B

Holdings

101

UPRO

ProShares UltraPro S&P500

Expense Ratio

0.92%

1-Year Return

+55.4%

AUM

$5.3B

Holdings

503

📋 TQQQ vs UPRO — Key Facts Side by Side

Metric	TQQQ	UPRO
Fund Name	ProShares UltraPro QQQ	ProShares UltraPro S&P500
Issuer	ProShares	ProShares
Tracks Index	Nasdaq-100 (3x Daily)	S&P 500 (3x Daily)
Expense Ratio	0.88% ✓	0.92%
Cost per $10K/yr	$88.00	$92.00
AUM	$39.0B	$5.3B
Holdings	101	503
Inception	2010	2009
1-Year Return	+82.08%	+55.39%
3-Year Return	+58.25%	+48.03%
5-Year Return	+19.96%	+20.28%
Dividend Yield	0.46%	0.76%
Holdings Overlap	See holdings overlap →
Avg Bid-Ask Spread	0.01%	0.01%

Expense ratio, AUM, and returns updated Jul 14, 2026 from ETF BFF database. Returns are annualised. Not investment advice.

📊 TQQQ vs UPRO — Annualised Returns

Annualised returns (trailing, price-based). Past performance does not guarantee future results.

🎯 Which Fund Fits Which Investor?

Often fits investors who...

TQQQ

want the lowest fees: saves ~$4/yr per $10K vs UPRO

Often fits investors who...

UPRO

want broader diversification (503 holdings vs 101)

💰 What the Fee Difference Actually Costs

Adjust the numbers for your situation. This models each fund's expense ratio compounding against your balance over time.

Investment amount$ Years held Expected annual return%

Assumes a constant annual return reinvested, with each fund's expense ratio deducted yearly. Illustrative only; actual returns vary. Past performance does not guarantee future results.

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❓ TQQQ vs UPRO — Frequently Asked Questions

Are TQQQ and UPRO appropriate for long-term holding?

Generally no — leveraged ETFs are designed for short-term tactical use, not long-term buy-and-hold investing. The daily reset mechanism creates volatility drag: in a market that moves up 10% then down 10%, an unleveraged investor is almost flat while TQQQ/UPRO lose money. Over long periods of high volatility, this drag compounds against you. That said, in sustained bull markets (like 2010-2021), TQQQ has produced extraordinary long-term returns for those who held through the crashes.

How much can TQQQ or UPRO lose?

Both can lose the vast majority of their value in a bear market. TQQQ fell approximately 80% from its peak during the 2022 bear market. During the 2000-2002 dot-com bust (before TQQQ existed), a simulated 3x Nasdaq would have lost over 99%. UPRO fell roughly 70% in 2022. A $100,000 investment in TQQQ at the peak could have become $20,000 within months. Recovery from an 80% loss requires a subsequent 400% gain.

What is volatility drag in leveraged ETFs?

Volatility drag (also called "beta slippage") occurs because leveraged ETFs reset to 3x daily. If an index goes up 10% one day and down 10% the next, it's down 1% overall. A 3x fund goes up 30% then down 30% — ending down 9%, not 3%. The higher the day-to-day volatility, the more severe the drag. In calm, trending bull markets, the drag is minimal; in choppy sideways markets, it can be devastating.

Is there a strategy for using TQQQ or UPRO?

Some sophisticated investors use "lifecycle investing" strategies combining leveraged ETFs with bonds during early career years (when time horizon is long) — this is an academic concept documented by Ayres and Nalebuff. Others use them for tactical short-term momentum trades. None of these are appropriate for the average investor. Anyone holding TQQQ or UPRO should understand they're making an active bet on leverage working in their favor over their specific time horizon.

How do TQQQ and UPRO work mechanically?

Both ETFs use a combination of equity holdings plus swap agreements and futures contracts to deliver daily 3x exposure. At the end of each day, the fund rebalances to maintain exactly 3x exposure to the index. This daily rebalancing is what creates the volatility drag over time. The fund holds less leverage after a loss (to prevent going below zero) and more leverage after a gain — effectively "buying high and selling low" in the daily rebalancing.

New to ETF investing? See answers to the most common ETF questions →

📄 TQQQ & UPRO Fact Sheets

TQQQ Fact Sheet→ UPRO Fact Sheet→

ℹ️ Data shown is for educational purposes and may not reflect the most current figures. Returns are trailing price-based and exclude dividend reinvestment. Past performance does not guarantee future results. ETF BFF is not a licensed financial advisor — this is not personalized financial advice.