Dividend comparison
TQQQ vs UPRO: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for ProShares UltraPro QQQ and ProShares - UltraPro S&P500, side by side. Updated October 21, 2026.
TQQQ vs UPRO: key differences
The short answer, from the latest data on this page.
- Fees. UPRO is cheaper at 0.88% a year versus 0.94% for TQQQ. On $10,000 that is $6 a year less in fees.
- Income. Their trailing yields are almost the same: 0.69% for TQQQ and 0.76% for UPRO. Both pay quarterly.
- Performance. Over the last 5 years, UPRO returned 134.3% versus 113.8% for TQQQ, with dividends reinvested. $10,000 would have grown to $23,434 in UPRO and $21,375 in TQQQ.
- Risk. TQQQ has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -81.6%, against -63.9% for UPRO.
- Diversification. UPRO holds 522 positions and TQQQ holds 123. The ten largest positions make up 34.1% of TQQQ and 39.1% of UPRO.
- Overlap. At least 39% of the two portfolios overlap by weight, across 37 shared holdings.
- Dividend growth. TQQQ grew its yearly payout 771.0% a year over the last 4 years, versus 116.0% for UPRO.
- Size. TQQQ is the larger fund with $35.5 billion in assets, against $5.5 billion for UPRO.
Bottom line: TQQQ fits better if you care most about faster dividend growth. UPRO fits better if you care most about lower fees, stronger 5-year returns, smaller drawdowns and broader diversification.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | TQQQ ProShares UltraPro QQQ | UPRO ProShares - UltraPro S&P500 |
|---|---|---|
| Dividend yield (TTM) | 0.69% | 0.76% |
| Dividend / share (TTM) | $0.48 | $1.13 |
| Payout frequency | Quarterly | Quarterly |
| Last dividend | $0.1560 on Sep 29, 2026 | $0.2698 on Sep 29, 2026 |
| Ex-dividend date | Sep 23, 2026 | Sep 23, 2026 |
| Dividend growth (CAGR) | 771.0% over 4 yrs | 116.0% over 4 yrs |
| Price | $70.41 | $149.58 |
| Dividend growth streak | — | 5 years |
| Beta | 3.71 | 3.03 |
| Max drawdown (5Y) | -81.6% | -63.9% |
| Market cap | $41.88B | $4.58B |
| Exchange | NASDAQ | AMEX |
| Expense ratio | 0.94% | 0.88% |
| Assets under management | $35.46B | $5.53B |
| Number of holdings | 123 | 522 |
| Top 10 concentration | 34.1% | 39.1% |
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.
TQQQ
$5.73/mo
$69 /yr at 0.69% yield
UPRO
$6.30/mo
$76 /yr at 0.76% yield
Dividend history
Total dividends paid per share in each calendar year. TQQQ pays quarterly; UPRO pays quarterly.
| Year | TQQQ | UPRO |
|---|---|---|
| 2025 | $0.3425 | $0.9734 |
| 2024 | $0.7245 | $0.8205 |
| 2023 | $0.6395 | $0.4030 |
| 2022 | $0.0490 | $0.1715 |
| 2021 | $0.0001 | $0.0447 |
Strategy: Leveraged
Funds that use swaps and futures to deliver two or three times the daily return of an index. The multiple resets every day, so over longer periods the result can differ sharply from simply multiplying the index return, especially when the market is choppy. They are built as short-term trading tools.
Daily rebalancing causes decay in sideways or volatile markets, and a large one-day drop can wipe out most of the fund's value.
Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $21,375 in TQQQ and $23,434 in UPRO.
| Period | TQQQ | UPRO |
|---|---|---|
| 1 month | -2.88% | 1.80% |
| 3 months | 4.28% | 8.21% |
| Year to date | 34.34% | 30.02% |
| 1 year | 31.48% | 33.52% |
| 3 years | 330.64% | 294.36% |
| 5 years | 113.75% | 134.34% |
- TQQQ
- UPRO
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
- TQQQ
- UPRO
TQQQ vs UPRO holdings overlap
At least 39% overlap by weight, with 37 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
| Largest shared holdings | TQQQ weight | UPRO weight |
|---|---|---|
| IQMMPROSHARES GENIUS MNY MKT ETF | 16.83% | 20.54% |
| NVDANVIDIA CORP | 3.20% | 3.96% |
| AAPLAPPLE INC | 3.06% | 3.77% |
| MSFTMICROSOFT CORP | 2.42% | 2.99% |
| AMZNAMAZON.COM INC | 1.73% | 1.94% |
| GOOGLALPHABET INC-CL A | 1.23% | 1.52% |
| METAMETA PLATFORMS INC-CLASS A | 1.28% | 1.17% |
| GOOGALPHABET INC-CL C | 1.15% | 1.22% |
| AVGOBROADCOM INC | 0.97% | 1.20% |
| TSLATESLA INC | 1.18% | 0.78% |
Top 10 holdings
Largest positions by portfolio weight.
TQQQ123 holdings total
Quick verdict
TQQQ fits better if you care most about faster dividend growth. UPRO fits better if you care most about lower fees, stronger 5-year returns, smaller drawdowns and broader diversification. Model the holding inside your real portfolio before deciding.
Still deciding? Compare them in your portfolio
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Frequently asked questions
Is TQQQ or UPRO better for dividend income?
It depends on your goals. TQQQ currently yields 0.69% Trailing Twelve Months (TTM) while UPRO yields 0.76%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between TQQQ and UPRO?
ProShares UltraPro QQQ (TQQQ) is an ETF listed on NASDAQ. ProShares - UltraPro S&P500 (UPRO) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, TQQQ or UPRO?
UPRO has the lower expense ratio. TQQQ charges 0.94% a year and UPRO charges 0.88%, a difference of $6 a year on a $10,000 investment.
Which has performed better, TQQQ or UPRO?
Over the last 5 years, UPRO has the higher total return with dividends reinvested: TQQQ returned 113.8% and UPRO returned 134.3%. Past performance does not predict future returns.
Which is riskier, TQQQ or UPRO?
Measured by the worst peak-to-trough decline over the last five years, TQQQ has been riskier: TQQQ fell as much as 81.6% and UPRO as much as 63.9%. Their betas are 3.71 and 3.03.
How much do TQQQ and UPRO overlap?
At least 39% of the two portfolios overlap by weight, across 37 shared holdings. The largest shared positions are IQMM, NVDA, AAPL. Holding both still adds meaningful diversification.
How often do TQQQ and UPRO pay dividends?
Both pay quarterly. The most recent payments were $0.1560 for TQQQ and $0.2698 for UPRO.
How much income does $10,000 in TQQQ vs UPRO generate?
At current TTM yields, $10,000 in TQQQ would generate roughly $5.73 per month ($69 annually). The same amount in UPRO would produce about $6.30 per month ($76 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both TQQQ and UPRO?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare TQQQ vs UPRO with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how TQQQ and UPRO fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.