ARANX vs. TQQQ

Last updated Jun 3, 2026

ARANX (Horizon Active Risk Assist Fund) and TQQQ (ProShares UltraPro QQQ) are both funds - ARANX is a Diversified Portfolio fund managed by Horizon Investments, while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Over the past 10 years, ARANX returned 8.23%/yr vs 45.44%/yr for TQQQ. Their correlation of 0.86 suggests significant overlap in exposure. ARANX charges 1.17%/yr vs 0.95%/yr for TQQQ.

Performance

ARANX vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Active Risk Assist Fund (ARANX) and ProShares UltraPro QQQ (TQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARANX achieves a 12.43% return, which is significantly lower than TQQQ's 65.71% return. Over the past 10 years, ARANX has underperformed TQQQ with an annualized return of 8.23%, while TQQQ has yielded a comparatively higher 45.44% annualized return.

ARANX

• 1D: 0.57%
• 1M: 5.02%
• YTD: 12.43%
• 6M: 13.59%
• 1Y: 26.73%
• 3Y*: 17.36%
• 5Y*: 8.00%
• 10Y*: 8.23%

TQQQ

• 1D: 1.37%
• 1M: 33.57%
• YTD: 65.71%
• 6M: 58.23%
• 1Y: 145.30%
• 3Y*: 69.92%
• 5Y*: 29.86%
• 10Y*: 45.44%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ARANX vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARANX Horizon Active Risk Assist Fund	12.43%	14.03%	13.60%	16.70%	-19.38%	20.69%	4.25%	12.63%	-7.49%	18.06%
TQQQ ProShares UltraPro QQQ	65.71%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%

Correlation

The correlation between ARANX and TQQQ is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Sep 3, 2014	0.86

The correlation between ARANX and TQQQ has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

Return for Risk

ARANX vs. TQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ARANX

ARANX Risk / Return Rank: 53
ARANX Sharpe Ratio Rank: 54
ARANX Sortino Ratio Rank: 51
ARANX Omega Ratio Rank: 50
ARANX Calmar Ratio Rank: 49
ARANX Martin Ratio Rank: 59

TQQQ

TQQQ Risk / Return Rank: 75
TQQQ Sharpe Ratio Rank: 89
TQQQ Sortino Ratio Rank: 69
TQQQ Omega Ratio Rank: 68
TQQQ Calmar Ratio Rank: 79
TQQQ Martin Ratio Rank: 71

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ARANX vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Active Risk Assist Fund (ARANX) and ProShares UltraPro QQQ (TQQQ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ARANX	TQQQ	Difference
Sharpe ratio Return per unit of total volatility	2.16	3.07	-0.91
Sortino ratio Return per unit of downside risk	3.01	3.19	-0.18
Omega ratio Gain probability vs. loss probability	1.39	1.42	-0.03
Calmar ratio Return relative to maximum drawdown	2.70	4.08	-1.38
Martin ratio Return relative to average drawdown	11.89	13.38	-1.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ARANX vs. TQQQ - Sharpe Ratio Comparison

The current ARANX Sharpe Ratio is 2.16, which is comparable to the TQQQ Sharpe Ratio of 3.07. The chart below compares the historical Sharpe Ratios of ARANX and TQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ARANX	TQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	3.07	-0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.45	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.69	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.74	-0.22

Drawdowns

ARANX vs. TQQQ - Drawdown Comparison

The maximum ARANX drawdown since its inception was -21.50%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for ARANX and TQQQ.

Drawdown Indicators

	ARANX	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-21.50%	-81.66%	+60.16%
Max Drawdown (1Y) Largest decline over 1 year	-10.13%	-36.97%	+26.84%
Max Drawdown (3Y) Largest decline over 3 years	-15.34%	-58.04%	+42.70%
Max Drawdown (5Y) Largest decline over 5 years	-21.50%	-81.66%	+60.16%
Max Drawdown (10Y) Largest decline over 10 years	-21.50%	-81.66%	+60.16%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.46%	-18.53%	+12.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.30%	11.28%	-8.98%

Volatility

ARANX vs. TQQQ - Volatility Comparison

The current volatility for Horizon Active Risk Assist Fund (ARANX) is 3.95%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 13.26%. This indicates that ARANX experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARANX	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	13.26%	-9.31%
Volatility (6M) Calculated over the trailing 6-month period	10.41%	36.05%	-25.64%
Volatility (1Y) Calculated over the trailing 1-year period	12.85%	47.63%	-34.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.74%	66.55%	-53.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.62%	65.98%	-53.36%

ARANX vs. TQQQ - Expense Ratio Comparison

ARANX has a 1.17% expense ratio, which is higher than TQQQ's 0.95% expense ratio.

Dividends

ARANX vs. TQQQ - Dividend Comparison

ARANX's dividend yield for the trailing twelve months is around 8.13%, more than TQQQ's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARANX Horizon Active Risk Assist Fund	8.13%	9.14%	10.35%	0.83%	0.53%	8.22%	0.37%	1.00%	3.91%	4.70%	0.86%	1.06%
TQQQ ProShares UltraPro QQQ	0.36%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%

Frequently Asked Questions

Can I hold both ARANX and TQQQ in my portfolio?

ARANX and TQQQ have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARANX or TQQQ?

TQQQ has higher volatility (13.26%) compared to ARANX (3.95%). In terms of maximum drawdown, ARANX dropped -21.50% vs TQQQ's -81.66%.

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (3.07 vs 2.16), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.