DDM vs. TQQQ

Last updated Aug 6, 2026

DDM (ProShares Ultra Dow30) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds from ProShares - DDM tracks the Dow Jones Industrial Average Index (200%) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, DDM returned 20.08%/yr vs 40.49%/yr for TQQQ. Their 0.75 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.

Performance

DDM vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Dow30 (DDM) 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, DDM achieves a 24.32% return, which is significantly lower than TQQQ's 38.71% return. Over the past 10 years, DDM has underperformed TQQQ with an annualized return of 20.08%, while TQQQ has yielded a comparatively higher 40.49% annualized return.

DDM

• 1D: 0.86%
• 1M: 4.37%
• 6M: 17.92%
• YTD: 24.32%
• 1Y: 45.60%
• 3Y*: 27.53%
• 5Y*: 14.31%
• 10Y*: 20.08%
• ALL TIME*: 14.76%

TQQQ

• 1D: -2.65%
• 1M: -4.68%
• 6M: 46.96%
• YTD: 38.71%
• 1Y: 71.21%
• 3Y*: 54.16%
• 5Y*: 17.51%
• 10Y*: 40.49%
• ALL TIME*: 43.32%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DDM ProShares Ultra Dow30	$16.79M	$13.61M	$11.73M
TQQQ ProShares UltraPro QQQ	$5.00B	$4.56B	$5.34B

DDM vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DDM ProShares Ultra Dow30	24.32%	20.59%	21.60%	24.34%	-19.48%	41.97%	2.14%	47.98%	-13.46%	59.56%
TQQQ ProShares UltraPro QQQ	38.71%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%

Correlation

The correlation between DDM and TQQQ is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.62
Correlation (3Y) Balances recent behavior with more history.	0.64
Correlation (5Y) Shows whether the relationship held over a longer period.	0.71
Correlation (10Y) Provides a long-term view across more market conditions.	0.71
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	0.75

The correlation between DDM and TQQQ shifts across timeframes, from 0.62 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

DDM vs. TQQQ - Sectors Allocation Comparison

Sectors	DDM	TQQQ
Financial Services	27.0%	0.2%
Industrials	17.9%	2.8%
Technology	16.3%	53.8%
Healthcare	13.4%	4.2%
Consumer Cyclical	10.4%	12.3%
Communication Services	5.2%	15.8%
Basic Materials	4.0%	1.1%
Consumer Defensive	3.9%	7.7%
Energy	1.9%	0.6%
Real Estate	-	0.1%
Utilities	-	1.4%

Return for Risk

DDM vs. TQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DDM

DDM Risk / Return Rank: 64
DDM Sharpe Ratio Rank: 70
DDM Sortino Ratio Rank: 67
DDM Omega Ratio Rank: 63
DDM Calmar Ratio Rank: 59
DDM Martin Ratio Rank: 64

TQQQ

TQQQ Risk / Return Rank: 43
TQQQ Sharpe Ratio Rank: 43
TQQQ Sortino Ratio Rank: 42
TQQQ Omega Ratio Rank: 41
TQQQ Calmar Ratio Rank: 47
TQQQ Martin Ratio Rank: 43

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DDM vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Dow30 (DDM) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DDM	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.23	+0.59
Sortino ratio: Return per unit of downside risk	2.50	1.78	+0.72
Omega ratio: Gain probability vs. loss probability	1.31	1.22	+0.09
Calmar ratio: Return relative to maximum drawdown	2.37	1.94	+0.44
Martin ratio: Return relative to average drawdown	8.73	5.34	+3.39

DDM vs. TQQQ - Sharpe Ratio Comparison

The current DDM Sharpe Ratio is 1.82, which is higher than the TQQQ Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of DDM 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.

Drawdowns

DDM vs. TQQQ - Drawdown Comparison

The maximum DDM drawdown since its inception was -81.70%, roughly equal to the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for DDM and TQQQ.

Drawdown Indicators

	DDM	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-81.70%	-81.66%	-0.04%
Max Drawdown (1Y) Largest decline over 1 year	-19.31%	-36.97%	+17.66%
Max Drawdown (3Y) Largest decline over 3 years	-31.62%	-58.04%	+26.42%
Max Drawdown (5Y) Largest decline over 5 years	-40.18%	-81.66%	+41.48%
Max Drawdown (10Y) Largest decline over 10 years	-63.13%	-81.66%	+18.53%
Current Drawdown Current decline from peak	0.00%	-16.29%	+16.29%
Average Drawdown Average peak-to-trough decline	-17.20%	-18.49%	+1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.24%	13.38%	-8.14%

Volatility

DDM vs. TQQQ - Volatility Comparison

The current volatility for ProShares Ultra Dow30 (DDM) is 8.29%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 21.96%. This indicates that DDM 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

	DDM	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.29%	21.96%	-13.67%
Volatility (6M) Calculated over the trailing 6-month period	20.01%	48.60%	-28.59%
Volatility (1Y) Calculated over the trailing 1-year period	25.12%	58.14%	-33.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.67%	68.26%	-38.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.78%	66.67%	-31.89%

DDM vs. TQQQ - Expense Ratio Comparison

Both DDM and TQQQ have an expense ratio of 0.95%.

Dividends

DDM vs. TQQQ - Dividend Comparison

DDM's dividend yield for the trailing twelve months is around 0.87%, more than TQQQ's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DDM ProShares Ultra Dow30	0.87%	0.94%	1.00%	0.27%	0.83%	0.18%	0.31%	0.62%	0.89%	0.68%	1.08%	1.23%
TQQQ ProShares UltraPro QQQ	0.52%	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 DDM and TQQQ in my portfolio?

DDM and TQQQ have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DDM or TQQQ?

TQQQ has higher volatility (21.96%) compared to DDM (8.29%). In terms of maximum drawdown, DDM dropped -81.70% vs TQQQ's -81.66%.

Which ETF is better, DDM or TQQQ?

On 10-year performance, TQQQ leads with 40.49% vs 20.08% for DDM. Both ETFs have the same 0.95% expense ratio. On volatility, DDM has been the lower-risk option at 8.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DDM or TQQQ?

Over the 10-year period, TQQQ has performed better with a 40.49% return vs 20.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DDM or TQQQ?

DDM and TQQQ have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, DDM or TQQQ?

DDM has the higher dividend yield at 0.87%, compared with 0.52% for TQQQ.

What is the main difference between DDM and TQQQ?

DDM tracks Dow Jones Industrial Average Index (200%), while TQQQ tracks NASDAQ-100 Index (300%).

Which has better risk-adjusted returns?

DDM currently has the higher Sharpe Ratio (1.82 vs 1.23), 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.