DUSL vs. TQQQ

Last updated Jun 4, 2026

DUSL (Direxion Daily Industrials Bull 3X Shares) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds - DUSL tracks the Industrials Select Sector Index (300%) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 5 years, DUSL returned 17.84%/yr vs 28.37%/yr for TQQQ. A 0.59 correlation means they provide meaningful diversification when combined. DUSL charges 1.01%/yr vs 0.95%/yr for TQQQ.

Performance

DUSL vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Industrials Bull 3X Shares (DUSL) 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, DUSL achieves a 31.08% return, which is significantly lower than TQQQ's 64.46% return.

DUSL

• 1D: 0.10%
• 1M: 4.49%
• YTD: 31.08%
• 6M: 34.15%
• 1Y: 56.97%
• 3Y*: 48.85%
• 5Y*: 17.84%
• 10Y*: —

TQQQ

• 1D: -0.76%
• 1M: 33.35%
• YTD: 64.46%
• 6M: 55.93%
• 1Y: 137.89%
• 3Y*: 69.49%
• 5Y*: 28.37%
• 10Y*: 45.33%

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

DUSL vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DUSL Direxion Daily Industrials Bull 3X Shares	31.08%	37.50%	34.75%	37.23%	-31.17%	60.72%	-19.77%	90.70%	-46.28%	48.29%
TQQQ ProShares UltraPro QQQ	64.46%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	42.51%

Correlation

The correlation between DUSL and TQQQ is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since May 4, 2017	0.59

The correlation between DUSL and TQQQ has been stable across timeframes, ranging from 0.55 to 0.65 - a consistent structural relationship.

DUSL vs. TQQQ - Sectors Allocation Comparison

Sectors	DUSL	TQQQ
Industrials	20.1%	2.8%
Utilities	1.2%	1.4%
Technology	0.8%	53.8%
Consumer Cyclical	0.1%	12.3%
Basic Materials	-	1.1%
Communication Services	-	15.8%
Consumer Defensive	-	7.7%
Energy	-	0.6%
Financial Services	-	0.2%
Healthcare	-	4.2%
Real Estate	-	0.1%

Return for Risk

DUSL vs. TQQQ — Risk / Return Rank

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

DUSL

DUSL Risk / Return Rank: 34
DUSL Sharpe Ratio Rank: 33
DUSL Sortino Ratio Rank: 34
DUSL Omega Ratio Rank: 31
DUSL Calmar Ratio Rank: 34
DUSL Martin Ratio Rank: 36

TQQQ

TQQQ Risk / Return Rank: 71
TQQQ Sharpe Ratio Rank: 86
TQQQ Sortino Ratio Rank: 65
TQQQ Omega Ratio Rank: 65
TQQQ Calmar Ratio Rank: 73
TQQQ Martin Ratio Rank: 66

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.

DUSL vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Industrials Bull 3X Shares (DUSL) 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.

	DUSL	TQQQ	Difference
Sharpe ratio Return per unit of total volatility	1.22	2.92	-1.69
Sortino ratio Return per unit of downside risk	1.82	3.09	-1.27
Omega ratio Gain probability vs. loss probability	1.21	1.40	-0.19
Calmar ratio Return relative to maximum drawdown	1.70	3.75	-2.05
Martin ratio Return relative to average drawdown	5.71	12.27	-6.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DUSL vs. TQQQ - Sharpe Ratio Comparison

The current DUSL Sharpe Ratio is 1.22, which is lower than the TQQQ Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of DUSL 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

	DUSL	TQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.22	2.92	-1.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.43	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.74	-0.44

Drawdowns

DUSL vs. TQQQ - Drawdown Comparison

The maximum DUSL drawdown since its inception was -85.74%, roughly equal to the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for DUSL and TQQQ.

Drawdown Indicators

	DUSL	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-85.74%	-81.66%	-4.08%
Max Drawdown (1Y) Largest decline over 1 year	-33.68%	-36.97%	+3.29%
Max Drawdown (3Y) Largest decline over 3 years	-50.86%	-58.04%	+7.18%
Max Drawdown (5Y) Largest decline over 5 years	-58.43%	-81.66%	+23.23%
Max Drawdown (10Y) Largest decline over 10 years	—	-81.66%	—
Current Drawdown Current decline from peak	-12.12%	-0.76%	-11.36%
Average Drawdown Average peak-to-trough decline	-22.00%	-18.52%	-3.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.01%	11.28%	-1.27%

Volatility

DUSL vs. TQQQ - Volatility Comparison

Direxion Daily Industrials Bull 3X Shares (DUSL) has a higher volatility of 14.46% compared to ProShares UltraPro QQQ (TQQQ) at 13.29%. This indicates that DUSL's price experiences larger fluctuations and is considered to be riskier than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DUSL	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.46%	13.29%	+1.17%
Volatility (6M) Calculated over the trailing 6-month period	38.89%	36.04%	+2.85%
Volatility (1Y) Calculated over the trailing 1-year period	46.89%	47.60%	-0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.51%	66.53%	-14.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.55%	65.96%	-4.41%

DUSL vs. TQQQ - Expense Ratio Comparison

DUSL has a 1.01% expense ratio, which is higher than TQQQ's 0.95% expense ratio.

Dividends

DUSL vs. TQQQ - Dividend Comparison

DUSL's dividend yield for the trailing twelve months is around 8.74%, more than TQQQ's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DUSL Direxion Daily Industrials Bull 3X Shares	8.74%	11.39%	6.61%	1.28%	0.66%	0.07%	0.48%	1.01%	1.46%	0.57%	0.00%	0.00%
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 DUSL and TQQQ in my portfolio?

DUSL and TQQQ have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DUSL or TQQQ?

DUSL has higher volatility (14.46%) compared to TQQQ (13.29%). In terms of maximum drawdown, DUSL dropped -85.74% vs TQQQ's -81.66%.

Which ETF is better, DUSL or TQQQ?

On 5-year performance, TQQQ leads with 28.37% vs 17.84% for DUSL. On fees, TQQQ is cheaper at 0.95% per year. On volatility, TQQQ has been the lower-risk option at 13.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DUSL or TQQQ?

Over the 5-year period, TQQQ has performed better with a 28.37% return vs 17.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DUSL or TQQQ?

TQQQ is cheaper with a 0.95% expense ratio, compared with 1.01% for DUSL.

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

DUSL has the higher dividend yield at 8.74%, compared with 0.36% for TQQQ.

What is the main difference between DUSL and TQQQ?

DUSL tracks Industrials Select Sector Index (300%), while TQQQ tracks NASDAQ-100 Index (300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.01% for DUSL and 0.95% for TQQQ.

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (2.92 vs 1.22), 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.