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EDZ vs. TQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EDZ vs. TQQQ

Last updated Jun 23, 2026

EDZ (Direxion Daily Emerging Markets Bear 3X Shares) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds - EDZ tracks the MSCI Emerging Markets Index (-300%) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, EDZ returned -37.86%/yr vs 47.00%/yr for TQQQ. At a correlation of -0.67, they often move in opposite directions. EDZ charges 1.08%/yr vs 0.95%/yr for TQQQ.

Performance

EDZ vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Emerging Markets Bear 3X Shares (EDZ) and ProShares UltraPro QQQ (TQQQ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EDZ achieves a -62.28% return, which is significantly lower than TQQQ's 56.90% return. Over the past 10 years, EDZ has underperformed TQQQ with an annualized return of -37.86%, while TQQQ has yielded a comparatively higher 47.00% annualized return.

EDZ

1D
-1.70%
1M
-26.11%
YTD
-62.28%
6M
-63.64%
1Y
-77.56%
3Y*
-50.67%
5Y*
-27.89%
10Y*
-37.86%

TQQQ

1D
-0.35%
1M
6.09%
YTD
56.90%
6M
52.71%
1Y
129.55%
3Y*
63.58%
5Y*
24.47%
10Y*
47.00%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EDZ vs. TQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EDZ
Direxion Daily Emerging Markets Bear 3X Shares		-62.28%-59.30%-12.71%-20.28%49.27%-8.69%-68.79%-43.01%32.87%-64.12%
TQQQ
ProShares UltraPro QQQ		56.90%34.35%58.27%198.04%-79.09%82.98%110.05%133.84%-19.79%118.06%

Correlation

The correlation between EDZ and TQQQ is -0.77, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.77

Correlation (3Y)
Calculated over the trailing 3-year period

-0.65

Correlation (5Y)
Calculated over the trailing 5-year period

-0.64

Correlation (10Y)
Calculated over the trailing 10-year period

-0.66

Correlation (All Time)
Calculated using the full available price history since Feb 11, 2010

-0.67

The correlation between EDZ and TQQQ shifts across timeframes, from -0.77 (1 year) to -0.64 (5 years), reflecting how their relationship changes across market environments.

EDZ vs. TQQQ - Sectors Allocation Comparison

Sectors
EDZ
TQQQ

Financial Services

26.2%
0.2%

Industrials

19.7%
2.8%

Technology

14.6%
53.8%

Consumer Cyclical

8.0%
12.3%

Utilities

7.2%
1.4%

Consumer Defensive

6.0%
7.7%

Healthcare

5.9%
4.2%

Energy

3.9%
0.6%

Basic Materials

3.7%
1.1%

Communication Services

3.4%
15.8%

Real Estate

1.4%
0.1%

Financial Services

EDZ
26.2%
TQQQ
0.2%

Industrials

EDZ
19.7%
TQQQ
2.8%

Technology

EDZ
14.6%
TQQQ
53.8%

Consumer Cyclical

EDZ
8.0%
TQQQ
12.3%

Utilities

EDZ
7.2%
TQQQ
1.4%

Consumer Defensive

EDZ
6.0%
TQQQ
7.7%

Healthcare

EDZ
5.9%
TQQQ
4.2%

Energy

EDZ
3.9%
TQQQ
0.6%

Basic Materials

EDZ
3.7%
TQQQ
1.1%

Communication Services

EDZ
3.4%
TQQQ
15.8%

Real Estate

EDZ
1.4%
TQQQ
0.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Direxion Daily Emerging Markets Bear 3X Shares

ProShares UltraPro QQQ

Often compared with EDZ:
EDZ vs. EDCEDZ vs. BERZEDZ vs. YANGEDZ vs. AMATEDZ vs. SHEDZ vs. SPYEDZ vs. SCHY
Often compared with TQQQ:
TQQQ vs. QQQTQQQ vs. SOXLTQQQ vs. QLDTQQQ vs. SQQQTQQQ vs. UPROTQQQ vs. SPXLTQQQ vs. TECL

Return for Risk

EDZ vs. TQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EDZ
EDZ Risk / Return Rank: 00
Overall Rank
EDZ Sharpe Ratio Rank: 11
Sharpe Ratio Rank
EDZ Sortino Ratio Rank: 00
Sortino Ratio Rank
EDZ Omega Ratio Rank: 00
Omega Ratio Rank
EDZ Calmar Ratio Rank: 00
Calmar Ratio Rank
EDZ Martin Ratio Rank: 00
Martin Ratio Rank
TQQQ
TQQQ Risk / Return Rank: 6868
Overall Rank
TQQQ Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
TQQQ Sortino Ratio Rank: 5959
Sortino Ratio Rank
TQQQ Omega Ratio Rank: 6363
Omega Ratio Rank
TQQQ Calmar Ratio Rank: 7272
Calmar Ratio Rank
TQQQ Martin Ratio Rank: 6464
Martin Ratio Rank
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.

EDZ vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Emerging Markets Bear 3X Shares (EDZ) 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.

EDZTQQQDifference
Sharpe ratioReturn per unit of total volatility
-1.18
2.49

-3.67

Sortino ratioReturn per unit of downside risk
-2.58
2.72

-5.30

Omega ratioGain probability vs. loss probability

0.70

1.36

-0.66

Calmar ratioReturn relative to maximum drawdown

-1.01

3.53

-4.53

Martin ratioReturn relative to average drawdown

-1.70

11.25

-12.96

EDZ vs. TQQQ - Sharpe Ratio Comparison

The current EDZ Sharpe Ratio is -1.18, which is lower than the TQQQ Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of EDZ 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.

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Drawdowns

EDZ vs. TQQQ - Drawdown Comparison

The maximum EDZ drawdown since its inception was -99.99%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for EDZ and TQQQ.

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Drawdown Indicators

EDZTQQQDifference

Max Drawdown

Largest peak-to-trough decline

-99.99%

-81.66%

-18.33%

Max Drawdown (1Y)

Largest decline over 1 year

-77.00%

-36.97%

-40.03%

Max Drawdown (3Y)

Largest decline over 3 years

-90.46%

-58.04%

-32.42%

Max Drawdown (5Y)

Largest decline over 5 years

-92.91%

-81.66%

-11.25%

Max Drawdown (10Y)

Largest decline over 10 years

-99.17%

-81.66%

-17.51%

Current Drawdown

Current decline from peak

-99.99%

-5.32%

-94.67%

Average Drawdown

Average peak-to-trough decline

-97.73%

-18.50%

-79.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

46.71%

11.56%

+35.15%

Volatility

EDZ vs. TQQQ - Volatility Comparison

Direxion Daily Emerging Markets Bear 3X Shares (EDZ) has a higher volatility of 32.85% compared to ProShares UltraPro QQQ (TQQQ) at 25.07%. This indicates that EDZ'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.

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Volatility by Period

EDZTQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

32.85%

25.07%

+7.78%

Volatility (6M)

Calculated over the trailing 6-month period

58.98%

42.17%

+16.81%

Volatility (1Y)

Calculated over the trailing 1-year period

65.85%

52.51%

+13.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

58.44%

67.26%

-8.82%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

61.54%

66.36%

-4.82%

EDZ vs. TQQQ - Expense Ratio Comparison

EDZ has a 1.08% expense ratio, which is higher than TQQQ's 0.95% expense ratio.

Dividends

EDZ vs. TQQQ - Dividend Comparison

EDZ's dividend yield for the trailing twelve months is around 11.71%, more than TQQQ's 0.38% yield.

PositionTTM20252024202320222021202020192018201720162015
EDZ
Direxion Daily Emerging Markets Bear 3X Shares		11.71%6.58%4.87%4.34%0.00%0.00%0.82%1.67%0.68%0.00%0.00%0.00%
TQQQ
ProShares UltraPro QQQ		0.38%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

EDZ and TQQQ have a correlation of -0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EDZ has higher volatility (32.85%) compared to TQQQ (25.07%). In terms of maximum drawdown, EDZ dropped -99.99% vs TQQQ's -81.66%.

On 10-year performance, TQQQ leads with 47.00% vs -37.86% for EDZ. On fees, TQQQ is cheaper at 0.95% per year. On volatility, TQQQ has been the lower-risk option at 25.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, TQQQ has performed better with a 47.00% return vs -37.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

TQQQ is cheaper with a 0.95% expense ratio, compared with 1.08% for EDZ.

EDZ has the higher dividend yield at 11.71%, compared with 0.38% for TQQQ.

EDZ tracks MSCI Emerging Markets Index (-300%), while TQQQ tracks NASDAQ-100 Index (300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.08% for EDZ and 0.95% for TQQQ.

TQQQ currently has the higher Sharpe Ratio (2.49 vs -1.18), 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.

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