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EPV vs. TQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EPV vs. TQQQ

Last updated Aug 2, 2026
Documentation

EPV (ProShares UltraShort FTSE Europe) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds from ProShares - EPV tracks the FTSE All Cap Developed Europe (-200%) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, EPV returned -22.79%/yr vs 39.46%/yr for TQQQ. Their -0.66 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

EPV vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort FTSE Europe (EPV) 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, EPV achieves a -18.89% return, which is significantly lower than TQQQ's 23.06% return. Over the past 10 years, EPV has underperformed TQQQ with an annualized return of -22.79%, while TQQQ has yielded a comparatively higher 39.46% annualized return.

EPV

1D
1.06%
1M
-2.13%
6M
-11.34%
YTD
-18.89%
1Y
-34.32%
3Y*
-24.89%
5Y*
-19.22%
10Y*
-22.79%
ALL TIME*
-25.50%

TQQQ

1D
2.09%
1M
-11.90%
6M
20.14%
YTD
23.06%
1Y
56.87%
3Y*
43.81%
5Y*
15.36%
10Y*
39.46%
ALL TIME*
42.33%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EPV

ProShares UltraShort FTSE Europe
$313.99K$282.71K$436.94K

TQQQ

ProShares UltraPro QQQ
$4.37B$4.57B$5.33B

EPV vs. TQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EPV
ProShares UltraShort FTSE Europe		-18.89%-45.21%2.02%-30.81%15.53%-31.62%-37.31%-36.11%32.22%-39.79%
TQQQ
ProShares UltraPro QQQ		23.06%34.35%58.27%198.04%-79.09%82.98%110.05%133.84%-19.79%118.06%

Correlation

The correlation between EPV and TQQQ is -0.63, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

-0.63

Correlation (3Y)
Balances recent behavior with more history.

-0.58

Correlation (5Y)
Shows whether the relationship held over a longer period.

-0.64

Correlation (10Y)
Provides a long-term view across more market conditions.

-0.63

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

-0.66

The correlation between EPV and TQQQ has been stable across timeframes, ranging from -0.66 to -0.58 - a consistent structural relationship.

EPV vs. TQQQ - Sectors Allocation Comparison

Sectors
EPV
TQQQ

Financial Services

43.2%
0.2%

Basic Materials

-

1.1%

Communication Services

-

15.8%

Consumer Cyclical

-

12.3%

Consumer Defensive

-

7.7%

Energy

-

0.6%

Healthcare

-

4.2%

Industrials

-

2.8%

Real Estate

-

0.1%

Technology

-

53.8%

Utilities

-

1.4%

Financial Services

EPV
43.2%
TQQQ
0.2%

Basic Materials

EPV

-

TQQQ
1.1%

Communication Services

EPV

-

TQQQ
15.8%

Consumer Cyclical

EPV

-

TQQQ
12.3%

Consumer Defensive

EPV

-

TQQQ
7.7%

Energy

EPV

-

TQQQ
0.6%

Healthcare

EPV

-

TQQQ
4.2%

Industrials

EPV

-

TQQQ
2.8%

Real Estate

EPV

-

TQQQ
0.1%

Technology

EPV

-

TQQQ
53.8%

Utilities

EPV

-

TQQQ
1.4%

Compare stocks, funds, or ETFs

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

ProShares UltraShort FTSE Europe

ProShares UltraPro QQQ

Often compared with EPV:
EPV vs. UPVEPV vs. VOOEPV vs. USDUEPV vs. SCHYEPV vs. UUPEPV vs. AMDGEPV vs. QLD
Often compared with TQQQ:
TQQQ vs. QQQTQQQ vs. SOXLTQQQ vs. QLDTQQQ vs. SQQQTQQQ vs. UPROTQQQ vs. SPXLTQQQ vs. TECL

Return for Risk

EPV vs. TQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EPV
EPV Risk / Return Rank: 11
Overall Rank
EPV Sharpe Ratio Rank: 11
Sharpe Ratio Rank
EPV Sortino Ratio Rank: 22
Sortino Ratio Rank
EPV Omega Ratio Rank: 22
Omega Ratio Rank
EPV Calmar Ratio Rank: 00
Calmar Ratio Rank
EPV Martin Ratio Rank: 00
Martin Ratio Rank
TQQQ
TQQQ Risk / Return Rank: 3636
Overall Rank
TQQQ Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
TQQQ Sortino Ratio Rank: 3737
Sortino Ratio Rank
TQQQ Omega Ratio Rank: 3636
Omega Ratio Rank
TQQQ Calmar Ratio Rank: 3737
Calmar Ratio Rank
TQQQ Martin Ratio Rank: 3636
Martin Ratio Rank
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.

EPV vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE Europe (EPV) 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.

EPVTQQQDifference
Sharpe ratioReturn per unit of total volatility
-1.04
0.83

-1.87

Sortino ratioReturn per unit of downside risk
-1.47
1.38

-2.85

Omega ratioGain probability vs. loss probability

0.83

1.17

-0.34

Calmar ratioReturn relative to maximum drawdown

-0.96

1.29

-2.26

Martin ratioReturn relative to average drawdown

-1.55

3.60

-5.14

EPV vs. TQQQ - Sharpe Ratio Comparison

The current EPV Sharpe Ratio is -1.04, which is lower than the TQQQ Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of EPV 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

EPV vs. TQQQ - Drawdown Comparison

The maximum EPV drawdown since its inception was -99.41%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for EPV and TQQQ.

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Drawdown Indicators

EPVTQQQDifference

Max Drawdown

Largest peak-to-trough decline

-99.41%

-81.66%

-17.75%

Max Drawdown (1Y)

Largest decline over 1 year

-35.01%

-36.97%

+1.96%

Max Drawdown (3Y)

Largest decline over 3 years

-67.48%

-58.04%

-9.44%

Max Drawdown (5Y)

Largest decline over 5 years

-80.41%

-81.66%

+1.25%

Max Drawdown (10Y)

Largest decline over 10 years

-93.01%

-81.66%

-11.35%

Current Drawdown

Current decline from peak

-99.40%

-25.74%

-73.66%

Average Drawdown

Average peak-to-trough decline

-88.47%

-18.49%

-69.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

21.81%

13.24%

+8.57%

Volatility

EPV vs. TQQQ - Volatility Comparison

The current volatility for ProShares UltraShort FTSE Europe (EPV) is 10.17%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 20.41%. This indicates that EPV 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.

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Volatility by Period

EPVTQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.17%

20.41%

-10.24%

Volatility (6M)

Calculated over the trailing 6-month period

28.49%

47.79%

-19.30%

Volatility (1Y)

Calculated over the trailing 1-year period

32.50%

57.62%

-25.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

35.98%

68.04%

-32.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

36.89%

66.57%

-29.68%

EPV vs. TQQQ - Expense Ratio Comparison

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

Dividends

EPV vs. TQQQ - Dividend Comparison

EPV's dividend yield for the trailing twelve months is around 4.93%, more than TQQQ's 0.58% yield.

PositionTTM20252024202320222021202020192018201720162015
EPV
ProShares UltraShort FTSE Europe		4.93%4.80%4.83%3.17%0.33%0.01%0.09%1.10%0.19%0.00%0.00%0.00%
TQQQ
ProShares UltraPro QQQ		0.58%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

EPV and TQQQ have a correlation of -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TQQQ has higher volatility (20.41%) compared to EPV (10.17%). In terms of maximum drawdown, EPV dropped -99.41% vs TQQQ's -81.66%.

On 10-year performance, TQQQ leads with 39.46% vs -22.79% for EPV. Both ETFs have the same 0.95% expense ratio. On volatility, EPV has been the lower-risk option at 10.17%. 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 39.46% return vs -22.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EPV has the higher dividend yield at 4.93%, compared with 0.58% for TQQQ.

EPV tracks FTSE All Cap Developed Europe (-200%), while TQQQ tracks NASDAQ-100 Index (300%).

TQQQ currently has the higher Sharpe Ratio (0.83 vs -1.04), 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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