EQQQ.L vs. UST

Last updated Jun 14, 2026

EQQQ.L (Invesco EQQQ NASDAQ-100 UCITS ETF) and UST (ProShares Ultra 7-10 Year Treasury) are both exchange-traded funds - EQQQ.L is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while UST is a Leveraged Bonds fund tracking the Barclays Capital U.S. 7-10 Year Treasury Index (200%). Both are passively managed. Over the past 10 years, EQQQ.L returned 22.24%/yr vs -1.75%/yr for UST. At a 0.02 correlation, their price movements are largely independent. EQQQ.L charges 0.30%/yr vs 0.95%/yr for UST.

Performance

EQQQ.L vs. UST - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco EQQQ NASDAQ-100 UCITS ETF (EQQQ.L) and ProShares Ultra 7-10 Year Treasury (UST). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

EQQQ.L is traded in GBp, while UST is traded in USD. To make them comparable, the UST values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, EQQQ.L achieves a 17.18% return, which is significantly higher than UST's -2.16% return. Over the past 10 years, EQQQ.L has outperformed UST with an annualized return of 22.24%, while UST has yielded a comparatively lower -1.75% annualized return.

EQQQ.L

• 1D: 2.53%
• 1M: 0.63%
• YTD: 17.18%
• 6M: 17.41%
• 1Y: 38.39%
• 3Y*: 23.63%
• 5Y*: 17.89%
• 10Y*: 22.24%

UST

• 1D: -0.34%
• 1M: 0.07%
• YTD: -2.16%
• 6M: -2.61%
• 1Y: 4.53%
• 3Y*: -1.75%
• 5Y*: -5.99%
• 10Y*: -1.75%

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

EQQQ.L vs. UST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EQQQ.L Invesco EQQQ NASDAQ-100 UCITS ETF	17.18%	11.54%	28.55%	47.79%	-25.54%	29.59%	43.32%	33.69%	4.64%	20.12%
UST ProShares Ultra 7-10 Year Treasury	-2.16%	2.40%	-4.56%	-4.85%	-21.89%	-6.94%	15.34%	9.03%	4.78%	-5.72%

Correlation

The correlation between EQQQ.L and UST is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Feb 2, 2010	0.02

Return for Risk

EQQQ.L vs. UST — Risk / Return Rank

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

EQQQ.L

EQQQ.L Risk / Return Rank: 79
EQQQ.L Sharpe Ratio Rank: 87
EQQQ.L Sortino Ratio Rank: 84
EQQQ.L Omega Ratio Rank: 84
EQQQ.L Calmar Ratio Rank: 76
EQQQ.L Martin Ratio Rank: 63

UST

UST Risk / Return Rank: 13
UST Sharpe Ratio Rank: 14
UST Sortino Ratio Rank: 13
UST Omega Ratio Rank: 12
UST Calmar Ratio Rank: 13
UST Martin Ratio Rank: 13

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.

EQQQ.L vs. UST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco EQQQ NASDAQ-100 UCITS ETF (EQQQ.L) and ProShares Ultra 7-10 Year Treasury (UST). 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.

	EQQQ.L	UST	Difference
Sharpe ratio: Return per unit of total volatility	2.45	0.44	+2.01
Sortino ratio: Return per unit of downside risk	3.23	0.73	+2.50
Omega ratio: Gain probability vs. loss probability	1.43	1.08	+0.35
Calmar ratio: Return relative to maximum drawdown	3.41	0.46	+2.95
Martin ratio: Return relative to average drawdown	9.90	1.07	+8.82

EQQQ.L vs. UST - Sharpe Ratio Comparison

The current EQQQ.L Sharpe Ratio is 2.45, which is higher than the UST Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of EQQQ.L and UST, 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

EQQQ.L vs. UST - Drawdown Comparison

The maximum EQQQ.L drawdown since its inception was -65.36%, which is greater than UST's maximum drawdown of -48.25%. Use the drawdown chart below to compare losses from any high point for EQQQ.L and UST.

Drawdown Indicators

	EQQQ.L	UST	Difference
Max Drawdown Largest peak-to-trough decline	-65.36%	-48.25%	-17.11%
Max Drawdown (1Y) Largest decline over 1 year	-10.97%	-8.89%	-2.08%
Max Drawdown (3Y) Largest decline over 3 years	-24.09%	-13.26%	-10.83%
Max Drawdown (5Y) Largest decline over 5 years	-27.76%	-37.12%	+9.36%
Max Drawdown (10Y) Largest decline over 10 years	-27.76%	-48.25%	+20.49%
Current Drawdown Current decline from peak	-2.85%	-44.27%	+41.42%
Average Drawdown Average peak-to-trough decline	-12.50%	-18.23%	+5.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.79%	3.83%	-0.04%

Volatility

EQQQ.L vs. UST - Volatility Comparison

Invesco EQQQ NASDAQ-100 UCITS ETF (EQQQ.L) has a higher volatility of 5.78% compared to ProShares Ultra 7-10 Year Treasury (UST) at 2.54%. This indicates that EQQQ.L's price experiences larger fluctuations and is considered to be riskier than UST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EQQQ.L	UST	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.78%	2.54%	+3.24%
Volatility (6M) Calculated over the trailing 6-month period	11.18%	7.07%	+4.11%
Volatility (1Y) Calculated over the trailing 1-year period	15.31%	9.37%	+5.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.23%	15.41%	+3.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.39%	15.07%	+4.32%

EQQQ.L vs. UST - Expense Ratio Comparison

EQQQ.L has a 0.30% expense ratio, which is lower than UST's 0.95% expense ratio.

Dividends

EQQQ.L vs. UST - Dividend Comparison

EQQQ.L's dividend yield for the trailing twelve months is around 0.23%, less than UST's 3.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQQQ.L Invesco EQQQ NASDAQ-100 UCITS ETF	0.23%	0.29%	0.38%	0.39%	0.56%	0.25%	0.41%	0.56%	0.63%	0.67%	0.77%	0.72%
UST ProShares Ultra 7-10 Year Treasury	3.48%	3.65%	4.09%	3.49%	0.47%	0.27%	0.53%	1.42%	1.71%	0.84%	0.64%	0.75%

Frequently Asked Questions

Can I hold both EQQQ.L and UST in my portfolio?

EQQQ.L and UST have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EQQQ.L or UST?

On fees, EQQQ.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EQQQ.L or UST?

EQQQ.L is cheaper with a 0.30% expense ratio, compared with 0.95% for UST.

What is the main difference between EQQQ.L and UST?

EQQQ.L is categorized as Nasdaq-100, while UST is Leveraged Bonds. EQQQ.L tracks NASDAQ-100 Index, while UST tracks Barclays Capital U.S. 7-10 Year Treasury Index (200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.30% for EQQQ.L and 0.95% for UST.