ETHT vs. TQQQ

Last updated Jun 24, 2026

ETHT (ProShares Ultra Ether ETF) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - ETHT is a Cryptocurrency fund tracking the Bloomberg Ethereum Index (200%), while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past year, ETHT returned -74.55% vs 100.69% for TQQQ. A 0.52 correlation means they provide meaningful diversification when combined. ETHT charges 0.94%/yr vs 0.95%/yr for TQQQ.

Performance

ETHT vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Ether ETF (ETHT) 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, ETHT achieves a -77.62% return, which is significantly lower than TQQQ's 41.43% return.

ETHT

• 1D: -8.32%
• 1M: -38.95%
• YTD: -77.62%
• 6M: -77.71%
• 1Y: -74.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TQQQ

• 1D: -9.86%
• 1M: -4.37%
• YTD: 41.43%
• 6M: 35.75%
• 1Y: 100.69%
• 3Y*: 58.02%
• 5Y*: 21.47%
• 10Y*: 45.48%

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

ETHT vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHT ProShares Ultra Ether ETF	-77.62%	-64.86%	-45.44%
TQQQ ProShares UltraPro QQQ	41.43%	34.35%	18.68%

Correlation

The correlation between ETHT and TQQQ is 0.53, 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	0.53
Correlation (All Time) Calculated using the full available price history since Jun 7, 2024	0.52

The correlation between ETHT and TQQQ has been stable across timeframes, ranging from 0.52 to 0.53 - a consistent structural relationship.

Return for Risk

ETHT vs. TQQQ — Risk / Return Rank

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

ETHT

ETHT Risk / Return Rank: 4
ETHT Sharpe Ratio Rank: 5
ETHT Sortino Ratio Rank: 5
ETHT Omega Ratio Rank: 5
ETHT Calmar Ratio Rank: 2
ETHT Martin Ratio Rank: 3

TQQQ

TQQQ Risk / Return Rank: 53
TQQQ Sharpe Ratio Rank: 58
TQQQ Sortino Ratio Rank: 47
TQQQ Omega Ratio Rank: 49
TQQQ Calmar Ratio Rank: 57
TQQQ Martin Ratio Rank: 52

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.

ETHT vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Ether ETF (ETHT) 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.

	ETHT	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	1.90	-2.44
Sortino ratio: Return per unit of downside risk	-0.43	2.27	-2.71
Omega ratio: Gain probability vs. loss probability	0.95	1.30	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.80	2.74	-3.53
Martin ratio: Return relative to average drawdown	-1.14	8.72	-9.85

ETHT vs. TQQQ - Sharpe Ratio Comparison

The current ETHT Sharpe Ratio is -0.54, which is lower than the TQQQ Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of ETHT 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

ETHT vs. TQQQ - Drawdown Comparison

The maximum ETHT drawdown since its inception was -96.02%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for ETHT and TQQQ.

Drawdown Indicators

	ETHT	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-96.02%	-81.66%	-14.36%
Max Drawdown (1Y) Largest decline over 1 year	-93.92%	-36.97%	-56.95%
Max Drawdown (3Y) Largest decline over 3 years	—	-58.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-81.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-81.66%	—
Current Drawdown Current decline from peak	-95.71%	-14.65%	-81.06%
Average Drawdown Average peak-to-trough decline	-67.69%	-18.49%	-49.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	65.67%	11.59%	+54.08%

Volatility

ETHT vs. TQQQ - Volatility Comparison

ProShares Ultra Ether ETF (ETHT) has a higher volatility of 39.94% compared to ProShares UltraPro QQQ (TQQQ) at 27.27%. This indicates that ETHT'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

	ETHT	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	39.94%	27.27%	+12.67%
Volatility (6M) Calculated over the trailing 6-month period	94.89%	43.35%	+51.54%
Volatility (1Y) Calculated over the trailing 1-year period	137.89%	53.39%	+84.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	143.20%	67.41%	+75.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	143.20%	66.32%	+76.88%

ETHT vs. TQQQ - Expense Ratio Comparison

ETHT has a 0.94% expense ratio, which is lower than TQQQ's 0.95% expense ratio.

Dividends

ETHT vs. TQQQ - Dividend Comparison

ETHT's dividend yield for the trailing twelve months is around 21.23%, more than TQQQ's 0.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETHT ProShares Ultra Ether ETF	21.23%	4.57%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TQQQ ProShares UltraPro QQQ	0.42%	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 ETHT and TQQQ in my portfolio?

ETHT and TQQQ have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHT or TQQQ?

ETHT has higher volatility (39.94%) compared to TQQQ (27.27%). In terms of maximum drawdown, ETHT dropped -96.02% vs TQQQ's -81.66%.

Which ETF is better, ETHT or TQQQ?

On 1-year performance, TQQQ leads with 100.69% vs -74.55% for ETHT. On fees, ETHT is cheaper at 0.94% per year. On volatility, TQQQ has been the lower-risk option at 27.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHT or TQQQ?

Over the 1-year period, TQQQ has performed better with a 100.69% return vs -74.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHT or TQQQ?

ETHT is cheaper with a 0.94% expense ratio, compared with 0.95% for TQQQ.

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

ETHT has the higher dividend yield at 21.23%, compared with 0.42% for TQQQ.

What is the main difference between ETHT and TQQQ?

ETHT is categorized as Cryptocurrency, while TQQQ is Leveraged Equities. ETHT tracks Bloomberg Ethereum Index (200%), while TQQQ tracks NASDAQ-100 Index (300%). Their fees differ too: 0.94% for ETHT and 0.95% for TQQQ.

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (1.90 vs -0.54), 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.