EUM vs. TQQQ

Last updated Aug 2, 2026

EUM (ProShares Short MSCI Emerging Markets) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - EUM is a Inverse Equities fund tracking the MSCI Emerging Markets Index (-100%), while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, EUM returned -9.09%/yr vs 39.46%/yr for TQQQ. Their -0.67 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

EUM vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short MSCI Emerging Markets (EUM) 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, EUM achieves a -16.68% return, which is significantly lower than TQQQ's 23.06% return. Over the past 10 years, EUM has underperformed TQQQ with an annualized return of -9.09%, while TQQQ has yielded a comparatively higher 39.46% annualized return.

EUM

• 1D: -0.60%
• 1M: 2.23%
• 6M: -10.10%
• YTD: -16.68%
• 1Y: -26.27%
• 3Y*: -12.92%
• 5Y*: -5.31%
• 10Y*: -9.09%
• ALL TIME*: -9.58%

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

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EUM ProShares Short MSCI Emerging Markets	$1.63M	$1.99M	$1.68M
TQQQ ProShares UltraPro QQQ	$4.37B	$4.57B	$5.33B

EUM vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EUM ProShares Short MSCI Emerging Markets	-16.68%	-22.61%	-0.83%	-3.89%	21.11%	-1.32%	-24.37%	-15.27%	14.60%	-28.08%
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 EUM and TQQQ is -0.80, 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.	-0.80
Correlation (3Y) Balances recent behavior with more history.	-0.67
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.65
Correlation (10Y) Provides a long-term view across more market conditions.	-0.66
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	-0.67

The correlation between EUM and TQQQ shifts across timeframes, from -0.80 (1 year) to -0.65 (5 years), reflecting how their relationship changes across market environments.

EUM vs. TQQQ - Sectors Allocation Comparison

Sectors	EUM	TQQQ
Financial Services	51.2%	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%

Return for Risk

EUM vs. TQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EUM

EUM Risk / Return Rank: 2
EUM Sharpe Ratio Rank: 1
EUM Sortino Ratio Rank: 2
EUM Omega Ratio Rank: 2
EUM Calmar Ratio Rank: 3
EUM Martin Ratio Rank: 1

TQQQ

TQQQ Risk / Return Rank: 36
TQQQ Sharpe Ratio Rank: 34
TQQQ Sortino Ratio Rank: 37
TQQQ Omega Ratio Rank: 36
TQQQ Calmar Ratio Rank: 37
TQQQ Martin Ratio Rank: 36

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.

EUM vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI Emerging Markets (EUM) 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.

	EUM	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.03	0.83	-1.86
Sortino ratio: Return per unit of downside risk	-1.49	1.38	-2.87
Omega ratio: Gain probability vs. loss probability	0.83	1.17	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.77	1.29	-2.06
Martin ratio: Return relative to average drawdown	-1.38	3.60	-4.97

EUM vs. TQQQ - Sharpe Ratio Comparison

The current EUM Sharpe Ratio is -1.03, which is lower than the TQQQ Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of EUM 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

EUM vs. TQQQ - Drawdown Comparison

The maximum EUM drawdown since its inception was -93.19%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for EUM and TQQQ.

Drawdown Indicators

	EUM	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-93.19%	-81.66%	-11.53%
Max Drawdown (1Y) Largest decline over 1 year	-33.23%	-36.97%	+3.74%
Max Drawdown (3Y) Largest decline over 3 years	-47.97%	-58.04%	+10.07%
Max Drawdown (5Y) Largest decline over 5 years	-50.87%	-81.66%	+30.79%
Max Drawdown (10Y) Largest decline over 10 years	-66.12%	-81.66%	+15.54%
Current Drawdown Current decline from peak	-92.48%	-25.74%	-66.74%
Average Drawdown Average peak-to-trough decline	-77.28%	-18.49%	-58.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.64%	13.24%	+5.40%

Volatility

EUM vs. TQQQ - Volatility Comparison

The current volatility for ProShares Short MSCI Emerging Markets (EUM) is 9.05%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 20.41%. This indicates that EUM 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.

Volatility by Period

	EUM	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.05%	20.41%	-11.36%
Volatility (6M) Calculated over the trailing 6-month period	22.60%	47.79%	-25.19%
Volatility (1Y) Calculated over the trailing 1-year period	24.87%	57.62%	-32.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.05%	68.04%	-47.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.84%	66.57%	-45.73%

EUM vs. TQQQ - Expense Ratio Comparison

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

Dividends

EUM vs. TQQQ - Dividend Comparison

EUM's dividend yield for the trailing twelve months is around 4.05%, more than TQQQ's 0.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EUM ProShares Short MSCI Emerging Markets	4.05%	3.98%	4.22%	3.86%	0.82%	0.00%	0.15%	1.35%	0.88%	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

Can I hold both EUM and TQQQ in my portfolio?

EUM and TQQQ have a correlation of -0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EUM or TQQQ?

TQQQ has higher volatility (20.41%) compared to EUM (9.05%). In terms of maximum drawdown, EUM dropped -93.19% vs TQQQ's -81.66%.

Which ETF is better, EUM or TQQQ?

On 10-year performance, TQQQ leads with 39.46% vs -9.09% for EUM. Both ETFs have the same 0.95% expense ratio. On volatility, EUM has been the lower-risk option at 9.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EUM or TQQQ?

Over the 10-year period, TQQQ has performed better with a 39.46% return vs -9.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EUM or TQQQ?

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

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

EUM has the higher dividend yield at 4.05%, compared with 0.58% for TQQQ.

What is the main difference between EUM and TQQQ?

EUM is categorized as Inverse Equities, while TQQQ is Leveraged Equities. EUM tracks MSCI Emerging Markets Index (-100%), while TQQQ tracks NASDAQ-100 Index (300%).

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (0.83 vs -1.03), 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.