GPGOX vs. TQQQ

Last updated Jun 3, 2026

GPGOX (Grandeur Peak Global Opportunities Fund) and TQQQ (ProShares UltraPro QQQ) are both funds - GPGOX is a Global Equities fund managed by Grandeur Peak Funds, while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Over the past 10 years, GPGOX returned 8.18%/yr vs 45.44%/yr for TQQQ. A 0.68 correlation means they provide meaningful diversification when combined. GPGOX charges 1.54%/yr vs 0.95%/yr for TQQQ.

Performance

GPGOX vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grandeur Peak Global Opportunities Fund (GPGOX) 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, GPGOX achieves a 10.50% return, which is significantly lower than TQQQ's 65.71% return. Over the past 10 years, GPGOX has underperformed TQQQ with an annualized return of 8.18%, while TQQQ has yielded a comparatively higher 45.44% annualized return.

GPGOX

• 1D: -1.04%
• 1M: 2.71%
• YTD: 10.50%
• 6M: 13.17%
• 1Y: 15.14%
• 3Y*: 5.81%
• 5Y*: -2.66%
• 10Y*: 8.18%

TQQQ

• 1D: 1.37%
• 1M: 33.57%
• YTD: 65.71%
• 6M: 58.23%
• 1Y: 145.30%
• 3Y*: 69.92%
• 5Y*: 29.86%
• 10Y*: 45.44%

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

GPGOX vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GPGOX Grandeur Peak Global Opportunities Fund	10.50%	8.59%	-10.10%	16.25%	-33.55%	21.59%	44.61%	31.15%	-17.95%	32.53%
TQQQ ProShares UltraPro QQQ	65.71%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%

Correlation

The correlation between GPGOX and TQQQ is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Oct 24, 2011	0.68

The correlation between GPGOX and TQQQ has been stable across timeframes, ranging from 0.60 to 0.69 - a consistent structural relationship.

Return for Risk

GPGOX vs. TQQQ — Risk / Return Rank

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

GPGOX

GPGOX Risk / Return Rank: 13
GPGOX Sharpe Ratio Rank: 13
GPGOX Sortino Ratio Rank: 15
GPGOX Omega Ratio Rank: 14
GPGOX Calmar Ratio Rank: 11
GPGOX Martin Ratio Rank: 12

TQQQ

TQQQ Risk / Return Rank: 75
TQQQ Sharpe Ratio Rank: 89
TQQQ Sortino Ratio Rank: 69
TQQQ Omega Ratio Rank: 68
TQQQ Calmar Ratio Rank: 79
TQQQ Martin Ratio Rank: 71

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.

GPGOX vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grandeur Peak Global Opportunities Fund (GPGOX) 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.

	GPGOX	TQQQ	Difference
Sharpe ratio Return per unit of total volatility	1.00	3.07	-2.08
Sortino ratio Return per unit of downside risk	1.58	3.19	-1.61
Omega ratio Gain probability vs. loss probability	1.19	1.42	-0.22
Calmar ratio Return relative to maximum drawdown	1.13	4.08	-2.95
Martin ratio Return relative to average drawdown	3.59	13.38	-9.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GPGOX vs. TQQQ - Sharpe Ratio Comparison

The current GPGOX Sharpe Ratio is 1.00, which is lower than the TQQQ Sharpe Ratio of 3.07. The chart below compares the historical Sharpe Ratios of GPGOX 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.

Sharpe Ratios by Period

	GPGOX	TQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	3.07	-2.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.16	0.45	-0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.69	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.74	-0.10

Drawdowns

GPGOX vs. TQQQ - Drawdown Comparison

The maximum GPGOX drawdown since its inception was -43.46%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for GPGOX and TQQQ.

Drawdown Indicators

	GPGOX	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-43.46%	-81.66%	+38.20%
Max Drawdown (1Y) Largest decline over 1 year	-13.06%	-36.97%	+23.91%
Max Drawdown (3Y) Largest decline over 3 years	-24.05%	-58.04%	+33.99%
Max Drawdown (5Y) Largest decline over 5 years	-43.46%	-81.66%	+38.20%
Max Drawdown (10Y) Largest decline over 10 years	-43.46%	-81.66%	+38.20%
Current Drawdown Current decline from peak	-19.70%	0.00%	-19.70%
Average Drawdown Average peak-to-trough decline	-12.36%	-18.53%	+6.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	11.28%	-7.15%

Volatility

GPGOX vs. TQQQ - Volatility Comparison

The current volatility for Grandeur Peak Global Opportunities Fund (GPGOX) is 4.37%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 13.26%. This indicates that GPGOX 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

	GPGOX	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	13.26%	-8.89%
Volatility (6M) Calculated over the trailing 6-month period	12.50%	36.05%	-23.55%
Volatility (1Y) Calculated over the trailing 1-year period	15.30%	47.63%	-32.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.25%	66.55%	-49.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	65.98%	-48.94%

GPGOX vs. TQQQ - Expense Ratio Comparison

GPGOX has a 1.54% expense ratio, which is higher than TQQQ's 0.95% expense ratio.

Dividends

GPGOX vs. TQQQ - Dividend Comparison

GPGOX's dividend yield for the trailing twelve months is around 4.59%, more than TQQQ's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPGOX Grandeur Peak Global Opportunities Fund	4.59%	5.08%	1.54%	0.43%	1.70%	19.69%	7.51%	5.55%	11.23%	5.50%	0.12%	8.28%
TQQQ ProShares UltraPro QQQ	0.36%	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 GPGOX and TQQQ in my portfolio?

GPGOX and TQQQ have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GPGOX or TQQQ?

TQQQ has higher volatility (13.26%) compared to GPGOX (4.37%). In terms of maximum drawdown, GPGOX dropped -43.46% vs TQQQ's -81.66%.

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (3.07 vs 1.00), 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.