IPX vs. TQQQ

Last updated Jul 14, 2026

IPX (IperionX Limited American Depositary Share) is a stock, while TQQQ (ProShares UltraPro QQQ) is Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Over the past 3 years, IPX returned 48.13%/yr vs 50.58%/yr for TQQQ. At a 0.20 correlation, their price movements are largely independent.

Performance

IPX vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IperionX Limited American Depositary Share (IPX) 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, IPX achieves a -31.82% return, which is significantly lower than TQQQ's 38.33% return.

IPX

• 1D: -1.44%
• 1M: -31.57%
• 6M: -45.56%
• YTD: -31.82%
• 1Y: -25.02%
• 3Y*: 48.13%
• 5Y*: —
• 10Y*: —

TQQQ

• 1D: -5.70%
• 1M: -6.08%
• 6M: 30.48%
• YTD: 38.33%
• 1Y: 74.65%
• 3Y*: 50.58%
• 5Y*: 18.33%
• 10Y*: 42.27%

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

IPX vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IPX IperionX Limited American Depositary Share	-31.82%	5.19%	271.49%	95.98%	-32.50%
TQQQ ProShares UltraPro QQQ	38.33%	34.35%	58.27%	198.04%	-23.29%

Correlation

The correlation between IPX and TQQQ is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	0.20

Over the past year, IPX and TQQQ have become more correlated (0.40) than their long-term average of 0.20, meaning their price movements have been converging.

Return for Risk

IPX vs. TQQQ — Risk / Return Rank

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

IPX

IPX Risk / Return Rank: 32
IPX Sharpe Ratio Rank: 31
IPX Sortino Ratio Rank: 35
IPX Omega Ratio Rank: 35
IPX Calmar Ratio Rank: 31
IPX Martin Ratio Rank: 30

TQQQ

TQQQ Risk / Return Rank: 48
TQQQ Sharpe Ratio Rank: 49
TQQQ Sortino Ratio Rank: 45
TQQQ Omega Ratio Rank: 46
TQQQ Calmar Ratio Rank: 51
TQQQ Martin Ratio Rank: 47

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.

IPX vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IperionX Limited American Depositary Share (IPX) 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.

	IPX	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.32	1.36	-1.68
Sortino ratio: Return per unit of downside risk	0.04	1.85	-1.81
Omega ratio: Gain probability vs. loss probability	1.01	1.24	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.40	2.03	-2.43
Martin ratio: Return relative to average drawdown	-0.74	6.23	-6.97

IPX vs. TQQQ - Sharpe Ratio Comparison

The current IPX Sharpe Ratio is -0.32, which is lower than the TQQQ Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of IPX 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

IPX vs. TQQQ - Drawdown Comparison

The maximum IPX drawdown since its inception was -65.86%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for IPX and TQQQ.

Drawdown Indicators

	IPX	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-65.86%	-81.66%	+15.80%
Max Drawdown (1Y) Largest decline over 1 year	-63.43%	-36.97%	-26.46%
Max Drawdown (3Y) Largest decline over 3 years	-65.86%	-58.04%	-7.82%
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	-58.96%	-16.52%	-42.44%
Average Drawdown Average peak-to-trough decline	-25.26%	-18.48%	-6.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.91%	12.02%	+21.89%

Volatility

IPX vs. TQQQ - Volatility Comparison

The current volatility for IperionX Limited American Depositary Share (IPX) is 22.20%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 25.43%. This indicates that IPX 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

	IPX	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.20%	25.43%	-3.23%
Volatility (6M) Calculated over the trailing 6-month period	65.29%	45.80%	+19.49%
Volatility (1Y) Calculated over the trailing 1-year period	78.76%	55.32%	+23.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	91.26%	67.74%	+23.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	91.26%	66.40%	+24.86%

Dividends

IPX vs. TQQQ - Dividend Comparison

IPX has not paid dividends to shareholders, while TQQQ's dividend yield for the trailing twelve months is around 0.52%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPX IperionX Limited American Depositary Share	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TQQQ ProShares UltraPro QQQ	0.52%	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 IPX and TQQQ in my portfolio?

IPX and TQQQ have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IPX or TQQQ?

TQQQ has higher volatility (25.43%) compared to IPX (22.20%). In terms of maximum drawdown, IPX dropped -65.86% vs TQQQ's -81.66%.

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (1.36 vs -0.32), 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.