ISPY vs. TQQQ

Last updated Jun 4, 2026

ISPY (ProShares S&P 500 High Income ETF) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - ISPY is a Derivative Income fund tracking the S&P 500 Daily Covered Call Index, while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past year, ISPY returned 25.33% vs 137.89% for TQQQ. Their correlation of 0.92 suggests significant overlap in exposure. ISPY charges 0.55%/yr vs 0.95%/yr for TQQQ.

Performance

ISPY vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 High Income ETF (ISPY) 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, ISPY achieves a 9.60% return, which is significantly lower than TQQQ's 64.46% return.

ISPY

• 1D: -0.71%
• 1M: 5.60%
• YTD: 9.60%
• 6M: 9.77%
• 1Y: 25.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TQQQ

• 1D: -0.76%
• 1M: 33.35%
• YTD: 64.46%
• 6M: 55.93%
• 1Y: 137.89%
• 3Y*: 69.49%
• 5Y*: 28.37%
• 10Y*: 45.33%

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

ISPY vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ISPY ProShares S&P 500 High Income ETF	9.60%	13.15%	21.31%	1.65%
TQQQ ProShares UltraPro QQQ	64.46%	34.35%	58.27%	4.45%

Correlation

The correlation between ISPY and TQQQ is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (All Time) Calculated using the full available price history since Dec 21, 2023	0.92

The correlation between ISPY and TQQQ has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.

ISPY vs. TQQQ - Sectors Allocation Comparison

Sectors	ISPY	TQQQ
Technology	32.3%	53.8%
Financial Services	19.8%	0.2%
Communication Services	9.0%	15.8%
Consumer Cyclical	8.4%	12.3%
Healthcare	7.2%	4.2%
Industrials	6.4%	2.8%
Consumer Defensive	4.0%	7.7%
Energy	2.9%	0.6%
Utilities	2.2%	1.4%
Real Estate	1.6%	0.1%
Basic Materials	1.5%	1.1%

Return for Risk

ISPY vs. TQQQ — Risk / Return Rank

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

ISPY

ISPY Risk / Return Rank: 64
ISPY Sharpe Ratio Rank: 66
ISPY Sortino Ratio Rank: 61
ISPY Omega Ratio Rank: 63
ISPY Calmar Ratio Rank: 60
ISPY Martin Ratio Rank: 68

TQQQ

TQQQ Risk / Return Rank: 71
TQQQ Sharpe Ratio Rank: 86
TQQQ Sortino Ratio Rank: 65
TQQQ Omega Ratio Rank: 65
TQQQ Calmar Ratio Rank: 73
TQQQ Martin Ratio Rank: 66

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.

ISPY vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 High Income ETF (ISPY) 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.

	ISPY	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.92	-0.70
Sortino ratio: Return per unit of downside risk	2.94	3.09	-0.15
Omega ratio: Gain probability vs. loss probability	1.39	1.40	-0.01
Calmar ratio: Return relative to maximum drawdown	3.02	3.75	-0.73
Martin ratio: Return relative to average drawdown	12.90	12.27	+0.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ISPY vs. TQQQ - Sharpe Ratio Comparison

The current ISPY Sharpe Ratio is 2.22, which is comparable to the TQQQ Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of ISPY 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

	ISPY	TQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	2.92	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.43	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.41	0.74	+0.67

Drawdowns

ISPY vs. TQQQ - Drawdown Comparison

The maximum ISPY drawdown since its inception was -16.88%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for ISPY and TQQQ.

Drawdown Indicators

	ISPY	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-16.88%	-81.66%	+64.78%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-36.97%	+28.54%
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	-0.71%	-0.76%	+0.05%
Average Drawdown Average peak-to-trough decline	-2.08%	-18.52%	+16.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	11.28%	-9.31%

Volatility

ISPY vs. TQQQ - Volatility Comparison

The current volatility for ProShares S&P 500 High Income ETF (ISPY) is 3.72%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 13.29%. This indicates that ISPY 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

	ISPY	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	13.29%	-9.57%
Volatility (6M) Calculated over the trailing 6-month period	8.62%	36.04%	-27.42%
Volatility (1Y) Calculated over the trailing 1-year period	11.47%	47.60%	-36.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.56%	66.53%	-52.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.56%	65.96%	-52.40%

ISPY vs. TQQQ - Expense Ratio Comparison

ISPY has a 0.55% expense ratio, which is lower than TQQQ's 0.95% expense ratio.

Dividends

ISPY vs. TQQQ - Dividend Comparison

ISPY's dividend yield for the trailing twelve months is around 4.41%, more than TQQQ's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ISPY ProShares S&P 500 High Income ETF	4.41%	8.56%	9.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 ISPY and TQQQ in my portfolio?

With a correlation of 0.92, ISPY and TQQQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ISPY or TQQQ?

TQQQ has higher volatility (13.29%) compared to ISPY (3.72%). In terms of maximum drawdown, ISPY dropped -16.88% vs TQQQ's -81.66%.

Which ETF is better, ISPY or TQQQ?

On 1-year performance, TQQQ leads with 137.89% vs 25.33% for ISPY. On fees, ISPY is cheaper at 0.55% per year. On volatility, ISPY has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISPY or TQQQ?

Over the 1-year period, TQQQ has performed better with a 137.89% return vs 25.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISPY or TQQQ?

ISPY is cheaper with a 0.55% expense ratio, compared with 0.95% for TQQQ.

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

ISPY has the higher dividend yield at 4.41%, compared with 0.36% for TQQQ.

What is the main difference between ISPY and TQQQ?

ISPY is categorized as Derivative Income, while TQQQ is Leveraged Equities. ISPY tracks S&P 500 Daily Covered Call Index, while TQQQ tracks NASDAQ-100 Index (300%). Their fees differ too: 0.55% for ISPY and 0.95% for TQQQ.

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (2.92 vs 2.22), 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.