ITWO vs. TQQQ
ITWO (Proshares Russell 2000 High Income ETF) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - ITWO is a Derivative Income fund tracking the Cboe Russell 2000 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, ITWO returned 38.09% vs 72.20% for TQQQ. Their 0.70 correlation means they have sometimes moved together and sometimes differently. ITWO charges 0.55%/yr vs 0.95%/yr for TQQQ.
Performance
ITWO vs. TQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, ITWO achieves a 23.91% return, which is significantly lower than TQQQ's 42.48% return.
ITWO
- 1D
- 1.44%
- 1M
- 1.32%
- 6M
- 16.30%
- YTD
- 23.91%
- 1Y
- 38.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 21.88%
TQQQ
- 1D
- 10.09%
- 1M
- 2.00%
- 6M
- 43.02%
- YTD
- 42.48%
- 1Y
- 72.20%
- 3Y*
- 55.55%
- 5Y*
- 17.84%
- 10Y*
- 40.86%
- ALL TIME*
- 43.57%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.12M | $1.31M | $1.40M | |
| $4.74B | $4.51B | $5.37B |
ITWO vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ITWO Proshares Russell 2000 High Income ETF | 23.91% | 14.25% | 3.10% |
TQQQ ProShares UltraPro QQQ | 42.48% | 34.35% | 28.84% |
Correlation
The correlation between ITWO and TQQQ is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.70 |
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024 | 0.70 |
The correlation between ITWO and TQQQ has been stable across timeframes, ranging from 0.70 to 0.70 - a consistent structural relationship.
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Return for Risk
ITWO vs. TQQQ — Risk / Return Rank
ITWO
TQQQ
ITWO vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Russell 2000 High Income ETF (ITWO) 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.
| ITWO | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.79 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.22 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.91 | 1.96 | +1.94 |
| Martin ratioReturn relative to average drawdown | 13.24 | 5.43 | +7.80 |
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Drawdowns
ITWO vs. TQQQ - Drawdown Comparison
The maximum ITWO drawdown since its inception was -24.77%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for ITWO and TQQQ.
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Drawdown Indicators
| ITWO | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.77% | -81.66% | +56.89% |
Max Drawdown (1Y)Largest decline over 1 year | -9.79% | -36.97% | +27.18% |
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 DrawdownCurrent decline from peak | 0.00% | -14.02% | +14.02% |
Average DrawdownAverage peak-to-trough decline | -4.82% | -18.49% | +13.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.89% | 13.34% | -10.45% |
Volatility
ITWO vs. TQQQ - Volatility Comparison
The current volatility for Proshares Russell 2000 High Income ETF (ITWO) is 4.39%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 22.54%. This indicates that ITWO 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.
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Volatility by Period
| ITWO | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.39% | 22.54% | -18.15% |
Volatility (6M)Calculated over the trailing 6-month period | 13.86% | 48.77% | -34.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.84% | 58.29% | -39.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.27% | 68.25% | -47.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.27% | 66.68% | -46.41% |
ITWO vs. TQQQ - Expense Ratio Comparison
ITWO has a 0.55% expense ratio, which is lower than TQQQ's 0.95% expense ratio.
Dividends
ITWO vs. TQQQ - Dividend Comparison
ITWO's dividend yield for the trailing twelve months is around 7.35%, more than TQQQ's 0.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ITWO Proshares Russell 2000 High Income ETF | 7.35% | 12.12% | 4.11% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TQQQ ProShares UltraPro QQQ | 0.50% | 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
ITWO and TQQQ have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (22.54%) compared to ITWO (4.39%). In terms of maximum drawdown, ITWO dropped -24.77% vs TQQQ's -81.66%.
On 1-year performance, TQQQ leads with 72.20% vs 38.09% for ITWO. On fees, ITWO is cheaper at 0.55% per year. On volatility, ITWO has been the lower-risk option at 4.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TQQQ has performed better with a 72.20% return vs 38.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ITWO is cheaper with a 0.55% expense ratio, compared with 0.95% for TQQQ.
ITWO has the higher dividend yield at 7.35%, compared with 0.50% for TQQQ.
ITWO is categorized as Derivative Income, while TQQQ is Leveraged Equities. ITWO tracks Cboe Russell 2000 Daily Covered Call Index, while TQQQ tracks NASDAQ-100 Index (300%). Their fees differ too: 0.55% for ITWO and 0.95% for TQQQ.
ITWO currently has the higher Sharpe Ratio (2.04 vs 1.25), 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.
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