LTL vs. TQQQ
LTL (ProShares Ultra Telecommunications) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds from ProShares - LTL tracks the Dow Jones U.S. Select Telecommunications Index (200%) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, LTL returned 6.41%/yr vs 39.46%/yr for TQQQ. Their 0.50 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.
Performance
LTL vs. TQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, LTL achieves a -18.73% return, which is significantly lower than TQQQ's 23.06% return. Over the past 10 years, LTL has underperformed TQQQ with an annualized return of 6.41%, while TQQQ has yielded a comparatively higher 39.46% annualized return.
LTL
- 1D
- 3.03%
- 1M
- -3.61%
- 6M
- -21.05%
- YTD
- -18.73%
- 1Y
- -1.62%
- 3Y*
- 25.79%
- 5Y*
- 14.19%
- 10Y*
- 6.41%
- ALL TIME*
- 5.81%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $123.54K | $121.65K | $82.18K | |
| $4.37B | $4.57B | $5.33B |
LTL vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LTL ProShares Ultra Telecommunications | -18.73% | 37.06% | 65.15% | 62.03% | -41.14% | 40.42% | -3.25% | 30.16% | -23.44% | -26.85% |
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 LTL and TQQQ is 0.45, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.45 |
Correlation (3Y) Balances recent behavior with more history. | 0.67 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.71 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.57 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.50 |
The correlation between LTL and TQQQ shifts across timeframes, from 0.45 (1 year) to 0.71 (5 years), reflecting how their relationship changes across market environments.
LTL vs. TQQQ - Sectors Allocation Comparison
Sectors
LTL
TQQQ
Communication Services
Technology
Basic Materials
-
Consumer Cyclical
-
Consumer Defensive
-
Energy
-
Financial Services
-
Healthcare
-
Industrials
-
Real Estate
-
Utilities
-
Communication Services
LTL
TQQQ
Technology
LTL
TQQQ
Basic Materials
LTL
-
TQQQ
Consumer Cyclical
LTL
-
TQQQ
Consumer Defensive
LTL
-
TQQQ
Energy
LTL
-
TQQQ
Financial Services
LTL
-
TQQQ
Healthcare
LTL
-
TQQQ
Industrials
LTL
-
TQQQ
Real Estate
LTL
-
TQQQ
Utilities
LTL
-
TQQQ
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Return for Risk
LTL vs. TQQQ — Risk / Return Rank
LTL
TQQQ
LTL vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Telecommunications (LTL) 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.
| LTL | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.17 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.17 | 1.29 | -1.46 |
| Martin ratioReturn relative to average drawdown | -0.40 | 3.60 | -4.00 |
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Drawdowns
LTL vs. TQQQ - Drawdown Comparison
The maximum LTL drawdown since its inception was -80.20%, roughly equal to the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for LTL and TQQQ.
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Drawdown Indicators
| LTL | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.20% | -81.66% | +1.46% |
Max Drawdown (1Y)Largest decline over 1 year | -25.25% | -36.97% | +11.72% |
Max Drawdown (3Y)Largest decline over 3 years | -34.37% | -58.04% | +23.67% |
Max Drawdown (5Y)Largest decline over 5 years | -52.60% | -81.66% | +29.06% |
Max Drawdown (10Y)Largest decline over 10 years | -64.15% | -81.66% | +17.51% |
Current DrawdownCurrent decline from peak | -21.59% | -25.74% | +4.15% |
Average DrawdownAverage peak-to-trough decline | -28.56% | -18.49% | -10.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.42% | 13.24% | -2.82% |
Volatility
LTL vs. TQQQ - Volatility Comparison
The current volatility for ProShares Ultra Telecommunications (LTL) is 13.00%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 20.41%. This indicates that LTL 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
| LTL | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.00% | 20.41% | -7.41% |
Volatility (6M)Calculated over the trailing 6-month period | 23.65% | 47.79% | -24.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.78% | 57.62% | -27.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.15% | 68.04% | -32.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.01% | 66.57% | -29.56% |
LTL vs. TQQQ - Expense Ratio Comparison
Both LTL and TQQQ have an expense ratio of 0.95%.
Dividends
LTL vs. TQQQ - Dividend Comparison
LTL's dividend yield for the trailing twelve months is around 1.06%, more than TQQQ's 0.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LTL ProShares Ultra Telecommunications | 1.06% | 0.64% | 0.29% | 0.97% | 2.01% | 1.14% | 1.57% | 0.83% | 1.99% | 1.96% | 0.70% | 1.55% |
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
LTL and TQQQ have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (20.41%) compared to LTL (13.00%). In terms of maximum drawdown, LTL dropped -80.20% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 39.46% vs 6.41% for LTL. Both ETFs have the same 0.95% expense ratio. On volatility, LTL has been the lower-risk option at 13.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TQQQ has performed better with a 39.46% return vs 6.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LTL and TQQQ have the same expense ratio: 0.95% per year.
LTL has the higher dividend yield at 1.06%, compared with 0.58% for TQQQ.
LTL tracks Dow Jones U.S. Select Telecommunications Index (200%), while TQQQ tracks NASDAQ-100 Index (300%).
TQQQ currently has the higher Sharpe Ratio (0.83 vs -0.14), 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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