LTL vs. TQQQ

Last updated Jun 23, 2026

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 7.38%/yr vs 47.00%/yr for TQQQ. A 0.50 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

LTL vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Telecommunications (LTL) 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, LTL achieves a -19.62% return, which is significantly lower than TQQQ's 56.90% return. Over the past 10 years, LTL has underperformed TQQQ with an annualized return of 7.38%, while TQQQ has yielded a comparatively higher 47.00% annualized return.

LTL

• 1D: -4.20%
• 1M: -14.53%
• YTD: -19.62%
• 6M: -18.20%
• 1Y: 2.97%
• 3Y*: 30.89%
• 5Y*: 14.78%
• 10Y*: 7.38%

TQQQ

• 1D: -0.35%
• 1M: 6.09%
• YTD: 56.90%
• 6M: 52.71%
• 1Y: 129.55%
• 3Y*: 63.58%
• 5Y*: 24.47%
• 10Y*: 47.00%

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

LTL vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LTL ProShares Ultra Telecommunications	-19.62%	37.06%	65.15%	62.03%	-41.14%	40.42%	-3.25%	30.16%	-23.44%	-26.85%
TQQQ ProShares UltraPro QQQ	56.90%	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 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.58
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 0.50 (all time) to 0.73 (5 years), reflecting how their relationship changes across market environments.

LTL vs. TQQQ - Sectors Allocation Comparison

Sectors	LTL	TQQQ
Communication Services	63.0%	15.8%
Technology	1.1%	53.8%
Basic Materials	-	1.1%
Consumer Cyclical	-	12.3%
Consumer Defensive	-	7.7%
Energy	-	0.6%
Financial Services	-	0.2%
Healthcare	-	4.2%
Industrials	-	2.8%
Real Estate	-	0.1%
Utilities	-	1.4%

Return for Risk

LTL vs. TQQQ — Risk / Return Rank

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

LTL

LTL Risk / Return Rank: 10
LTL Sharpe Ratio Rank: 10
LTL Sortino Ratio Rank: 10
LTL Omega Ratio Rank: 10
LTL Calmar Ratio Rank: 10
LTL Martin Ratio Rank: 10

TQQQ

TQQQ Risk / Return Rank: 68
TQQQ Sharpe Ratio Rank: 81
TQQQ Sortino Ratio Rank: 59
TQQQ Omega Ratio Rank: 63
TQQQ Calmar Ratio Rank: 72
TQQQ Martin Ratio Rank: 64

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.

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 ratio: Return per unit of total volatility	0.11	2.49	-2.38
Sortino ratio: Return per unit of downside risk	0.35	2.72	-2.38
Omega ratio: Gain probability vs. loss probability	1.04	1.36	-0.32
Calmar ratio: Return relative to maximum drawdown	0.13	3.53	-3.39
Martin ratio: Return relative to average drawdown	0.37	11.25	-10.89

LTL vs. TQQQ - Sharpe Ratio Comparison

The current LTL Sharpe Ratio is 0.11, which is lower than the TQQQ Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of LTL 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

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.

Drawdown Indicators

	LTL	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-80.20%	-81.66%	+1.46%
Max Drawdown (1Y) Largest decline over 1 year	-22.45%	-36.97%	+14.52%
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 Drawdown Current decline from peak	-22.45%	-5.32%	-17.13%
Average Drawdown Average peak-to-trough decline	-28.62%	-18.50%	-10.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.11%	11.56%	-3.45%

Volatility

LTL vs. TQQQ - Volatility Comparison

The current volatility for ProShares Ultra Telecommunications (LTL) is 9.53%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 25.07%. 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.

Volatility by Period

	LTL	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.53%	25.07%	-15.54%
Volatility (6M) Calculated over the trailing 6-month period	20.72%	42.17%	-21.45%
Volatility (1Y) Calculated over the trailing 1-year period	27.45%	52.51%	-25.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.70%	67.26%	-32.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.97%	66.36%	-29.39%

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 1.01%, more than TQQQ's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LTL ProShares Ultra Telecommunications	1.01%	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	0.38%	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 LTL and TQQQ in my portfolio?

LTL and TQQQ have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LTL or TQQQ?

TQQQ has higher volatility (25.07%) compared to LTL (9.53%). In terms of maximum drawdown, LTL dropped -80.20% vs TQQQ's -81.66%.

Which ETF is better, LTL or TQQQ?

On 10-year performance, TQQQ leads with 47.00% vs 7.38% for LTL. Both ETFs have the same 0.95% expense ratio. On volatility, LTL has been the lower-risk option at 9.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LTL or TQQQ?

Over the 10-year period, TQQQ has performed better with a 47.00% return vs 7.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LTL or TQQQ?

LTL and TQQQ have the same expense ratio: 0.95% per year.

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

LTL has the higher dividend yield at 1.01%, compared with 0.38% for TQQQ.

What is the main difference between LTL and TQQQ?

LTL tracks Dow Jones U.S. Select Telecommunications Index (200%), while TQQQ tracks NASDAQ-100 Index (300%).

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (2.49 vs 0.11), 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.