MTUM vs. TQQQ

Last updated Jun 16, 2026

MTUM (iShares MSCI USA Momentum Factor ETF) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index, while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, MTUM returned 17.54%/yr vs 46.35%/yr for TQQQ. Their correlation of 0.85 suggests significant overlap in exposure. MTUM charges 0.15%/yr vs 0.95%/yr for TQQQ.

Performance

MTUM vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Momentum Factor ETF (MTUM) 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, MTUM achieves a 33.55% return, which is significantly lower than TQQQ's 60.72% return. Over the past 10 years, MTUM has underperformed TQQQ with an annualized return of 17.54%, while TQQQ has yielded a comparatively higher 46.35% annualized return.

MTUM

• 1D: 2.96%
• 1M: 11.98%
• YTD: 33.55%
• 6M: 34.98%
• 1Y: 46.22%
• 3Y*: 33.86%
• 5Y*: 15.90%
• 10Y*: 17.54%

TQQQ

• 1D: 9.12%
• 1M: 12.28%
• YTD: 60.72%
• 6M: 63.13%
• 1Y: 133.92%
• 3Y*: 62.54%
• 5Y*: 26.58%
• 10Y*: 46.35%

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

MTUM vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MTUM iShares MSCI USA Momentum Factor ETF	33.55%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	37.50%
TQQQ ProShares UltraPro QQQ	60.72%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%

Correlation

The correlation between MTUM and TQQQ is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013	0.85

The correlation between MTUM and TQQQ has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

MTUM vs. TQQQ - Sectors Allocation Comparison

Sectors	MTUM	TQQQ
Technology	50.2%	53.8%
Industrials	15.0%	2.8%
Energy	10.5%	0.6%
Communication Services	5.1%	15.8%
Financial Services	5.0%	0.2%
Consumer Defensive	3.7%	7.7%
Healthcare	3.5%	4.2%
Consumer Cyclical	2.9%	12.3%
Basic Materials	2.3%	1.1%
Real Estate	1.3%	0.1%
Utilities	0.6%	1.4%

Return for Risk

MTUM vs. TQQQ — Risk / Return Rank

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

MTUM

MTUM Risk / Return Rank: 79
MTUM Sharpe Ratio Rank: 77
MTUM Sortino Ratio Rank: 72
MTUM Omega Ratio Rank: 76
MTUM Calmar Ratio Rank: 83
MTUM Martin Ratio Rank: 84

TQQQ

TQQQ Risk / Return Rank: 75
TQQQ Sharpe Ratio Rank: 89
TQQQ Sortino Ratio Rank: 69
TQQQ Omega Ratio Rank: 71
TQQQ Calmar Ratio Rank: 78
TQQQ Martin Ratio Rank: 70

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.

MTUM vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor ETF (MTUM) 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.

	MTUM	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.60	-0.39
Sortino ratio: Return per unit of downside risk	2.90	2.80	+0.10
Omega ratio: Gain probability vs. loss probability	1.40	1.38	+0.02
Calmar ratio: Return relative to maximum drawdown	4.02	3.64	+0.38
Martin ratio: Return relative to average drawdown	15.48	11.67	+3.81

MTUM vs. TQQQ - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 2.21, which is comparable to the TQQQ Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of MTUM 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

MTUM vs. TQQQ - Drawdown Comparison

The maximum MTUM drawdown since its inception was -34.08%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for MTUM and TQQQ.

Drawdown Indicators

	MTUM	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-34.08%	-81.66%	+47.58%
Max Drawdown (1Y) Largest decline over 1 year	-11.54%	-36.97%	+25.43%
Max Drawdown (3Y) Largest decline over 3 years	-20.99%	-58.04%	+37.05%
Max Drawdown (5Y) Largest decline over 5 years	-32.28%	-81.66%	+49.38%
Max Drawdown (10Y) Largest decline over 10 years	-34.08%	-81.66%	+47.58%
Current Drawdown Current decline from peak	0.00%	-3.02%	+3.02%
Average Drawdown Average peak-to-trough decline	-6.20%	-18.51%	+12.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	11.52%	-8.53%

Volatility

MTUM vs. TQQQ - Volatility Comparison

The current volatility for iShares MSCI USA Momentum Factor ETF (MTUM) is 11.20%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 24.33%. This indicates that MTUM 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

	MTUM	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.20%	24.33%	-13.13%
Volatility (6M) Calculated over the trailing 6-month period	18.83%	42.10%	-23.27%
Volatility (1Y) Calculated over the trailing 1-year period	21.08%	51.92%	-30.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.99%	67.15%	-46.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.23%	66.30%	-45.07%

MTUM vs. TQQQ - Expense Ratio Comparison

MTUM has a 0.15% expense ratio, which is lower than TQQQ's 0.95% expense ratio.

Dividends

MTUM vs. TQQQ - Dividend Comparison

MTUM's dividend yield for the trailing twelve months is around 0.70%, more than TQQQ's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MTUM iShares MSCI USA Momentum Factor ETF	0.70%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%
TQQQ ProShares UltraPro QQQ	0.37%	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 MTUM and TQQQ in my portfolio?

MTUM and TQQQ have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MTUM or TQQQ?

TQQQ has higher volatility (24.33%) compared to MTUM (11.20%). In terms of maximum drawdown, MTUM dropped -34.08% vs TQQQ's -81.66%.

Which ETF is better, MTUM or TQQQ?

On 10-year performance, TQQQ leads with 46.35% vs 17.54% for MTUM. On fees, MTUM is cheaper at 0.15% per year. On volatility, MTUM has been the lower-risk option at 11.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTUM or TQQQ?

Over the 10-year period, TQQQ has performed better with a 46.35% return vs 17.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTUM or TQQQ?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.95% for TQQQ.

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

MTUM has the higher dividend yield at 0.70%, compared with 0.37% for TQQQ.

What is the main difference between MTUM and TQQQ?

MTUM is categorized as Momentum, while TQQQ is Leveraged Equities. MTUM tracks MSCI USA Momentum SR Variant Index, while TQQQ tracks NASDAQ-100 Index (300%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.15% for MTUM and 0.95% for TQQQ.

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (2.60 vs 2.21), 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.