MZZ vs. TQQQ
MZZ (ProShares UltraShort MidCap400) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds from ProShares - MZZ tracks the S&P MidCap 400 Index (-200%) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, MZZ returned -24.79%/yr vs 43.22%/yr for TQQQ. At a correlation of -0.73, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
MZZ vs. TQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, MZZ achieves a -23.87% return, which is significantly lower than TQQQ's 46.69% return. Over the past 10 years, MZZ has underperformed TQQQ with an annualized return of -24.79%, while TQQQ has yielded a comparatively higher 43.22% annualized return.
MZZ
- 1D
- -0.17%
- 1M
- 0.80%
- 6M
- -16.61%
- YTD
- -23.87%
- 1Y
- -29.15%
- 3Y*
- -20.89%
- 5Y*
- -16.96%
- 10Y*
- -24.79%
TQQQ
- 1D
- 0.90%
- 1M
- -0.40%
- 6M
- 38.69%
- YTD
- 46.69%
- 1Y
- 85.21%
- 3Y*
- 57.92%
- 5Y*
- 20.15%
- 10Y*
- 43.22%
MZZ vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | -23.87% | -14.68% | -17.75% | -23.67% | 13.02% | -42.14% | -53.08% | -38.03% | 22.83% | -27.72% |
TQQQ ProShares UltraPro QQQ | 46.69% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between MZZ and TQQQ is -0.64, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.67 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.73 |
The correlation between MZZ and TQQQ has been stable across timeframes, ranging from -0.73 to -0.64 - a consistent structural relationship.
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Return for Risk
MZZ vs. TQQQ — Risk / Return Rank
MZZ
TQQQ
MZZ vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MidCap400 (MZZ) 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.
| MZZ | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.42 | ||
| Sortino ratioReturn per unit of downside risk | -3.16 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.26 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | 2.28 | -3.08 |
| Martin ratioReturn relative to average drawdown | -1.48 | 7.02 | -8.50 |
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Drawdowns
MZZ vs. TQQQ - Drawdown Comparison
The maximum MZZ drawdown since its inception was -99.90%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for MZZ and TQQQ.
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Drawdown Indicators
| MZZ | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.90% | -81.66% | -18.24% |
Max Drawdown (1Y)Largest decline over 1 year | -35.02% | -36.97% | +1.95% |
Max Drawdown (3Y)Largest decline over 3 years | -64.13% | -58.04% | -6.09% |
Max Drawdown (5Y)Largest decline over 5 years | -70.29% | -81.66% | +11.37% |
Max Drawdown (10Y)Largest decline over 10 years | -94.79% | -81.66% | -13.13% |
Current DrawdownCurrent decline from peak | -99.90% | -11.48% | -88.42% |
Average DrawdownAverage peak-to-trough decline | -86.13% | -18.48% | -67.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.96% | 11.97% | +6.99% |
Volatility
MZZ vs. TQQQ - Volatility Comparison
The current volatility for ProShares UltraShort MidCap400 (MZZ) is 9.27%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 25.52%. This indicates that MZZ 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
| MZZ | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.27% | 25.52% | -16.25% |
Volatility (6M)Calculated over the trailing 6-month period | 23.59% | 45.43% | -21.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.72% | 54.89% | -23.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.15% | 67.67% | -28.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.23% | 66.35% | -25.12% |
MZZ vs. TQQQ - Expense Ratio Comparison
Both MZZ and TQQQ have an expense ratio of 0.95%.
Dividends
MZZ vs. TQQQ - Dividend Comparison
MZZ's dividend yield for the trailing twelve months is around 5.67%, more than TQQQ's 0.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | 5.67% | 5.27% | 6.36% | 4.52% | 0.25% | 0.00% | 0.22% | 1.53% | 0.53% | 0.00% | 0.00% | 0.00% |
TQQQ ProShares UltraPro QQQ | 0.49% | 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
MZZ and TQQQ have a correlation of -0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (25.52%) compared to MZZ (9.27%). In terms of maximum drawdown, MZZ dropped -99.90% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 43.22% vs -24.79% for MZZ. Both ETFs have the same 0.95% expense ratio. On volatility, MZZ has been the lower-risk option at 9.27%. 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 43.22% return vs -24.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MZZ and TQQQ have the same expense ratio: 0.95% per year.
MZZ has the higher dividend yield at 5.67%, compared with 0.49% for TQQQ.
MZZ tracks S&P MidCap 400 Index (-200%), while TQQQ tracks NASDAQ-100 Index (300%).
TQQQ currently has the higher Sharpe Ratio (1.53 vs -0.88), 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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