NQ=F vs. TQQQ
NQ=F (E-Mini Nasdaq 100 Futures) is an asset, while TQQQ (ProShares UltraPro QQQ) is Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Over the past 10 years, NQ=F returned 19.97%/yr vs 40.49%/yr for TQQQ. Their 0.97 correlation means they have historically moved very closely together.
Performance
NQ=F vs. TQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, NQ=F achieves a 16.06% return, which is significantly lower than TQQQ's 38.71% return. Over the past 10 years, NQ=F has underperformed TQQQ with an annualized return of 19.97%, while TQQQ has yielded a comparatively higher 40.49% annualized return.
NQ=F
- 1D
- -1.07%
- 1M
- -1.32%
- 6M
- 18.18%
- YTD
- 16.06%
- 1Y
- 27.72%
- 3Y*
- 24.38%
- 5Y*
- 14.37%
- 10Y*
- 19.97%
- ALL TIME*
- 8.34%
TQQQ
- 1D
- -2.65%
- 1M
- -4.68%
- 6M
- 46.96%
- YTD
- 38.71%
- 1Y
- 71.21%
- 3Y*
- 54.16%
- 5Y*
- 17.51%
- 10Y*
- 40.49%
- ALL TIME*
- 43.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.70B | $15.74B | $17.43B | |
| $5.00B | $4.56B | $5.34B |
NQ=F vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NQ=F E-Mini Nasdaq 100 Futures | 16.06% | 19.93% | 24.69% | 54.45% | -32.46% | 26.66% | 47.22% | 38.20% | -1.18% | 31.76% |
TQQQ ProShares UltraPro QQQ | 38.71% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between NQ=F and TQQQ is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.98 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.97 |
The correlation between NQ=F and TQQQ has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
NQ=F vs. TQQQ — Risk / Return Rank
NQ=F
TQQQ
NQ=F vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for E-Mini Nasdaq 100 Futures (NQ=F) 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.
| NQ=F | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.22 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 1.94 | +0.41 |
| Martin ratioReturn relative to average drawdown | 7.29 | 5.34 | +1.95 |
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Drawdowns
NQ=F vs. TQQQ - Drawdown Comparison
The maximum NQ=F drawdown since its inception was -78.99%, roughly equal to the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for NQ=F and TQQQ.
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Drawdown Indicators
| NQ=F | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.99% | -81.66% | +2.67% |
Max Drawdown (1Y)Largest decline over 1 year | -11.89% | -36.97% | +25.08% |
Max Drawdown (3Y)Largest decline over 3 years | -22.50% | -58.04% | +35.54% |
Max Drawdown (5Y)Largest decline over 5 years | -35.28% | -81.66% | +46.38% |
Max Drawdown (10Y)Largest decline over 10 years | -35.28% | -81.66% | +46.38% |
Current DrawdownCurrent decline from peak | -3.80% | -16.29% | +12.49% |
Average DrawdownAverage peak-to-trough decline | -29.46% | -18.49% | -10.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.81% | 13.38% | -9.57% |
Volatility
NQ=F vs. TQQQ - Volatility Comparison
The current volatility for E-Mini Nasdaq 100 Futures (NQ=F) is 7.41%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 21.96%. This indicates that NQ=F 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
| NQ=F | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.41% | 21.96% | -14.55% |
Volatility (6M)Calculated over the trailing 6-month period | 15.98% | 48.60% | -32.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.42% | 58.14% | -38.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.17% | 68.26% | -45.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.63% | 66.67% | -44.04% |
Frequently Asked Questions
With a correlation of 0.98, NQ=F and TQQQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TQQQ has higher volatility (21.96%) compared to NQ=F (7.41%). In terms of maximum drawdown, NQ=F dropped -78.99% vs TQQQ's -81.66%.
NQ=F currently has the higher Sharpe Ratio (1.44 vs 1.23), 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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