NQ=F vs. TQQQ

Last updated Jun 5, 2026

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 20.98%/yr vs 42.84%/yr for TQQQ. With a 0.98 correlation, they move nearly in lockstep.

Performance

NQ=F vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in E-Mini Nasdaq 100 Futures (NQ=F) 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, NQ=F achieves a 19.42% return, which is significantly lower than TQQQ's 38.79% return. Over the past 10 years, NQ=F has underperformed TQQQ with an annualized return of 20.98%, while TQQQ has yielded a comparatively higher 42.84% annualized return.

NQ=F

• 1D: -0.76%
• 1M: 5.86%
• YTD: 19.42%
• 6M: 18.14%
• 1Y: 40.85%
• 3Y*: 27.73%
• 5Y*: 17.17%
• 10Y*: 20.98%

TQQQ

• 1D: -14.28%
• 1M: 2.07%
• YTD: 38.79%
• 6M: 30.51%
• 1Y: 103.91%
• 3Y*: 60.11%
• 5Y*: 24.09%
• 10Y*: 42.84%

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

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	19.42%	19.93%	24.69%	54.45%	-32.46%	26.66%	47.22%	38.20%	-1.18%	31.76%
TQQQ ProShares UltraPro QQQ	38.79%	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 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010	0.98

The correlation between NQ=F and TQQQ has been stable across timeframes, ranging from 0.94 to 0.99 - a consistent structural relationship.

Return for Risk

NQ=F vs. TQQQ — Risk / Return Rank

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

NQ=F

NQ=F Risk / Return Rank: 92
NQ=F Sharpe Ratio Rank: 93
NQ=F Sortino Ratio Rank: 93
NQ=F Omega Ratio Rank: 93
NQ=F Calmar Ratio Rank: 93
NQ=F Martin Ratio Rank: 88

TQQQ

TQQQ Risk / Return Rank: 56
TQQQ Sharpe Ratio Rank: 64
TQQQ Sortino Ratio Rank: 50
TQQQ Omega Ratio Rank: 54
TQQQ Calmar Ratio Rank: 58
TQQQ Martin Ratio Rank: 54

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.

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.

	NQ=F	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.44	2.10	+0.34
Sortino ratio: Return per unit of downside risk	3.26	2.41	+0.85
Omega ratio: Gain probability vs. loss probability	1.43	1.33	+0.10
Calmar ratio: Return relative to maximum drawdown	3.20	2.83	+0.37
Martin ratio: Return relative to average drawdown	11.68	9.20	+2.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NQ=F vs. TQQQ - Sharpe Ratio Comparison

The current NQ=F Sharpe Ratio is 2.44, which is comparable to the TQQQ Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of NQ=F 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.

Sharpe Ratios by Period

	NQ=F	TQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.44	2.10	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.36	+0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.94	0.65	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.97	0.71	+0.26

Drawdowns

NQ=F vs. TQQQ - Drawdown Comparison

The maximum NQ=F drawdown since its inception was -35.28%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for NQ=F and TQQQ.

Drawdown Indicators

	NQ=F	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-35.28%	-81.66%	+46.38%
Max Drawdown (1Y) Largest decline over 1 year	-11.89%	-36.97%	+25.08%
Max Drawdown (3Y) Largest decline over 3 years	-23.05%	-58.04%	+34.99%
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 Drawdown Current decline from peak	-1.02%	-16.25%	+15.23%
Average Drawdown Average peak-to-trough decline	-5.11%	-18.52%	+13.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	11.33%	-8.02%

Volatility

NQ=F vs. TQQQ - Volatility Comparison

The current volatility for E-Mini Nasdaq 100 Futures (NQ=F) is 4.05%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 20.42%. 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.

Volatility by Period

	NQ=F	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	20.42%	-16.37%
Volatility (6M) Calculated over the trailing 6-month period	11.89%	39.33%	-27.44%
Volatility (1Y) Calculated over the trailing 1-year period	15.61%	49.81%	-34.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.43%	66.79%	-44.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.28%	66.11%	-43.83%

Frequently Asked Questions

Can I hold both NQ=F and TQQQ in my portfolio?

With a correlation of 0.94, 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.

Which is riskier, NQ=F or TQQQ?

TQQQ has higher volatility (20.42%) compared to NQ=F (4.05%). In terms of maximum drawdown, NQ=F dropped -35.28% vs TQQQ's -81.66%.

Which has better risk-adjusted returns?

NQ=F currently has the higher Sharpe Ratio (2.44 vs 2.10), 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.