QQDN vs. TQQQ

Last updated Aug 2, 2026

QQDN (ProShares UltraShort QQQ Mega) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - QQDN is a Inverse Equities fund tracking the Nasdaq-100 Mega Index, while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past year, QQDN returned -33.23% vs 56.87% for TQQQ. Their -0.85 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

QQDN vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort QQQ Mega (QQDN) 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, QQDN achieves a -13.18% return, which is significantly lower than TQQQ's 23.06% return.

QQDN

• 1D: -5.15%
• 1M: -7.09%
• 6M: -15.46%
• YTD: -13.18%
• 1Y: -33.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -39.24%

TQQQ

• 1D: 2.09%
• 1M: -11.90%
• 6M: 20.14%
• YTD: 23.06%
• 1Y: 56.87%
• 3Y*: 43.81%
• 5Y*: 15.36%
• 10Y*: 39.46%
• ALL TIME*: 42.33%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QQDN ProShares UltraShort QQQ Mega	$29.10K	$31.97K	$57.01K
TQQQ ProShares UltraPro QQQ	$4.37B	$4.57B	$5.33B

QQDN vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025
QQDN ProShares UltraShort QQQ Mega	-13.18%	-34.51%
TQQQ ProShares UltraPro QQQ	23.06%	40.96%

Correlation

The correlation between QQDN and TQQQ is -0.86, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.86
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	-0.85

The correlation between QQDN and TQQQ has been stable across timeframes, ranging from -0.86 to -0.85 - a consistent structural relationship.

Return for Risk

QQDN vs. TQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QQDN

QQDN Risk / Return Rank: 4
QQDN Sharpe Ratio Rank: 3
QQDN Sortino Ratio Rank: 4
QQDN Omega Ratio Rank: 4
QQDN Calmar Ratio Rank: 4
QQDN Martin Ratio Rank: 3

TQQQ

TQQQ Risk / Return Rank: 36
TQQQ Sharpe Ratio Rank: 34
TQQQ Sortino Ratio Rank: 37
TQQQ Omega Ratio Rank: 36
TQQQ Calmar Ratio Rank: 37
TQQQ Martin Ratio Rank: 36

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QQDN vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort QQQ Mega (QQDN) 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.

	QQDN	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.70	0.83	-1.53
Sortino ratio: Return per unit of downside risk	-0.87	1.38	-2.25
Omega ratio: Gain probability vs. loss probability	0.91	1.17	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.68	1.29	-1.97
Martin ratio: Return relative to average drawdown	-1.18	3.60	-4.78

QQDN vs. TQQQ - Sharpe Ratio Comparison

The current QQDN Sharpe Ratio is -0.70, which is lower than the TQQQ Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of QQDN 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

QQDN vs. TQQQ - Drawdown Comparison

The maximum QQDN drawdown since its inception was -50.19%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for QQDN and TQQQ.

Drawdown Indicators

	QQDN	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-50.19%	-81.66%	+31.47%
Max Drawdown (1Y) Largest decline over 1 year	-43.68%	-36.97%	-6.71%
Max Drawdown (3Y) Largest decline over 3 years	—	-58.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-81.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-81.66%	—
Current Drawdown Current decline from peak	-44.25%	-25.74%	-18.51%
Average Drawdown Average peak-to-trough decline	-31.57%	-18.49%	-13.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.92%	13.24%	+11.68%

Volatility

QQDN vs. TQQQ - Volatility Comparison

The current volatility for ProShares UltraShort QQQ Mega (QQDN) is 14.41%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 20.41%. This indicates that QQDN 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

	QQDN	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.41%	20.41%	-6.00%
Volatility (6M) Calculated over the trailing 6-month period	32.99%	47.79%	-14.80%
Volatility (1Y) Calculated over the trailing 1-year period	42.40%	57.62%	-15.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.84%	68.04%	-27.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.84%	66.57%	-25.73%

QQDN vs. TQQQ - Expense Ratio Comparison

Both QQDN and TQQQ have an expense ratio of 0.95%.

Dividends

QQDN vs. TQQQ - Dividend Comparison

QQDN's dividend yield for the trailing twelve months is around 5.67%, more than TQQQ's 0.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQDN ProShares UltraShort QQQ Mega	5.67%	3.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TQQQ ProShares UltraPro QQQ	0.58%	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 QQDN and TQQQ in my portfolio?

QQDN 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, QQDN or TQQQ?

TQQQ has higher volatility (20.41%) compared to QQDN (14.41%). In terms of maximum drawdown, QQDN dropped -50.19% vs TQQQ's -81.66%.

Which ETF is better, QQDN or TQQQ?

On 1-year performance, TQQQ leads with 56.87% vs -33.23% for QQDN. Both ETFs have the same 0.95% expense ratio. On volatility, QQDN has been the lower-risk option at 14.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQDN or TQQQ?

Over the 1-year period, TQQQ has performed better with a 56.87% return vs -33.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQDN or TQQQ?

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

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

QQDN has the higher dividend yield at 5.67%, compared with 0.58% for TQQQ.

What is the main difference between QQDN and TQQQ?

QQDN is categorized as Inverse Equities, while TQQQ is Leveraged Equities. QQDN tracks Nasdaq-100 Mega Index, while TQQQ tracks NASDAQ-100 Index (300%).

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (0.83 vs -0.70), 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.