QQXL vs. TQQQ
QQXL (ProShares Ultra QQQ Top 30) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds from ProShares. QQXL is actively managed, while TQQQ is passively managed. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.95% expense ratio.
Performance
QQXL vs. TQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, QQXL achieves a 29.93% return, which is significantly lower than TQQQ's 42.40% return.
QQXL
- 1D
- 1.80%
- 1M
- -7.57%
- YTD
- 29.93%
- 6M
- 25.57%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TQQQ
- 1D
- 2.25%
- 1M
- -8.54%
- YTD
- 42.40%
- 6M
- 35.61%
- 1Y
- 91.80%
- 3Y*
- 60.52%
- 5Y*
- 21.71%
- 10Y*
- 46.45%
QQXL vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
QQXL ProShares Ultra QQQ Top 30 | 29.93% | 9.00% |
TQQQ ProShares UltraPro QQQ | 42.40% | 11.74% |
Correlation
The correlation between QQXL and TQQQ is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 15, 2025 | 0.98 |
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Return for Risk
QQXL vs. TQQQ — Risk / Return Rank
QQXL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
TQQQ
QQXL vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ Top 30 (QQXL) 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.
| QQXL | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.29 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.50 | — |
| Martin ratioReturn relative to average drawdown | — | 7.89 | — |
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Drawdowns
QQXL vs. TQQQ - Drawdown Comparison
The maximum QQXL drawdown since its inception was -27.34%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for QQXL and TQQQ.
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Drawdown Indicators
| QQXL | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.34% | -81.66% | +54.32% |
Max Drawdown (1Y)Largest decline over 1 year | — | -36.97% | — |
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 DrawdownCurrent decline from peak | -10.07% | -14.07% | +4.00% |
Average DrawdownAverage peak-to-trough decline | -6.81% | -18.49% | +11.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 11.67% | — |
Volatility
QQXL vs. TQQQ - Volatility Comparison
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Volatility by Period
| QQXL | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 26.81% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 43.27% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 40.52% | 53.22% | -12.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.52% | 67.42% | -26.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.52% | 66.30% | -25.78% |
QQXL vs. TQQQ - Expense Ratio Comparison
Both QQXL and TQQQ have an expense ratio of 0.95%.
Dividends
QQXL vs. TQQQ - Dividend Comparison
QQXL's dividend yield for the trailing twelve months is around 0.78%, more than TQQQ's 0.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QQXL ProShares Ultra QQQ Top 30 | 0.78% | 0.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TQQQ ProShares UltraPro QQQ | 0.27% | 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
With a correlation of 0.98, QQXL 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.
Both ETFs have the same 0.95% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
QQXL and TQQQ have the same expense ratio: 0.95% per year.
QQXL has the higher dividend yield at 0.78%, compared with 0.27% for TQQQ.
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