REW vs. TQQQ
REW (ProShares UltraShort Technology) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds from ProShares - REW tracks the Dow Jones U.S. Technology Index (-200%) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, REW returned -45.33%/yr vs 46.45%/yr for TQQQ. At a correlation of -0.93, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
REW vs. TQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, REW achieves a -43.64% return, which is significantly lower than TQQQ's 42.40% return. Over the past 10 years, REW has underperformed TQQQ with an annualized return of -45.33%, while TQQQ has yielded a comparatively higher 46.45% annualized return.
REW
- 1D
- -2.01%
- 1M
- -2.83%
- YTD
- -43.64%
- 6M
- -41.62%
- 1Y
- -57.85%
- 3Y*
- -45.39%
- 5Y*
- -37.94%
- 10Y*
- -45.33%
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%
REW vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | -43.64% | -43.15% | -33.70% | -61.35% | 65.72% | -53.61% | -71.34% | -56.83% | -10.02% | -49.11% |
TQQQ ProShares UltraPro QQQ | 42.40% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between REW and TQQQ is -0.93, 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 | -0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.95 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.93 |
The correlation between REW and TQQQ has been stable across timeframes, ranging from -0.96 to -0.93 - a consistent structural relationship.
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Return for Risk
REW vs. TQQQ — Risk / Return Rank
REW
TQQQ
REW vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Technology (REW) 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.
| REW | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.96 | ||
| Sortino ratioReturn per unit of downside risk | -4.35 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.29 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 2.50 | -3.43 |
| Martin ratioReturn relative to average drawdown | -2.00 | 7.89 | -9.90 |
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Drawdowns
REW vs. TQQQ - Drawdown Comparison
The maximum REW drawdown since its inception was -99.99%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for REW and TQQQ.
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Drawdown Indicators
| REW | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -81.66% | -18.33% |
Max Drawdown (1Y)Largest decline over 1 year | -61.83% | -36.97% | -24.86% |
Max Drawdown (3Y)Largest decline over 3 years | -86.76% | -58.04% | -28.72% |
Max Drawdown (5Y)Largest decline over 5 years | -93.62% | -81.66% | -11.96% |
Max Drawdown (10Y)Largest decline over 10 years | -99.78% | -81.66% | -18.12% |
Current DrawdownCurrent decline from peak | -99.99% | -14.07% | -85.92% |
Average DrawdownAverage peak-to-trough decline | -86.90% | -18.49% | -68.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.52% | 11.67% | +17.85% |
Volatility
REW vs. TQQQ - Volatility Comparison
The current volatility for ProShares UltraShort Technology (REW) is 24.33%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 26.81%. This indicates that REW 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
| REW | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.33% | 26.81% | -2.48% |
Volatility (6M)Calculated over the trailing 6-month period | 39.77% | 43.27% | -3.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.39% | 53.22% | -5.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.56% | 67.42% | -14.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.29% | 66.30% | -17.01% |
REW vs. TQQQ - Expense Ratio Comparison
Both REW and TQQQ have an expense ratio of 0.95%.
Dividends
REW vs. TQQQ - Dividend Comparison
REW's dividend yield for the trailing twelve months is around 8.84%, more than TQQQ's 0.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | 8.84% | 6.69% | 5.68% | 5.97% | 0.65% | 0.00% | 0.27% | 1.80% | 0.51% | 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
REW and TQQQ have a correlation of -0.93, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (26.81%) compared to REW (24.33%). In terms of maximum drawdown, REW dropped -99.99% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 46.45% vs -45.33% for REW. Both ETFs have the same 0.95% expense ratio. On volatility, REW has been the lower-risk option at 24.33%. 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 46.45% return vs -45.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
REW and TQQQ have the same expense ratio: 0.95% per year.
REW has the higher dividend yield at 8.84%, compared with 0.27% for TQQQ.
REW tracks Dow Jones U.S. Technology Index (-200%), while TQQQ tracks NASDAQ-100 Index (300%).
TQQQ currently has the higher Sharpe Ratio (1.73 vs -1.22), 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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