SHNY vs. TQQQ

Last updated Jun 3, 2026

SHNY (MicroSectors Gold 3X Leveraged ETN) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - SHNY is a Leveraged Commodities fund managed by BMO, while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Over the past 3 years, SHNY returned 61.40%/yr vs 69.92%/yr for TQQQ. At a 0.09 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

SHNY vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold 3X Leveraged ETN (SHNY) 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, SHNY achieves a -11.62% return, which is significantly lower than TQQQ's 65.71% return.

SHNY

• 1D: 0.52%
• 1M: -10.12%
• YTD: -11.62%
• 6M: -7.80%
• 1Y: 50.27%
• 3Y*: 61.40%
• 5Y*: —
• 10Y*: —

TQQQ

• 1D: 1.37%
• 1M: 33.57%
• YTD: 65.71%
• 6M: 58.23%
• 1Y: 145.30%
• 3Y*: 69.92%
• 5Y*: 29.86%
• 10Y*: 45.44%

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

SHNY vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHNY MicroSectors Gold 3X Leveraged ETN	-11.62%	214.54%	50.30%	12.52%
TQQQ ProShares UltraPro QQQ	65.71%	34.35%	58.27%	130.49%

Correlation

The correlation between SHNY and TQQQ is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (All Time) Calculated using the full available price history since Feb 23, 2023	0.09

Return for Risk

SHNY vs. TQQQ — Risk / Return Rank

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

SHNY

SHNY Risk / Return Rank: 23
SHNY Sharpe Ratio Rank: 19
SHNY Sortino Ratio Rank: 23
SHNY Omega Ratio Rank: 27
SHNY Calmar Ratio Rank: 24
SHNY Martin Ratio Rank: 20

TQQQ

TQQQ Risk / Return Rank: 75
TQQQ Sharpe Ratio Rank: 89
TQQQ Sortino Ratio Rank: 69
TQQQ Omega Ratio Rank: 68
TQQQ Calmar Ratio Rank: 79
TQQQ Martin Ratio Rank: 71

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.

SHNY vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold 3X Leveraged ETN (SHNY) 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.

	SHNY	TQQQ	Difference
Sharpe ratio Return per unit of total volatility	0.64	3.07	-2.43
Sortino ratio Return per unit of downside risk	1.25	3.19	-1.94
Omega ratio Gain probability vs. loss probability	1.19	1.42	-0.23
Calmar ratio Return relative to maximum drawdown	1.14	4.08	-2.95
Martin ratio Return relative to average drawdown	2.44	13.38	-10.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHNY vs. TQQQ - Sharpe Ratio Comparison

The current SHNY Sharpe Ratio is 0.64, which is lower than the TQQQ Sharpe Ratio of 3.07. The chart below compares the historical Sharpe Ratios of SHNY 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

	SHNY	TQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.64	3.07	-2.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.45	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	0.74	+0.30

Drawdowns

SHNY vs. TQQQ - Drawdown Comparison

The maximum SHNY drawdown since its inception was -54.55%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for SHNY and TQQQ.

Drawdown Indicators

	SHNY	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-54.55%	-81.66%	+27.11%
Max Drawdown (1Y) Largest decline over 1 year	-54.55%	-36.97%	-17.58%
Max Drawdown (3Y) Largest decline over 3 years	-54.55%	-58.04%	+3.49%
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	-53.50%	0.00%	-53.50%
Average Drawdown Average peak-to-trough decline	-14.89%	-18.53%	+3.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.43%	11.28%	+14.15%

Volatility

SHNY vs. TQQQ - Volatility Comparison

MicroSectors Gold 3X Leveraged ETN (SHNY) has a higher volatility of 17.21% compared to ProShares UltraPro QQQ (TQQQ) at 13.26%. This indicates that SHNY's price experiences larger fluctuations and is considered to be riskier than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHNY	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.21%	13.26%	+3.95%
Volatility (6M) Calculated over the trailing 6-month period	70.82%	36.05%	+34.77%
Volatility (1Y) Calculated over the trailing 1-year period	79.07%	47.63%	+31.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.36%	66.55%	-8.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.36%	65.98%	-7.62%

SHNY vs. TQQQ - Expense Ratio Comparison

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

Dividends

SHNY vs. TQQQ - Dividend Comparison

SHNY has not paid dividends to shareholders, while TQQQ's dividend yield for the trailing twelve months is around 0.36%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SHNY MicroSectors Gold 3X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TQQQ ProShares UltraPro QQQ	0.36%	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 SHNY and TQQQ in my portfolio?

SHNY and TQQQ have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHNY or TQQQ?

SHNY has higher volatility (17.21%) compared to TQQQ (13.26%). In terms of maximum drawdown, SHNY dropped -54.55% vs TQQQ's -81.66%.

Which ETF is better, SHNY or TQQQ?

On 3-year performance, TQQQ leads with 69.92% vs 61.40% for SHNY. Both ETFs have the same 0.95% expense ratio. On volatility, TQQQ has been the lower-risk option at 13.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHNY or TQQQ?

Over the 3-year period, TQQQ has performed better with a 69.92% return vs 61.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHNY or TQQQ?

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

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

TQQQ has the higher dividend yield at 0.36%, compared with 0.00% for SHNY.

What is the main difference between SHNY and TQQQ?

SHNY is categorized as Leveraged Commodities, while TQQQ is Leveraged Equities. They also come from different issuers: BMO and ProShares.

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (3.07 vs 0.64), 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.