SMTC vs. TQQQ

Last updated Jun 25, 2026

SMTC (Semtech Corporation) is a stock, while TQQQ (ProShares UltraPro QQQ) is Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Over the past 10 years, SMTC returned 21.21%/yr vs 45.25%/yr for TQQQ. A 0.62 correlation means they provide meaningful diversification when combined.

Performance

SMTC vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Semtech Corporation (SMTC) 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, SMTC achieves a 115.06% return, which is significantly higher than TQQQ's 39.27% return. Over the past 10 years, SMTC has underperformed TQQQ with an annualized return of 21.21%, while TQQQ has yielded a comparatively higher 45.25% annualized return.

SMTC

• 1D: -2.94%
• 1M: 1.08%
• YTD: 115.06%
• 6M: 109.77%
• 1Y: 262.99%
• 3Y*: 87.30%
• 5Y*: 19.10%
• 10Y*: 21.21%

TQQQ

• 1D: -1.53%
• 1M: -5.83%
• YTD: 39.27%
• 6M: 32.62%
• 1Y: 89.02%
• 3Y*: 57.21%
• 5Y*: 21.17%
• 10Y*: 45.25%

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

SMTC vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMTC Semtech Corporation	115.06%	19.14%	182.29%	-23.63%	-67.74%	23.36%	36.28%	15.33%	34.12%	8.40%
TQQQ ProShares UltraPro QQQ	39.27%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%

Correlation

The correlation between SMTC and TQQQ is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	0.62

The correlation between SMTC and TQQQ has been stable across timeframes, ranging from 0.59 to 0.62 - a consistent structural relationship.

Return for Risk

SMTC vs. TQQQ — Risk / Return Rank

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

SMTC

SMTC Risk / Return Rank: 96
SMTC Sharpe Ratio Rank: 98
SMTC Sortino Ratio Rank: 95
SMTC Omega Ratio Rank: 93
SMTC Calmar Ratio Rank: 98
SMTC Martin Ratio Rank: 98

TQQQ

TQQQ Risk / Return Rank: 51
TQQQ Sharpe Ratio Rank: 54
TQQQ Sortino Ratio Rank: 46
TQQQ Omega Ratio Rank: 48
TQQQ Calmar Ratio Rank: 55
TQQQ Martin Ratio Rank: 49

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.

SMTC vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Semtech Corporation (SMTC) 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.

	SMTC	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	4.03	1.68	+2.35
Sortino ratio: Return per unit of downside risk	3.80	2.11	+1.70
Omega ratio: Gain probability vs. loss probability	1.47	1.28	+0.19
Calmar ratio: Return relative to maximum drawdown	9.93	2.42	+7.51
Martin ratio: Return relative to average drawdown	34.94	7.68	+27.27

SMTC vs. TQQQ - Sharpe Ratio Comparison

The current SMTC Sharpe Ratio is 4.03, which is higher than the TQQQ Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of SMTC 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

SMTC vs. TQQQ - Drawdown Comparison

The maximum SMTC drawdown since its inception was -85.40%, roughly equal to the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for SMTC and TQQQ.

Drawdown Indicators

	SMTC	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-85.40%	-81.66%	-3.74%
Max Drawdown (1Y) Largest decline over 1 year	-26.68%	-36.97%	+10.29%
Max Drawdown (3Y) Largest decline over 3 years	-68.45%	-58.04%	-10.41%
Max Drawdown (5Y) Largest decline over 5 years	-85.40%	-81.66%	-3.74%
Max Drawdown (10Y) Largest decline over 10 years	-85.40%	-81.66%	-3.74%
Current Drawdown Current decline from peak	-9.30%	-15.96%	+6.66%
Average Drawdown Average peak-to-trough decline	-47.85%	-18.49%	-29.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.56%	11.64%	-4.08%

Volatility

SMTC vs. TQQQ - Volatility Comparison

Semtech Corporation (SMTC) has a higher volatility of 28.92% compared to ProShares UltraPro QQQ (TQQQ) at 27.27%. This indicates that SMTC'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

	SMTC	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.92%	27.27%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	51.24%	43.24%	+8.00%
Volatility (1Y) Calculated over the trailing 1-year period	65.94%	53.35%	+12.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.45%	67.41%	-3.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.06%	66.31%	-12.25%

Dividends

SMTC vs. TQQQ - Dividend Comparison

SMTC has not paid dividends to shareholders, while TQQQ's dividend yield for the trailing twelve months is around 0.43%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMTC Semtech Corporation	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	0.43%	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 SMTC and TQQQ in my portfolio?

SMTC and TQQQ have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMTC or TQQQ?

SMTC has higher volatility (28.92%) compared to TQQQ (27.27%). In terms of maximum drawdown, SMTC dropped -85.40% vs TQQQ's -81.66%.

Which has better risk-adjusted returns?

SMTC currently has the higher Sharpe Ratio (4.03 vs 1.68), 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.