TMSL vs. TQQQ

Last updated Aug 2, 2026

TMSL (T. Rowe Price Small-Mid Cap ETF) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - TMSL is a Mid Cap Blend Equities fund actively managed by T. Rowe Price, while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). TMSL is actively managed, while TQQQ is passively managed. Over the past 3 years, TMSL returned 17.77%/yr vs 43.81%/yr for TQQQ. Their 0.68 correlation means they have sometimes moved together and sometimes differently. TMSL charges 0.55%/yr vs 0.95%/yr for TQQQ.

Performance

TMSL vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Small-Mid Cap ETF (TMSL) 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, TMSL achieves a 19.11% return, which is significantly lower than TQQQ's 23.06% return.

TMSL

• 1D: -0.33%
• 1M: -1.41%
• 6M: 13.24%
• YTD: 19.11%
• 1Y: 31.13%
• 3Y*: 17.77%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.08%

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)
TMSL T. Rowe Price Small-Mid Cap ETF	$17.24M	$15.88M	$18.32M
TQQQ ProShares UltraPro QQQ	$4.37B	$4.57B	$5.33B

TMSL vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TMSL T. Rowe Price Small-Mid Cap ETF	19.11%	11.95%	15.81%	11.79%
TQQQ ProShares UltraPro QQQ	23.06%	34.35%	58.27%	27.55%

Correlation

The correlation between TMSL and TQQQ is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.69
Correlation (3Y) Balances recent behavior with more history.	0.68
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023	0.68

The correlation between TMSL and TQQQ has been stable across timeframes, ranging from 0.68 to 0.69 - a consistent structural relationship.

TMSL vs. TQQQ - Sectors Allocation Comparison

Sectors	TMSL	TQQQ
Technology	17.5%	53.8%
Healthcare	16.9%	4.2%
Industrials	16.7%	2.8%
Financial Services	15.9%	0.2%
Consumer Cyclical	9.6%	12.3%
Energy	6.1%	0.6%
Real Estate	6.0%	0.1%
Basic Materials	5.7%	1.1%
Consumer Defensive	2.2%	7.7%
Utilities	1.9%	1.4%
Communication Services	1.0%	15.8%

Return for Risk

TMSL vs. TQQQ — Risk / Return Rank

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

TMSL

TMSL Risk / Return Rank: 73
TMSL Sharpe Ratio Rank: 70
TMSL Sortino Ratio Rank: 72
TMSL Omega Ratio Rank: 68
TMSL Calmar Ratio Rank: 75
TMSL Martin Ratio Rank: 80

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.

TMSL vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Small-Mid Cap ETF (TMSL) 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.

	TMSL	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.60	0.83	+0.77
Sortino ratio: Return per unit of downside risk	2.32	1.38	+0.94
Omega ratio: Gain probability vs. loss probability	1.29	1.17	+0.12
Calmar ratio: Return relative to maximum drawdown	2.63	1.29	+1.34
Martin ratio: Return relative to average drawdown	10.51	3.60	+6.91

TMSL vs. TQQQ - Sharpe Ratio Comparison

The current TMSL Sharpe Ratio is 1.60, which is higher than the TQQQ Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of TMSL 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

TMSL vs. TQQQ - Drawdown Comparison

The maximum TMSL drawdown since its inception was -24.39%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for TMSL and TQQQ.

Drawdown Indicators

	TMSL	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-24.39%	-81.66%	+57.27%
Max Drawdown (1Y) Largest decline over 1 year	-11.19%	-36.97%	+25.78%
Max Drawdown (3Y) Largest decline over 3 years	-24.39%	-58.04%	+33.65%
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	-2.49%	-25.74%	+23.25%
Average Drawdown Average peak-to-trough decline	-3.82%	-18.49%	+14.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	13.24%	-10.44%

Volatility

TMSL vs. TQQQ - Volatility Comparison

The current volatility for T. Rowe Price Small-Mid Cap ETF (TMSL) is 4.36%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 20.41%. This indicates that TMSL 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

	TMSL	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.36%	20.41%	-16.05%
Volatility (6M) Calculated over the trailing 6-month period	14.96%	47.79%	-32.83%
Volatility (1Y) Calculated over the trailing 1-year period	18.45%	57.62%	-39.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.49%	68.04%	-49.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.49%	66.57%	-48.08%

TMSL vs. TQQQ - Expense Ratio Comparison

TMSL has a 0.55% expense ratio, which is lower than TQQQ's 0.95% expense ratio.

Dividends

TMSL vs. TQQQ - Dividend Comparison

TMSL's dividend yield for the trailing twelve months is around 0.48%, less than TQQQ's 0.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TMSL T. Rowe Price Small-Mid Cap ETF	0.48%	0.57%	0.44%	0.34%	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 TMSL and TQQQ in my portfolio?

TMSL and TQQQ have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMSL or TQQQ?

TQQQ has higher volatility (20.41%) compared to TMSL (4.36%). In terms of maximum drawdown, TMSL dropped -24.39% vs TQQQ's -81.66%.

Which ETF is better, TMSL or TQQQ?

On 3-year performance, TQQQ leads with 43.81% vs 17.77% for TMSL. On fees, TMSL is cheaper at 0.55% per year. On volatility, TMSL has been the lower-risk option at 4.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMSL or TQQQ?

Over the 3-year period, TQQQ has performed better with a 43.81% return vs 17.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMSL or TQQQ?

TMSL is cheaper with a 0.55% expense ratio, compared with 0.95% for TQQQ.

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

TQQQ has the higher dividend yield at 0.58%, compared with 0.48% for TMSL.

What is the main difference between TMSL and TQQQ?

TMSL is categorized as Mid Cap Blend Equities, while TQQQ is Leveraged Equities. They also come from different issuers: T. Rowe Price and ProShares. Their fees differ too: 0.55% for TMSL and 0.95% for TQQQ.

Which has better risk-adjusted returns?

TMSL currently has the higher Sharpe Ratio (1.60 vs 0.83), 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.