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TQQQ vs. DBE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TQQQ vs. DBE

Last updated Jun 4, 2026

TQQQ (ProShares UltraPro QQQ) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%), while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, TQQQ returned 45.33%/yr vs 12.03%/yr for DBE. At a 0.20 correlation, their price movements are largely independent. TQQQ charges 0.95%/yr vs 0.78%/yr for DBE.

Performance

TQQQ vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro QQQ (TQQQ) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TQQQ achieves a 64.46% return, which is significantly lower than DBE's 83.68% return. Over the past 10 years, TQQQ has outperformed DBE with an annualized return of 45.33%, while DBE has yielded a comparatively lower 12.03% annualized return.

TQQQ

1D
-0.76%
1M
33.35%
YTD
64.46%
6M
55.93%
1Y
137.89%
3Y*
69.49%
5Y*
28.37%
10Y*
45.33%

DBE

1D
2.33%
1M
-5.45%
YTD
83.68%
6M
74.95%
1Y
84.41%
3Y*
23.42%
5Y*
19.66%
10Y*
12.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TQQQ vs. DBE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TQQQ
ProShares UltraPro QQQ		64.46%34.35%58.27%198.04%-79.09%82.98%110.05%133.84%-19.79%118.06%
DBE
Invesco DB Energy Fund		83.68%-2.17%2.96%-12.14%33.77%57.56%-25.91%19.72%-12.95%5.21%

Correlation

The correlation between TQQQ and DBE is -0.31, 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

-0.31

Correlation (3Y)
Calculated over the trailing 3-year period

-0.08

Correlation (5Y)
Calculated over the trailing 5-year period

0.04

Correlation (10Y)
Calculated over the trailing 10-year period

0.13

Correlation (All Time)
Calculated using the full available price history since Feb 12, 2010

0.20

The correlation between TQQQ and DBE shifts across timeframes, from -0.31 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraPro QQQ

Invesco DB Energy Fund

Often compared with TQQQ:
TQQQ vs. QQQTQQQ vs. SOXLTQQQ vs. QLDTQQQ vs. SQQQTQQQ vs. SPXLTQQQ vs. UPROTQQQ vs. TECL
Often compared with DBE:
DBE vs. DBBDBE vs. XLEDBE vs. VDEDBE vs. COMTDBE vs. XLKDBE vs. GLDDBE vs. TIP

Return for Risk

TQQQ vs. DBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TQQQ
TQQQ Risk / Return Rank: 7171
Overall Rank
TQQQ Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
TQQQ Sortino Ratio Rank: 6565
Sortino Ratio Rank
TQQQ Omega Ratio Rank: 6565
Omega Ratio Rank
TQQQ Calmar Ratio Rank: 7373
Calmar Ratio Rank
TQQQ Martin Ratio Rank: 6666
Martin Ratio Rank
DBE
DBE Risk / Return Rank: 7171
Overall Rank
DBE Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
DBE Sortino Ratio Rank: 6363
Sortino Ratio Rank
DBE Omega Ratio Rank: 6565
Omega Ratio Rank
DBE Calmar Ratio Rank: 9191
Calmar Ratio Rank
DBE Martin Ratio Rank: 6363
Martin Ratio Rank
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.

TQQQ vs. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) and Invesco DB Energy Fund (DBE). 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.

TQQQDBEDifference
Sharpe ratioReturn per unit of total volatility
2.92
2.43

+0.49

Sortino ratioReturn per unit of downside risk
3.09
2.96

+0.13

Omega ratioGain probability vs. loss probability

1.40

1.40

0.00

Calmar ratioReturn relative to maximum drawdown

3.75

5.89

-2.14

Martin ratioReturn relative to average drawdown

12.27

11.53

+0.74

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TQQQ vs. DBE - Sharpe Ratio Comparison

The current TQQQ Sharpe Ratio is 2.92, which is comparable to the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of TQQQ and DBE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

TQQQDBEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.92

2.43

+0.49

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.43

0.67

-0.24

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.69

0.43

+0.26

Sharpe Ratio (All Time)

Calculated using the full available price history

0.74

0.09

+0.64

Drawdowns

TQQQ vs. DBE - Drawdown Comparison

The maximum TQQQ drawdown since its inception was -81.66%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for TQQQ and DBE.

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Drawdown Indicators

TQQQDBEDifference

Max Drawdown

Largest peak-to-trough decline

-81.66%

-86.69%

+5.03%

Max Drawdown (1Y)

Largest decline over 1 year

-36.97%

-14.41%

-22.56%

Max Drawdown (3Y)

Largest decline over 3 years

-58.04%

-23.89%

-34.15%

Max Drawdown (5Y)

Largest decline over 5 years

-81.66%

-38.74%

-42.92%

Max Drawdown (10Y)

Largest decline over 10 years

-81.66%

-60.84%

-20.82%

Current Drawdown

Current decline from peak

-0.76%

-30.27%

+29.51%

Average Drawdown

Average peak-to-trough decline

-18.52%

-57.31%

+38.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.28%

7.35%

+3.93%

Volatility

TQQQ vs. DBE - Volatility Comparison

ProShares UltraPro QQQ (TQQQ) and Invesco DB Energy Fund (DBE) have volatilities of 13.29% and 12.95%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TQQQDBEDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.29%

12.95%

+0.34%

Volatility (6M)

Calculated over the trailing 6-month period

36.04%

30.86%

+5.18%

Volatility (1Y)

Calculated over the trailing 1-year period

47.60%

34.97%

+12.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

66.53%

29.39%

+37.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

65.96%

28.33%

+37.63%

TQQQ vs. DBE - Expense Ratio Comparison

TQQQ has a 0.95% expense ratio, which is higher than DBE's 0.78% expense ratio.

Dividends

TQQQ vs. DBE - Dividend Comparison

TQQQ's dividend yield for the trailing twelve months is around 0.36%, less than DBE's 2.10% yield.

PositionTTM20252024202320222021202020192018201720162015
DBE
Invesco DB Energy Fund		2.10%3.86%6.32%3.87%0.75%0.00%0.00%1.79%1.67%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

TQQQ and DBE have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TQQQ has higher volatility (13.29%) compared to DBE (12.95%). In terms of maximum drawdown, TQQQ dropped -81.66% vs DBE's -86.69%.

On 10-year performance, TQQQ leads with 45.33% vs 12.03% for DBE. On fees, DBE is cheaper at 0.78% per year. On volatility, DBE has been the lower-risk option at 12.95%. 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 45.33% return vs 12.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DBE is cheaper with a 0.78% expense ratio, compared with 0.95% for TQQQ.

DBE has the higher dividend yield at 2.10%, compared with 0.36% for TQQQ.

TQQQ is categorized as Leveraged Equities, while DBE is Oil & Gas. TQQQ tracks NASDAQ-100 Index (300%), while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for TQQQ and 0.78% for DBE.

TQQQ currently has the higher Sharpe Ratio (2.92 vs 2.43), 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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