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TQQQ vs. EEM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TQQQ vs. EEM

Last updated Jun 13, 2026

TQQQ (ProShares UltraPro QQQ) and EEM (iShares MSCI Emerging Markets ETF) are both exchange-traded funds - TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%), while EEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index (Net). Both are passively managed. Over the past 10 years, TQQQ returned 44.55%/yr vs 9.91%/yr for EEM. A 0.67 correlation means they provide meaningful diversification when combined. TQQQ charges 0.95%/yr vs 0.72%/yr for EEM.

Performance

TQQQ vs. EEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro QQQ (TQQQ) and iShares MSCI Emerging Markets ETF (EEM). 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 47.28% return, which is significantly higher than EEM's 24.07% return. Over the past 10 years, TQQQ has outperformed EEM with an annualized return of 44.55%, while EEM has yielded a comparatively lower 9.91% annualized return.

TQQQ

1D
1.99%
1M
0.36%
YTD
47.28%
6M
47.23%
1Y
106.26%
3Y*
59.79%
5Y*
24.34%
10Y*
44.55%

EEM

1D
0.56%
1M
1.00%
YTD
24.07%
6M
26.94%
1Y
45.22%
3Y*
21.60%
5Y*
6.56%
10Y*
9.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TQQQ vs. EEM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TQQQ
ProShares UltraPro QQQ		47.28%34.35%58.27%198.04%-79.09%82.98%110.05%133.84%-19.79%118.06%
EEM
iShares MSCI Emerging Markets ETF		24.07%33.98%6.49%8.95%-20.56%-3.63%17.02%18.22%-15.31%37.26%

Correlation

The correlation between TQQQ and EEM is 0.77, 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

0.77

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

0.66

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

0.64

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

0.66

Correlation (All Time)
Calculated using the full available price history since Feb 11, 2010

0.67

The correlation between TQQQ and EEM shifts across timeframes, from 0.64 (5 years) to 0.77 (1 year), reflecting how their relationship changes across market environments.

TQQQ vs. EEM - Sectors Allocation Comparison

Sectors
TQQQ
EEM

Technology

53.8%
43.6%

Communication Services

15.8%
5.7%

Consumer Cyclical

12.3%
8.1%

Consumer Defensive

7.7%
2.7%

Healthcare

4.2%
2.5%

Industrials

2.8%
6.2%

Utilities

1.4%
2.0%

Basic Materials

1.1%
6.1%

Energy

0.6%
3.3%

Financial Services

0.2%
17.5%

Real Estate

0.1%
0.9%

Technology

TQQQ
53.8%
EEM
43.6%

Communication Services

TQQQ
15.8%
EEM
5.7%

Consumer Cyclical

TQQQ
12.3%
EEM
8.1%

Consumer Defensive

TQQQ
7.7%
EEM
2.7%

Healthcare

TQQQ
4.2%
EEM
2.5%

Industrials

TQQQ
2.8%
EEM
6.2%

Utilities

TQQQ
1.4%
EEM
2.0%

Basic Materials

TQQQ
1.1%
EEM
6.1%

Energy

TQQQ
0.6%
EEM
3.3%

Financial Services

TQQQ
0.2%
EEM
17.5%

Real Estate

TQQQ
0.1%
EEM
0.9%

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

iShares MSCI Emerging Markets ETF

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EEM vs. VWOEEM vs. SPYEEM vs. IEMGEEM vs. IS3N.DEEEM vs. VXUSEEM vs. EEMSEEM vs. SPEM

Return for Risk

TQQQ vs. EEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TQQQ
TQQQ Risk / Return Rank: 6464
Overall Rank
TQQQ Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
TQQQ Sortino Ratio Rank: 5959
Sortino Ratio Rank
TQQQ Omega Ratio Rank: 6262
Omega Ratio Rank
TQQQ Calmar Ratio Rank: 6666
Calmar Ratio Rank
TQQQ Martin Ratio Rank: 5959
Martin Ratio Rank
EEM
EEM Risk / Return Rank: 7575
Overall Rank
EEM Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
EEM Sortino Ratio Rank: 7070
Sortino Ratio Rank
EEM Omega Ratio Rank: 7878
Omega Ratio Rank
EEM Calmar Ratio Rank: 7575
Calmar Ratio Rank
EEM Martin Ratio Rank: 7575
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. EEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) and iShares MSCI Emerging Markets ETF (EEM). 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.

TQQQEEMDifference
Sharpe ratioReturn per unit of total volatility
2.09
2.10

-0.01

Sortino ratioReturn per unit of downside risk
2.42
2.73

-0.31

Omega ratioGain probability vs. loss probability

1.32

1.40

-0.07

Calmar ratioReturn relative to maximum drawdown

2.89

3.36

-0.47

Martin ratioReturn relative to average drawdown

9.26

12.38

-3.13

TQQQ vs. EEM - Sharpe Ratio Comparison

The current TQQQ Sharpe Ratio is 2.09, which is comparable to the EEM Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of TQQQ and EEM, 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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Drawdowns

TQQQ vs. EEM - Drawdown Comparison

The maximum TQQQ drawdown since its inception was -81.66%, which is greater than EEM's maximum drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for TQQQ and EEM.

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Drawdown Indicators

TQQQEEMDifference

Max Drawdown

Largest peak-to-trough decline

-81.66%

-66.43%

-15.23%

Max Drawdown (1Y)

Largest decline over 1 year

-36.97%

-13.52%

-23.45%

Max Drawdown (3Y)

Largest decline over 3 years

-58.04%

-17.29%

-40.75%

Max Drawdown (5Y)

Largest decline over 5 years

-81.66%

-37.49%

-44.17%

Max Drawdown (10Y)

Largest decline over 10 years

-81.66%

-39.82%

-41.84%

Current Drawdown

Current decline from peak

-11.12%

-4.12%

-7.00%

Average Drawdown

Average peak-to-trough decline

-18.51%

-16.00%

-2.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.52%

3.67%

+7.85%

Volatility

TQQQ vs. EEM - Volatility Comparison

ProShares UltraPro QQQ (TQQQ) has a higher volatility of 22.79% compared to iShares MSCI Emerging Markets ETF (EEM) at 10.80%. This indicates that TQQQ's price experiences larger fluctuations and is considered to be riskier than EEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TQQQEEMDifference

Volatility (1M)

Calculated over the trailing 1-month period

22.79%

10.80%

+11.99%

Volatility (6M)

Calculated over the trailing 6-month period

41.26%

19.39%

+21.87%

Volatility (1Y)

Calculated over the trailing 1-year period

51.24%

21.64%

+29.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

67.02%

19.26%

+47.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

66.22%

20.64%

+45.58%

TQQQ vs. EEM - Expense Ratio Comparison

TQQQ has a 0.95% expense ratio, which is higher than EEM's 0.72% expense ratio.

Dividends

TQQQ vs. EEM - Dividend Comparison

TQQQ's dividend yield for the trailing twelve months is around 0.41%, less than EEM's 1.79% yield.

PositionTTM20252024202320222021202020192018201720162015
EEM
iShares MSCI Emerging Markets ETF		1.79%2.22%2.43%2.63%2.50%1.99%1.45%2.76%2.24%1.89%1.89%2.49%
TQQQ
ProShares UltraPro QQQ		0.41%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 EEM have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TQQQ has higher volatility (22.79%) compared to EEM (10.80%). In terms of maximum drawdown, TQQQ dropped -81.66% vs EEM's -66.43%.

On 10-year performance, TQQQ leads with 44.55% vs 9.91% for EEM. On fees, EEM is cheaper at 0.72% per year. On volatility, EEM has been the lower-risk option at 10.80%. 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 44.55% return vs 9.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EEM is cheaper with a 0.72% expense ratio, compared with 0.95% for TQQQ.

EEM has the higher dividend yield at 1.79%, compared with 0.41% for TQQQ.

TQQQ is categorized as Leveraged Equities, while EEM is Emerging Markets Diversified. TQQQ tracks NASDAQ-100 Index (300%), while EEM tracks MSCI Emerging Markets Index (Net). They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for TQQQ and 0.72% for EEM.

EEM currently has the higher Sharpe Ratio (2.10 vs 2.09), 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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