TQQQ vs. EUO
TQQQ (ProShares UltraPro QQQ) and EUO (ProShares UltraShort Euro) are both exchange-traded funds - TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%), while EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, TQQQ returned 42.84%/yr vs 2.59%/yr for EUO. At a correlation of -0.17, they often move in opposite directions. TQQQ charges 0.95%/yr vs 0.99%/yr for EUO.
Performance
TQQQ vs. EUO - Performance Comparison
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Returns By Period
In the year-to-date period, TQQQ achieves a 38.79% return, which is significantly higher than EUO's 6.00% return. Over the past 10 years, TQQQ has outperformed EUO with an annualized return of 42.84%, while EUO has yielded a comparatively lower 2.59% annualized return.
TQQQ
- 1D
- -14.28%
- 1M
- -4.23%
- YTD
- 38.79%
- 6M
- 30.51%
- 1Y
- 98.25%
- 3Y*
- 60.11%
- 5Y*
- 24.09%
- 10Y*
- 42.84%
EUO
- 1D
- 1.59%
- 1M
- 4.89%
- YTD
- 6.00%
- 6M
- 4.49%
- 1Y
- 2.63%
- 3Y*
- -0.21%
- 5Y*
- 5.83%
- 10Y*
- 2.59%
TQQQ vs. EUO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TQQQ ProShares UltraPro QQQ | 38.79% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
EUO ProShares UltraShort Euro | 6.00% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
Correlation
The correlation between TQQQ and EUO is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.15 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010 | -0.17 |
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Return for Risk
TQQQ vs. EUO — Risk / Return Rank
TQQQ
EUO
TQQQ vs. EUO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) and ProShares UltraShort Euro (EUO). 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.
| TQQQ | EUO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.83 | ||
| Sortino ratioReturn per unit of downside risk | +1.95 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.06 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.83 | 0.42 | +2.41 |
| Martin ratioReturn relative to average drawdown | 9.20 | 0.91 | +8.29 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TQQQ | EUO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.10 | 0.27 | +1.83 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | 0.38 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.65 | 0.17 | +0.48 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.71 | 0.06 | +0.65 |
Drawdowns
TQQQ vs. EUO - Drawdown Comparison
The maximum TQQQ drawdown since its inception was -81.66%, which is greater than EUO's maximum drawdown of -38.58%. Use the drawdown chart below to compare losses from any high point for TQQQ and EUO.
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Drawdown Indicators
| TQQQ | EUO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.66% | -38.58% | -43.08% |
Max Drawdown (1Y)Largest decline over 1 year | -36.97% | -8.05% | -28.92% |
Max Drawdown (3Y)Largest decline over 3 years | -58.04% | -24.46% | -33.58% |
Max Drawdown (5Y)Largest decline over 5 years | -81.66% | -25.28% | -56.38% |
Max Drawdown (10Y)Largest decline over 10 years | -81.66% | -29.61% | -52.05% |
Current DrawdownCurrent decline from peak | -16.25% | -17.30% | +1.05% |
Average DrawdownAverage peak-to-trough decline | -18.52% | -18.50% | -0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.33% | 3.71% | +7.62% |
Volatility
TQQQ vs. EUO - Volatility Comparison
ProShares UltraPro QQQ (TQQQ) has a higher volatility of 20.42% compared to ProShares UltraShort Euro (EUO) at 2.73%. This indicates that TQQQ's price experiences larger fluctuations and is considered to be riskier than EUO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TQQQ | EUO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.42% | 2.73% | +17.69% |
Volatility (6M)Calculated over the trailing 6-month period | 39.33% | 8.81% | +30.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.81% | 12.68% | +37.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 66.79% | 15.56% | +51.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.11% | 14.88% | +51.23% |
TQQQ vs. EUO - Expense Ratio Comparison
TQQQ has a 0.95% expense ratio, which is lower than EUO's 0.99% expense ratio.
Dividends
TQQQ vs. EUO - Dividend Comparison
TQQQ's dividend yield for the trailing twelve months is around 0.43%, while EUO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 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
TQQQ and EUO have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (20.42%) compared to EUO (2.73%). In terms of maximum drawdown, TQQQ dropped -81.66% vs EUO's -38.58%.
On 10-year performance, TQQQ leads with 42.84% vs 2.59% for EUO. On fees, TQQQ is cheaper at 0.95% per year. On volatility, EUO has been the lower-risk option at 2.73%. 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 42.84% return vs 2.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TQQQ is cheaper with a 0.95% expense ratio, compared with 0.99% for EUO.
TQQQ has the higher dividend yield at 0.43%, compared with 0.00% for EUO.
TQQQ is categorized as Leveraged Equities, while EUO is Leveraged Currency. TQQQ tracks NASDAQ-100 Index (300%), while EUO tracks USD/EUR Exchange Rate (-200%). Their fees differ too: 0.95% for TQQQ and 0.99% for EUO.
TQQQ currently has the higher Sharpe Ratio (2.10 vs 0.27), 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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