TQQQ vs. FXAIX

Last updated Jun 13, 2026

TQQQ (ProShares UltraPro QQQ) and FXAIX (Fidelity 500 Index Fund) are both funds - TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%), while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, TQQQ returned 44.55%/yr vs 15.44%/yr for FXAIX. Their correlation of 0.90 suggests significant overlap in exposure. TQQQ charges 0.95%/yr vs 0.02%/yr for FXAIX.

Performance

TQQQ vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro QQQ (TQQQ) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TQQQ achieves a 47.28% return, which is significantly higher than FXAIX's 8.59% return. Over the past 10 years, TQQQ has outperformed FXAIX with an annualized return of 44.55%, while FXAIX has yielded a comparatively lower 15.44% annualized return.

TQQQ

• 1D: 1.99%
• 1M: -1.81%
• YTD: 47.28%
• 6M: 47.23%
• 1Y: 114.36%
• 3Y*: 59.79%
• 5Y*: 24.34%
• 10Y*: 44.55%

FXAIX

• 1D: 1.76%
• 1M: -1.31%
• YTD: 8.59%
• 6M: 8.94%
• 1Y: 25.18%
• 3Y*: 21.06%
• 5Y*: 13.34%
• 10Y*: 15.44%

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

TQQQ vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TQQQ ProShares UltraPro QQQ	47.28%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%
FXAIX Fidelity 500 Index Fund	8.59%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	31.48%	-4.43%	21.82%

Correlation

The correlation between TQQQ and FXAIX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since May 4, 2011	0.90

The correlation between TQQQ and FXAIX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

TQQQ vs. FXAIX — Risk / Return Rank

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

TQQQ

TQQQ Risk / Return Rank: 64
TQQQ Sharpe Ratio Rank: 75
TQQQ Sortino Ratio Rank: 59
TQQQ Omega Ratio Rank: 62
TQQQ Calmar Ratio Rank: 66
TQQQ Martin Ratio Rank: 59

FXAIX

FXAIX Risk / Return Rank: 73
FXAIX Sharpe Ratio Rank: 72
FXAIX Sortino Ratio Rank: 68
FXAIX Omega Ratio Rank: 69
FXAIX Calmar Ratio Rank: 73
FXAIX Martin Ratio Rank: 84

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. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) and Fidelity 500 Index Fund (FXAIX). 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.

	TQQQ	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.09	1.97	+0.11
Sortino ratio: Return per unit of downside risk	2.42	2.67	-0.26
Omega ratio: Gain probability vs. loss probability	1.32	1.36	-0.04
Calmar ratio: Return relative to maximum drawdown	2.89	2.74	+0.15
Martin ratio: Return relative to average drawdown	9.26	12.46	-3.20

TQQQ vs. FXAIX - Sharpe Ratio Comparison

The current TQQQ Sharpe Ratio is 2.09, which is comparable to the FXAIX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of TQQQ and FXAIX, 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

TQQQ vs. FXAIX - Drawdown Comparison

The maximum TQQQ drawdown since its inception was -81.66%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for TQQQ and FXAIX.

Drawdown Indicators

	TQQQ	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-81.66%	-33.79%	-47.87%
Max Drawdown (1Y) Largest decline over 1 year	-36.97%	-8.89%	-28.08%
Max Drawdown (3Y) Largest decline over 3 years	-58.04%	-18.76%	-39.28%
Max Drawdown (5Y) Largest decline over 5 years	-81.66%	-24.50%	-57.16%
Max Drawdown (10Y) Largest decline over 10 years	-81.66%	-33.79%	-47.87%
Current Drawdown Current decline from peak	-11.12%	-2.79%	-8.33%
Average Drawdown Average peak-to-trough decline	-18.51%	-3.79%	-14.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.52%	1.95%	+9.57%

Volatility

TQQQ vs. FXAIX - Volatility Comparison

ProShares UltraPro QQQ (TQQQ) has a higher volatility of 22.79% compared to Fidelity 500 Index Fund (FXAIX) at 4.44%. This indicates that TQQQ's price experiences larger fluctuations and is considered to be riskier than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQQQ	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.79%	4.44%	+18.35%
Volatility (6M) Calculated over the trailing 6-month period	41.26%	9.70%	+31.56%
Volatility (1Y) Calculated over the trailing 1-year period	51.24%	12.37%	+38.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.02%	16.99%	+50.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.22%	18.10%	+48.12%

TQQQ vs. FXAIX - Expense Ratio Comparison

TQQQ has a 0.95% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

TQQQ vs. FXAIX - Dividend Comparison

TQQQ's dividend yield for the trailing twelve months is around 0.41%, less than FXAIX's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXAIX Fidelity 500 Index Fund	1.06%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%
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

Can I hold both TQQQ and FXAIX in my portfolio?

With a correlation of 0.93, TQQQ and FXAIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TQQQ or FXAIX?

TQQQ has higher volatility (22.79%) compared to FXAIX (4.44%). In terms of maximum drawdown, TQQQ dropped -81.66% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (2.09 vs 1.97), 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.