TQQQ vs. GBTC
TQQQ (ProShares UltraPro QQQ) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%), while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, TQQQ returned 44.95%/yr vs 49.21%/yr for GBTC. At a 0.26 correlation, their price movements are largely independent. TQQQ charges 0.95%/yr vs 1.50%/yr for GBTC.
Performance
TQQQ vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, TQQQ achieves a 61.91% return, which is significantly higher than GBTC's -27.82% return. Over the past 10 years, TQQQ has underperformed GBTC with an annualized return of 44.95%, while GBTC has yielded a comparatively higher 49.21% annualized return.
TQQQ
- 1D
- -1.55%
- 1M
- 26.46%
- YTD
- 61.91%
- 6M
- 54.01%
- 1Y
- 132.34%
- 3Y*
- 68.49%
- 5Y*
- 27.97%
- 10Y*
- 44.95%
GBTC
- 1D
- -2.74%
- 1M
- -22.25%
- YTD
- -27.82%
- 6M
- -31.83%
- 1Y
- -40.35%
- 3Y*
- 53.36%
- 5Y*
- 9.81%
- 10Y*
- 49.21%
TQQQ vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TQQQ ProShares UltraPro QQQ | 61.91% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
Correlation
The correlation between TQQQ and GBTC is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since May 5, 2015 | 0.26 |
Over the past year, TQQQ and GBTC have become more correlated (0.50) than their long-term average of 0.26, meaning their price movements have been converging.
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Return for Risk
TQQQ vs. GBTC — Risk / Return Rank
TQQQ
GBTC
TQQQ vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) and Grayscale Bitcoin Trust ETF (GBTC). 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 | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.72 | ||
| Sortino ratioReturn per unit of downside risk | +4.32 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 0.85 | +0.54 |
| Calmar ratioReturn relative to maximum drawdown | 3.60 | -0.81 | +4.41 |
| Martin ratioReturn relative to average drawdown | 11.77 | -1.40 | +13.18 |
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 | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.80 | -0.93 | +3.72 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.42 | 0.16 | +0.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.68 | 0.60 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.74 | 0.65 | +0.08 |
Drawdowns
TQQQ vs. GBTC - Drawdown Comparison
The maximum TQQQ drawdown since its inception was -81.66%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for TQQQ and GBTC.
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Drawdown Indicators
| TQQQ | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.66% | -89.91% | +8.25% |
Max Drawdown (1Y)Largest decline over 1 year | -36.97% | -49.87% | +12.90% |
Max Drawdown (3Y)Largest decline over 3 years | -58.04% | -49.87% | -8.17% |
Max Drawdown (5Y)Largest decline over 5 years | -81.66% | -85.42% | +3.76% |
Max Drawdown (10Y)Largest decline over 10 years | -81.66% | -89.91% | +8.25% |
Current DrawdownCurrent decline from peak | -2.29% | -49.87% | +47.58% |
Average DrawdownAverage peak-to-trough decline | -18.52% | -43.43% | +24.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.28% | 28.81% | -17.53% |
Volatility
TQQQ vs. GBTC - Volatility Comparison
ProShares UltraPro QQQ (TQQQ) has a higher volatility of 13.35% compared to Grayscale Bitcoin Trust ETF (GBTC) at 9.07%. This indicates that TQQQ's price experiences larger fluctuations and is considered to be riskier than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TQQQ | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.35% | 9.07% | +4.28% |
Volatility (6M)Calculated over the trailing 6-month period | 36.04% | 33.86% | +2.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.60% | 43.69% | +3.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 66.50% | 62.44% | +4.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.95% | 82.20% | -16.25% |
TQQQ vs. GBTC - Expense Ratio Comparison
TQQQ has a 0.95% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
TQQQ vs. GBTC - Dividend Comparison
TQQQ's dividend yield for the trailing twelve months is around 0.37%, while GBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% | 0.00% | 0.00% |
TQQQ ProShares UltraPro QQQ | 0.37% | 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 GBTC have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (13.35%) compared to GBTC (9.07%). In terms of maximum drawdown, TQQQ dropped -81.66% vs GBTC's -89.91%.
On 10-year performance, GBTC leads with 49.21% vs 44.95% for TQQQ. On fees, TQQQ is cheaper at 0.95% per year. On volatility, GBTC has been the lower-risk option at 9.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GBTC has performed better with a 49.21% return vs 44.95%. 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 1.50% for GBTC.
TQQQ has the higher dividend yield at 0.37%, compared with 0.00% for GBTC.
TQQQ is categorized as Leveraged Equities, while GBTC is Cryptocurrency. TQQQ tracks NASDAQ-100 Index (300%), while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: ProShares and Grayscale. Their fees differ too: 0.95% for TQQQ and 1.50% for GBTC.
TQQQ currently has the higher Sharpe Ratio (2.80 vs -0.93), 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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