TQQQ vs. ISPY

Last updated Jun 28, 2026

TQQQ (ProShares UltraPro QQQ) and ISPY (ProShares S&P 500 High Income ETF) are both exchange-traded funds - TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%), while ISPY is a Derivative Income fund tracking the S&P 500 Daily Covered Call Index. Both are passively managed. Over the past year, TQQQ returned 77.18% vs 16.35% for ISPY. Their correlation of 0.92 suggests significant overlap in exposure. TQQQ charges 0.95%/yr vs 0.55%/yr for ISPY.

Performance

TQQQ vs. ISPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro QQQ (TQQQ) and ProShares S&P 500 High Income ETF (ISPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TQQQ achieves a 36.47% return, which is significantly higher than ISPY's 5.30% return.

TQQQ

• 1D: -4.16%
• 1M: -15.05%
• YTD: 36.47%
• 6M: 30.08%
• 1Y: 77.18%
• 3Y*: 55.74%
• 5Y*: 20.68%
• 10Y*: 44.95%

ISPY

• 1D: -1.41%
• 1M: -4.20%
• YTD: 5.30%
• 6M: 3.91%
• 1Y: 16.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TQQQ vs. ISPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TQQQ ProShares UltraPro QQQ	36.47%	34.35%	58.27%	-0.19%
ISPY ProShares S&P 500 High Income ETF	5.30%	13.15%	21.31%	0.35%

Correlation

The correlation between TQQQ and ISPY is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	0.92

The correlation between TQQQ and ISPY has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

TQQQ vs. ISPY - Sectors Allocation Comparison

Sectors	TQQQ	ISPY
Technology	53.8%	32.3%
Communication Services	15.8%	8.2%
Consumer Cyclical	12.3%	7.8%
Consumer Defensive	7.7%	4.0%
Healthcare	4.2%	7.5%
Industrials	2.8%	7.0%
Utilities	1.4%	2.3%
Basic Materials	1.1%	1.5%
Energy	0.6%	2.7%
Financial Services	0.2%	20.5%
Real Estate	0.1%	1.6%

Return for Risk

TQQQ vs. ISPY — Risk / Return Rank

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

TQQQ

TQQQ Risk / Return Rank: 45
TQQQ Sharpe Ratio Rank: 47
TQQQ Sortino Ratio Rank: 41
TQQQ Omega Ratio Rank: 43
TQQQ Calmar Ratio Rank: 48
TQQQ Martin Ratio Rank: 45

ISPY

ISPY Risk / Return Rank: 44
ISPY Sharpe Ratio Rank: 43
ISPY Sortino Ratio Rank: 39
ISPY Omega Ratio Rank: 41
ISPY Calmar Ratio Rank: 44
ISPY Martin Ratio Rank: 52

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. ISPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) and ProShares S&P 500 High Income ETF (ISPY). 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	ISPY	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.39	+0.10
Sortino ratio: Return per unit of downside risk	1.95	1.86	+0.09
Omega ratio: Gain probability vs. loss probability	1.26	1.25	+0.01
Calmar ratio: Return relative to maximum drawdown	2.15	1.99	+0.15
Martin ratio: Return relative to average drawdown	6.75	8.01	-1.25

TQQQ vs. ISPY - Sharpe Ratio Comparison

The current TQQQ Sharpe Ratio is 1.49, which is comparable to the ISPY Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of TQQQ and ISPY, 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. ISPY - Drawdown Comparison

The maximum TQQQ drawdown since its inception was -81.66%, which is greater than ISPY's maximum drawdown of -16.88%. Use the drawdown chart below to compare losses from any high point for TQQQ and ISPY.

Drawdown Indicators

	TQQQ	ISPY	Difference
Max Drawdown Largest peak-to-trough decline	-81.66%	-16.88%	-64.78%
Max Drawdown (1Y) Largest decline over 1 year	-36.97%	-8.43%	-28.54%
Max Drawdown (3Y) Largest decline over 3 years	-58.04%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-81.66%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-81.66%	—	—
Current Drawdown Current decline from peak	-17.65%	-4.61%	-13.04%
Average Drawdown Average peak-to-trough decline	-18.49%	-2.10%	-16.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.72%	2.09%	+9.63%

Volatility

TQQQ vs. ISPY - Volatility Comparison

ProShares UltraPro QQQ (TQQQ) has a higher volatility of 27.08% compared to ProShares S&P 500 High Income ETF (ISPY) at 4.81%. This indicates that TQQQ's price experiences larger fluctuations and is considered to be riskier than ISPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQQQ	ISPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.08%	4.81%	+22.27%
Volatility (6M) Calculated over the trailing 6-month period	43.49%	9.57%	+33.92%
Volatility (1Y) Calculated over the trailing 1-year period	53.41%	12.08%	+41.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.42%	13.73%	+53.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.28%	13.73%	+52.55%

TQQQ vs. ISPY - Expense Ratio Comparison

TQQQ has a 0.95% expense ratio, which is higher than ISPY's 0.55% expense ratio.

Dividends

TQQQ vs. ISPY - Dividend Comparison

TQQQ's dividend yield for the trailing twelve months is around 0.29%, less than ISPY's 4.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ISPY ProShares S&P 500 High Income ETF	4.59%	8.56%	9.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TQQQ ProShares UltraPro QQQ	0.29%	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 ISPY in my portfolio?

With a correlation of 0.91, TQQQ and ISPY 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 ISPY?

TQQQ has higher volatility (27.08%) compared to ISPY (4.81%). In terms of maximum drawdown, TQQQ dropped -81.66% vs ISPY's -16.88%.

Which ETF is better, TQQQ or ISPY?

On 1-year performance, TQQQ leads with 77.18% vs 16.35% for ISPY. On fees, ISPY is cheaper at 0.55% per year. On volatility, ISPY has been the lower-risk option at 4.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TQQQ or ISPY?

Over the 1-year period, TQQQ has performed better with a 77.18% return vs 16.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TQQQ or ISPY?

ISPY is cheaper with a 0.55% expense ratio, compared with 0.95% for TQQQ.

Which ETF pays a higher dividend yield, TQQQ or ISPY?

ISPY has the higher dividend yield at 4.59%, compared with 0.29% for TQQQ.

What is the main difference between TQQQ and ISPY?

TQQQ is categorized as Leveraged Equities, while ISPY is Derivative Income. TQQQ tracks NASDAQ-100 Index (300%), while ISPY tracks S&P 500 Daily Covered Call Index. Their fees differ too: 0.95% for TQQQ and 0.55% for ISPY.

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (1.49 vs 1.39), 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.