TQQQ vs. MTUM

Last updated Jun 14, 2026

TQQQ (ProShares UltraPro QQQ) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%), while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 10 years, TQQQ returned 44.55%/yr vs 17.15%/yr for MTUM. Their correlation of 0.85 suggests significant overlap in exposure. TQQQ charges 0.95%/yr vs 0.15%/yr for MTUM.

Performance

TQQQ vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro QQQ (TQQQ) and iShares MSCI USA Momentum Factor ETF (MTUM). 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 MTUM's 29.72% return. Over the past 10 years, TQQQ has outperformed MTUM with an annualized return of 44.55%, while MTUM has yielded a comparatively lower 17.15% annualized return.

TQQQ

• 1D: 1.99%
• 1M: 2.89%
• YTD: 47.28%
• 6M: 47.23%
• 1Y: 114.36%
• 3Y*: 59.79%
• 5Y*: 24.34%
• 10Y*: 44.55%

MTUM

• 1D: 1.69%
• 1M: 8.76%
• YTD: 29.72%
• 6M: 30.51%
• 1Y: 42.02%
• 3Y*: 33.16%
• 5Y*: 14.96%
• 10Y*: 17.15%

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

TQQQ vs. MTUM - 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%
MTUM iShares MSCI USA Momentum Factor ETF	29.72%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	37.50%

Correlation

The correlation between TQQQ and MTUM is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013	0.85

The correlation between TQQQ and MTUM has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

TQQQ vs. MTUM - Sectors Allocation Comparison

Sectors	TQQQ	MTUM
Technology	53.8%	50.2%
Communication Services	15.8%	5.1%
Consumer Cyclical	12.3%	2.9%
Consumer Defensive	7.7%	3.7%
Healthcare	4.2%	3.5%
Industrials	2.8%	15.0%
Utilities	1.4%	0.6%
Basic Materials	1.1%	2.3%
Energy	0.6%	10.5%
Financial Services	0.2%	5.0%
Real Estate	0.1%	1.3%

Return for Risk

TQQQ vs. MTUM — 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

MTUM

MTUM Risk / Return Rank: 73
MTUM Sharpe Ratio Rank: 70
MTUM Sortino Ratio Rank: 66
MTUM Omega Ratio Rank: 70
MTUM Calmar Ratio Rank: 78
MTUM Martin Ratio Rank: 81

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. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) and iShares MSCI USA Momentum Factor ETF (MTUM). 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	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	2.09	1.96	+0.12
Sortino ratio: Return per unit of downside risk	2.42	2.62	-0.20
Omega ratio: Gain probability vs. loss probability	1.32	1.36	-0.04
Calmar ratio: Return relative to maximum drawdown	2.89	3.55	-0.66
Martin ratio: Return relative to average drawdown	9.26	13.66	-4.40

TQQQ vs. MTUM - Sharpe Ratio Comparison

The current TQQQ Sharpe Ratio is 2.09, which is comparable to the MTUM Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of TQQQ and MTUM, 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. MTUM - Drawdown Comparison

The maximum TQQQ drawdown since its inception was -81.66%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for TQQQ and MTUM.

Drawdown Indicators

	TQQQ	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-81.66%	-34.08%	-47.58%
Max Drawdown (1Y) Largest decline over 1 year	-36.97%	-11.54%	-25.43%
Max Drawdown (3Y) Largest decline over 3 years	-58.04%	-20.99%	-37.05%
Max Drawdown (5Y) Largest decline over 5 years	-81.66%	-32.28%	-49.38%
Max Drawdown (10Y) Largest decline over 10 years	-81.66%	-34.08%	-47.58%
Current Drawdown Current decline from peak	-11.12%	-1.55%	-9.57%
Average Drawdown Average peak-to-trough decline	-18.51%	-6.20%	-12.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.52%	2.99%	+8.53%

Volatility

TQQQ vs. MTUM - Volatility Comparison

ProShares UltraPro QQQ (TQQQ) has a higher volatility of 22.79% compared to iShares MSCI USA Momentum Factor ETF (MTUM) at 10.89%. This indicates that TQQQ's price experiences larger fluctuations and is considered to be riskier than MTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQQQ	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.79%	10.89%	+11.90%
Volatility (6M) Calculated over the trailing 6-month period	41.26%	18.63%	+22.63%
Volatility (1Y) Calculated over the trailing 1-year period	51.24%	20.87%	+30.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.02%	20.94%	+46.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.22%	21.20%	+45.02%

TQQQ vs. MTUM - Expense Ratio Comparison

TQQQ has a 0.95% expense ratio, which is higher than MTUM's 0.15% expense ratio.

Dividends

TQQQ vs. MTUM - Dividend Comparison

TQQQ's dividend yield for the trailing twelve months is around 0.41%, less than MTUM's 0.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MTUM iShares MSCI USA Momentum Factor ETF	0.61%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%
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 MTUM in my portfolio?

TQQQ and MTUM have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TQQQ or MTUM?

TQQQ has higher volatility (22.79%) compared to MTUM (10.89%). In terms of maximum drawdown, TQQQ dropped -81.66% vs MTUM's -34.08%.

Which ETF is better, TQQQ or MTUM?

On 10-year performance, TQQQ leads with 44.55% vs 17.15% for MTUM. On fees, MTUM is cheaper at 0.15% per year. On volatility, MTUM has been the lower-risk option at 10.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TQQQ or MTUM?

Over the 10-year period, TQQQ has performed better with a 44.55% return vs 17.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TQQQ or MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.95% for TQQQ.

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

MTUM has the higher dividend yield at 0.61%, compared with 0.41% for TQQQ.

What is the main difference between TQQQ and MTUM?

TQQQ is categorized as Leveraged Equities, while MTUM is Momentum. TQQQ tracks NASDAQ-100 Index (300%), while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for TQQQ and 0.15% for MTUM.

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (2.09 vs 1.96), 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.