TQQQ vs. MVV

Last updated Jun 13, 2026

TQQQ (ProShares UltraPro QQQ) and MVV (ProShares Ultra Midcap 400) are both Leveraged Equities funds from ProShares - TQQQ tracks the NASDAQ-100 Index (300%) while MVV tracks the S&P MidCap 400 Index (200%). Both are passively managed. Over the past 10 years, TQQQ returned 44.55%/yr vs 14.23%/yr for MVV. A 0.74 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

TQQQ vs. MVV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro QQQ (TQQQ) and ProShares Ultra Midcap 400 (MVV). 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 MVV's 28.55% return. Over the past 10 years, TQQQ has outperformed MVV with an annualized return of 44.55%, while MVV has yielded a comparatively lower 14.23% annualized return.

TQQQ

• 1D: 1.99%
• 1M: 0.36%
• YTD: 47.28%
• 6M: 47.23%
• 1Y: 106.26%
• 3Y*: 59.79%
• 5Y*: 24.34%
• 10Y*: 44.55%

MVV

• 1D: 1.36%
• 1M: 7.43%
• YTD: 28.55%
• 6M: 24.94%
• 1Y: 46.23%
• 3Y*: 20.57%
• 5Y*: 6.68%
• 10Y*: 14.23%

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

TQQQ vs. MVV - 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%
MVV ProShares Ultra Midcap 400	28.55%	3.48%	17.75%	22.51%	-31.96%	48.57%	6.20%	49.50%	-25.44%	30.81%

Correlation

The correlation between TQQQ and MVV is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	0.74

The correlation between TQQQ and MVV shifts across timeframes, from 0.63 (1 year) to 0.74 (all time), reflecting how their relationship changes across market environments.

TQQQ vs. MVV - Sectors Allocation Comparison

Sectors	TQQQ	MVV
Technology	53.8%	15.8%
Communication Services	15.8%	1.0%
Consumer Cyclical	12.3%	10.6%
Consumer Defensive	7.7%	3.7%
Healthcare	4.2%	8.7%
Industrials	2.8%	25.1%
Utilities	1.4%	3.1%
Basic Materials	1.1%	4.8%
Energy	0.6%	5.5%
Financial Services	0.2%	14.3%
Real Estate	0.1%	7.5%

Return for Risk

TQQQ vs. MVV — 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

MVV

MVV Risk / Return Rank: 51
MVV Sharpe Ratio Rank: 47
MVV Sortino Ratio Rank: 47
MVV Omega Ratio Rank: 44
MVV Calmar Ratio Rank: 60
MVV Martin Ratio Rank: 58

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. MVV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) and ProShares Ultra Midcap 400 (MVV). 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	MVV	Difference
Sharpe ratio: Return per unit of total volatility	2.09	1.46	+0.63
Sortino ratio: Return per unit of downside risk	2.42	2.09	+0.33
Omega ratio: Gain probability vs. loss probability	1.32	1.25	+0.07
Calmar ratio: Return relative to maximum drawdown	2.89	2.63	+0.26
Martin ratio: Return relative to average drawdown	9.26	9.01	+0.25

TQQQ vs. MVV - Sharpe Ratio Comparison

The current TQQQ Sharpe Ratio is 2.09, which is higher than the MVV Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of TQQQ and MVV, 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. MVV - Drawdown Comparison

The maximum TQQQ drawdown since its inception was -81.66%, roughly equal to the maximum MVV drawdown of -85.54%. Use the drawdown chart below to compare losses from any high point for TQQQ and MVV.

Drawdown Indicators

	TQQQ	MVV	Difference
Max Drawdown Largest peak-to-trough decline	-81.66%	-85.54%	+3.88%
Max Drawdown (1Y) Largest decline over 1 year	-36.97%	-17.68%	-19.29%
Max Drawdown (3Y) Largest decline over 3 years	-58.04%	-44.80%	-13.24%
Max Drawdown (5Y) Largest decline over 5 years	-81.66%	-45.53%	-36.13%
Max Drawdown (10Y) Largest decline over 10 years	-81.66%	-69.19%	-12.47%
Current Drawdown Current decline from peak	-11.12%	0.00%	-11.12%
Average Drawdown Average peak-to-trough decline	-18.51%	-20.52%	+2.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.52%	5.16%	+6.36%

Volatility

TQQQ vs. MVV - Volatility Comparison

ProShares UltraPro QQQ (TQQQ) has a higher volatility of 22.79% compared to ProShares Ultra Midcap 400 (MVV) at 9.98%. This indicates that TQQQ's price experiences larger fluctuations and is considered to be riskier than MVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQQQ	MVV	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.79%	9.98%	+12.81%
Volatility (6M) Calculated over the trailing 6-month period	41.26%	23.46%	+17.80%
Volatility (1Y) Calculated over the trailing 1-year period	51.24%	31.91%	+19.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.02%	39.74%	+27.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.22%	42.40%	+23.82%

TQQQ vs. MVV - Expense Ratio Comparison

Both TQQQ and MVV have an expense ratio of 0.95%.

Dividends

TQQQ vs. MVV - Dividend Comparison

TQQQ's dividend yield for the trailing twelve months is around 0.41%, less than MVV's 0.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MVV ProShares Ultra Midcap 400	0.66%	0.77%	0.39%	0.77%	0.93%	0.16%	0.29%	0.62%	0.62%	0.21%	0.43%	0.17%
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 MVV in my portfolio?

TQQQ and MVV have a correlation of 0.63, 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 MVV?

TQQQ has higher volatility (22.79%) compared to MVV (9.98%). In terms of maximum drawdown, TQQQ dropped -81.66% vs MVV's -85.54%.

Which ETF is better, TQQQ or MVV?

On 10-year performance, TQQQ leads with 44.55% vs 14.23% for MVV. Both ETFs have the same 0.95% expense ratio. On volatility, MVV has been the lower-risk option at 9.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TQQQ or MVV?

Over the 10-year period, TQQQ has performed better with a 44.55% return vs 14.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TQQQ or MVV?

TQQQ and MVV have the same expense ratio: 0.95% per year.

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

MVV has the higher dividend yield at 0.66%, compared with 0.41% for TQQQ.

What is the main difference between TQQQ and MVV?

TQQQ tracks NASDAQ-100 Index (300%), while MVV tracks S&P MidCap 400 Index (200%).

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (2.09 vs 1.46), 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.