TQQQ vs. NQ=F

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares UltraPro QQQ (TQQQ) and E-Mini Nasdaq 100 Futures (NQ=F).

TQQQ is a passively managed fund by ProShares that tracks the performance of the NASDAQ-100 Index (300%). It was launched on Feb 9, 2010.

Performance

TQQQ vs. NQ=F - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro QQQ (TQQQ) and E-Mini Nasdaq 100 Futures (NQ=F). The values are adjusted to include any dividend payments, if applicable.

TQQQ vs. NQ=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TQQQ ProShares UltraPro QQQ	-17.87%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%
NQ=F E-Mini Nasdaq 100 Futures	-4.99%	19.93%	24.69%	54.45%	-32.46%	26.66%	47.22%	38.20%	-1.18%	31.76%

Returns By Period

In the year-to-date period, TQQQ achieves a -17.87% return, which is significantly lower than NQ=F's -4.99% return. Over the past 10 years, TQQQ has outperformed NQ=F with an annualized return of 35.31%, while NQ=F has yielded a comparatively lower 18.24% annualized return.

TQQQ

• 1D: 3.72%
• 1M: -12.88%
• YTD: -17.87%
• 6M: -17.28%
• 1Y: 48.52%
• 3Y*: 46.87%
• 5Y*: 13.55%
• 10Y*: 35.31%

NQ=F

• 1D: 1.14%
• 1M: -3.35%
• YTD: -4.99%
• 6M: -3.32%
• 1Y: 23.38%
• 3Y*: 22.06%
• 5Y*: 12.68%
• 10Y*: 18.24%

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

Return for Risk

TQQQ vs. NQ=F — Risk / Return Rank

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

TQQQ

TQQQ Risk / Return Rank: 47
TQQQ Sharpe Ratio Rank: 37
TQQQ Sortino Ratio Rank: 51
TQQQ Omega Ratio Rank: 50
TQQQ Calmar Ratio Rank: 53
TQQQ Martin Ratio Rank: 44

NQ=F

NQ=F Risk / Return Rank: 60
NQ=F Sharpe Ratio Rank: 58
NQ=F Sortino Ratio Rank: 60
NQ=F Omega Ratio Rank: 59
NQ=F Calmar Ratio Rank: 51
NQ=F Martin Ratio Rank: 70

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. NQ=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) and E-Mini Nasdaq 100 Futures (NQ=F). 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	NQ=F	Difference
Sharpe ratio Return per unit of total volatility	0.72	1.02	-0.29
Sortino ratio Return per unit of downside risk	1.41	1.60	-0.19
Omega ratio Gain probability vs. loss probability	1.20	1.23	-0.03
Calmar ratio Return relative to maximum drawdown	1.41	2.41	-1.00
Martin ratio Return relative to average drawdown	4.28	8.99	-4.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TQQQ vs. NQ=F - Sharpe Ratio Comparison

The current TQQQ Sharpe Ratio is 0.72, which is comparable to the NQ=F Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of TQQQ and NQ=F, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TQQQ	NQ=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.72	1.02	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.56	-0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.82	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.90	-0.26

Correlation

The correlation between TQQQ and NQ=F is 0.98, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

TQQQ vs. NQ=F - Drawdown Comparison

The maximum TQQQ drawdown since its inception was -81.66%, which is greater than NQ=F's maximum drawdown of -35.28%. Use the drawdown chart below to compare losses from any high point for TQQQ and NQ=F.

Drawdown Indicators

	TQQQ	NQ=F	Difference
Max Drawdown Largest peak-to-trough decline	-81.66%	-35.28%	-46.38%
Max Drawdown (1Y) Largest decline over 1 year	-36.97%	-12.72%	-24.25%
Max Drawdown (5Y) Largest decline over 5 years	-81.66%	-35.28%	-46.38%
Max Drawdown (10Y) Largest decline over 10 years	-81.66%	-35.28%	-46.38%
Current Drawdown Current decline from peak	-28.08%	-7.90%	-20.18%
Average Drawdown Average peak-to-trough decline	-18.66%	-5.15%	-13.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.13%	3.18%	+8.95%

Volatility

TQQQ vs. NQ=F - Volatility Comparison

ProShares UltraPro QQQ (TQQQ) has a higher volatility of 19.74% compared to E-Mini Nasdaq 100 Futures (NQ=F) at 6.23%. This indicates that TQQQ's price experiences larger fluctuations and is considered to be riskier than NQ=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQQQ	NQ=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.74%	6.23%	+13.51%
Volatility (6M) Calculated over the trailing 6-month period	38.50%	12.64%	+25.86%
Volatility (1Y) Calculated over the trailing 1-year period	67.35%	22.19%	+45.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.53%	22.48%	+44.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.83%	22.24%	+43.59%