TQQQ vs. NQ=F

Last updated Jun 26, 2026

TQQQ (ProShares UltraPro QQQ) is Leveraged Equities fund tracking the NASDAQ-100 Index (300%), while NQ=F (E-Mini Nasdaq 100 Futures) is an asset. Their correlation of 0.86 suggests significant overlap in exposure.

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.

Returns By Period

TQQQ

• 1D: 2.25%
• 1M: -8.54%
• YTD: 42.40%
• 6M: 35.61%
• 1Y: 91.80%
• 3Y*: 60.52%
• 5Y*: 21.71%
• 10Y*: 46.45%

NQ=F

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TQQQ vs. NQ=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TQQQ ProShares UltraPro QQQ	42.40%	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	0.00%	0.00%	0.00%	24.43%	-32.46%	26.66%	47.22%	38.20%	-1.18%	31.76%

Correlation

The correlation between TQQQ and NQ=F 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 (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	0.86

The correlation between TQQQ and NQ=F shifts across timeframes, from 0.63 (5 years) to 0.86 (all time), reflecting how their relationship changes across market environments.

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: 55
TQQQ Sharpe Ratio Rank: 60
TQQQ Sortino Ratio Rank: 50
TQQQ Omega Ratio Rank: 52
TQQQ Calmar Ratio Rank: 59
TQQQ Martin Ratio Rank: 53

NQ=F

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

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	NQ=F	Difference
Sharpe ratio: Return per unit of total volatility	1.73	—	—
Sortino ratio: Return per unit of downside risk	2.15	—	—
Omega ratio: Gain probability vs. loss probability	1.29	—	—
Calmar ratio: Return relative to maximum drawdown	2.50	—	—
Martin ratio: Return relative to average drawdown	7.89	—	—

Drawdowns

Drawdown Indicators

	TQQQ	NQ=F	Difference
Max Drawdown Largest peak-to-trough decline	-81.66%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-36.97%	—	—
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	-14.07%	—	—
Average Drawdown Average peak-to-trough decline	-18.49%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	11.67%	—	—

Volatility

Volatility by Period

	TQQQ	NQ=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.81%	—	—
Volatility (6M) Calculated over the trailing 6-month period	43.27%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	53.22%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.42%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.30%	—	—

Frequently Asked Questions

Can I hold both TQQQ and NQ=F in my portfolio?

TQQQ and NQ=F 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.