TQQQ vs. NVDL

Last updated Jun 4, 2026

TQQQ (ProShares UltraPro QQQ) and NVDL (GraniteShares 2x Long NVDA Daily ETF) are both Leveraged Equities funds. TQQQ is passively managed, while NVDL is actively managed. Over the past 3 years, TQQQ returned 69.49%/yr vs 109.72%/yr for NVDL. A 0.72 correlation means they provide meaningful diversification when combined. TQQQ charges 0.95%/yr vs 1.05%/yr for NVDL.

Performance

TQQQ vs. NVDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro QQQ (TQQQ) and GraniteShares 2x Long NVDA Daily ETF (NVDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TQQQ achieves a 64.46% return, which is significantly higher than NVDL's 19.95% return.

TQQQ

• 1D: -0.76%
• 1M: 33.35%
• YTD: 64.46%
• 6M: 55.93%
• 1Y: 137.89%
• 3Y*: 69.49%
• 5Y*: 28.37%
• 10Y*: 45.33%

NVDL

• 1D: -7.15%
• 1M: 14.24%
• YTD: 19.95%
• 6M: 27.27%
• 1Y: 84.82%
• 3Y*: 109.72%
• 5Y*: —
• 10Y*: —

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

TQQQ vs. NVDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TQQQ ProShares UltraPro QQQ	64.46%	34.35%	58.27%	198.04%	-22.12%
NVDL GraniteShares 2x Long NVDA Daily ETF	19.95%	32.57%	344.58%	432.18%	-28.32%

Correlation

The correlation between TQQQ and NVDL 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	0.71
Correlation (All Time) Calculated using the full available price history since Dec 14, 2022	0.72

The correlation between TQQQ and NVDL has been stable across timeframes, ranging from 0.63 to 0.72 - a consistent structural relationship.

TQQQ vs. NVDL - Sectors Allocation Comparison

Sectors	TQQQ	NVDL
Technology	53.8%	100.0%
Communication Services	15.8%	0.0%
Consumer Cyclical	12.3%	0.0%
Consumer Defensive	7.7%	0.0%
Healthcare	4.2%	0.0%
Industrials	2.8%	0.0%
Utilities	1.4%	0.0%
Basic Materials	1.1%	0.0%
Energy	0.6%	0.0%
Financial Services	0.2%	0.0%
Real Estate	0.1%	0.0%

Return for Risk

TQQQ vs. NVDL — Risk / Return Rank

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

TQQQ

TQQQ Risk / Return Rank: 71
TQQQ Sharpe Ratio Rank: 86
TQQQ Sortino Ratio Rank: 65
TQQQ Omega Ratio Rank: 65
TQQQ Calmar Ratio Rank: 73
TQQQ Martin Ratio Rank: 66

NVDL

NVDL Risk / Return Rank: 34
NVDL Sharpe Ratio Rank: 34
NVDL Sortino Ratio Rank: 35
NVDL Omega Ratio Rank: 33
NVDL Calmar Ratio Rank: 40
NVDL Martin Ratio Rank: 31

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. NVDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) and GraniteShares 2x Long NVDA Daily ETF (NVDL). 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	NVDL	Difference
Sharpe ratio: Return per unit of total volatility	2.92	1.25	+1.66
Sortino ratio: Return per unit of downside risk	3.09	1.89	+1.20
Omega ratio: Gain probability vs. loss probability	1.40	1.23	+0.18
Calmar ratio: Return relative to maximum drawdown	3.75	2.02	+1.73
Martin ratio: Return relative to average drawdown	12.27	4.63	+7.64
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. NVDL - Sharpe Ratio Comparison

The current TQQQ Sharpe Ratio is 2.92, which is higher than the NVDL Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of TQQQ and NVDL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TQQQ	NVDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	1.25	+1.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	1.77	-1.03

Drawdowns

TQQQ vs. NVDL - Drawdown Comparison

The maximum TQQQ drawdown since its inception was -81.66%, which is greater than NVDL's maximum drawdown of -67.55%. Use the drawdown chart below to compare losses from any high point for TQQQ and NVDL.

Drawdown Indicators

	TQQQ	NVDL	Difference
Max Drawdown Largest peak-to-trough decline	-81.66%	-67.55%	-14.11%
Max Drawdown (1Y) Largest decline over 1 year	-36.97%	-42.23%	+5.26%
Max Drawdown (3Y) Largest decline over 3 years	-58.04%	-67.55%	+9.51%
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	-0.76%	-18.19%	+17.43%
Average Drawdown Average peak-to-trough decline	-18.52%	-16.96%	-1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.28%	18.39%	-7.11%

Volatility

TQQQ vs. NVDL - Volatility Comparison

The current volatility for ProShares UltraPro QQQ (TQQQ) is 13.29%, while GraniteShares 2x Long NVDA Daily ETF (NVDL) has a volatility of 24.77%. This indicates that TQQQ experiences smaller price fluctuations and is considered to be less risky than NVDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQQQ	NVDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.29%	24.77%	-11.48%
Volatility (6M) Calculated over the trailing 6-month period	36.04%	50.80%	-14.76%
Volatility (1Y) Calculated over the trailing 1-year period	47.60%	68.20%	-20.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.53%	90.43%	-23.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.96%	90.43%	-24.47%

TQQQ vs. NVDL - Expense Ratio Comparison

TQQQ has a 0.95% expense ratio, which is lower than NVDL's 1.05% expense ratio.

Dividends

TQQQ vs. NVDL - Dividend Comparison

TQQQ's dividend yield for the trailing twelve months is around 0.36%, while NVDL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NVDL GraniteShares 2x Long NVDA Daily ETF	0.00%	0.00%	0.00%	11.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TQQQ ProShares UltraPro QQQ	0.36%	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 NVDL in my portfolio?

TQQQ and NVDL 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 NVDL?

NVDL has higher volatility (24.77%) compared to TQQQ (13.29%). In terms of maximum drawdown, TQQQ dropped -81.66% vs NVDL's -67.55%.

Which ETF is better, TQQQ or NVDL?

On 3-year performance, NVDL leads with 109.72% vs 69.49% for TQQQ. On fees, TQQQ is cheaper at 0.95% per year. On volatility, TQQQ has been the lower-risk option at 13.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TQQQ or NVDL?

Over the 3-year period, NVDL has performed better with a 109.72% return vs 69.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TQQQ or NVDL?

TQQQ is cheaper with a 0.95% expense ratio, compared with 1.05% for NVDL.

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

TQQQ has the higher dividend yield at 0.36%, compared with 0.00% for NVDL.

What is the main difference between TQQQ and NVDL?

They also come from different issuers: ProShares and GraniteShares. Their fees differ too: 0.95% for TQQQ and 1.05% for NVDL.

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (2.92 vs 1.25), 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.