TQQQ vs. SOXL

Last updated Apr 14, 2026

TQQQ (ProShares UltraPro QQQ) and SOXL (Direxion Daily Semiconductor Bull 3x Shares) are both Leveraged Equities funds — TQQQ tracks the NASDAQ-100 Index (300%) while SOXL tracks the PHLX Semiconductor Index (300%). Both are passively managed. Over the past 10 years, TQQQ returned 37.42%/yr vs 47.92%/yr for SOXL. Their correlation of 0.83 suggests significant overlap in exposure. TQQQ charges 0.95%/yr vs 0.99%/yr for SOXL.

Performance

TQQQ vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro QQQ (TQQQ) and Direxion Daily Semiconductor Bull 3x Shares (SOXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TQQQ achieves a -3.75% return, which is significantly lower than SOXL's 91.67% return. Over the past 10 years, TQQQ has underperformed SOXL with an annualized return of 37.42%, while SOXL has yielded a comparatively higher 47.92% annualized return.

TQQQ

• 1D: 3.03%
• 1M: 10.48%
• YTD: -3.75%
• 6M: -1.54%
• 1Y: 110.02%
• 3Y*: 56.31%
• 5Y*: 14.75%
• 10Y*: 37.42%

SOXL

• 1D: 5.46%
• 1M: 58.83%
• YTD: 91.67%
• 6M: 105.83%
• 1Y: 690.21%
• 3Y*: 74.09%
• 5Y*: 15.01%
• 10Y*: 47.92%

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

TQQQ vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TQQQ ProShares UltraPro QQQ	-3.75%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%
SOXL Direxion Daily Semiconductor Bull 3x Shares	91.67%	54.91%	-12.31%	226.98%	-85.66%	118.84%	70.04%	231.83%	-39.07%	141.71%

Correlation

The correlation between TQQQ and SOXL is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010	0.83

The correlation between TQQQ and SOXL has been stable across timeframes, ranging from 0.80 to 0.86 — a consistent structural relationship.

Return for Risk

TQQQ vs. SOXL — Risk / Return Rank

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

TQQQ

TQQQ Risk / Return Rank: 41
TQQQ Sharpe Ratio Rank: 56
TQQQ Sortino Ratio Rank: 40
TQQQ Omega Ratio Rank: 42
TQQQ Calmar Ratio Rank: 33
TQQQ Martin Ratio Rank: 33

SOXL

SOXL Risk / Return Rank: 92
SOXL Sharpe Ratio Rank: 99
SOXL Sortino Ratio Rank: 83
SOXL Omega Ratio Rank: 83
SOXL Calmar Ratio Rank: 98
SOXL Martin Ratio Rank: 97

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. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) and Direxion Daily Semiconductor Bull 3x Shares (SOXL). 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	SOXL	Difference
Sharpe ratio Return per unit of total volatility	2.20	7.22	-5.02
Sortino ratio Return per unit of downside risk	2.59	4.15	-1.56
Omega ratio Gain probability vs. loss probability	1.34	1.57	-0.23
Calmar ratio Return relative to maximum drawdown	2.54	12.26	-9.72
Martin ratio Return relative to average drawdown	8.29	41.94	-33.65
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. SOXL - Sharpe Ratio Comparison

The current TQQQ Sharpe Ratio is 2.20, which is lower than the SOXL Sharpe Ratio of 7.22. The chart below compares the historical Sharpe Ratios of TQQQ and SOXL, 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	SOXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	7.22	-5.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.14	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.49	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.40	+0.27

Drawdowns

TQQQ vs. SOXL - Drawdown Comparison

The maximum TQQQ drawdown since its inception was -81.66%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for TQQQ and SOXL.

Drawdown Indicators

	TQQQ	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-81.66%	-90.46%	+8.80%
Max Drawdown (1Y) Largest decline over 1 year	-36.97%	-43.47%	+6.50%
Max Drawdown (5Y) Largest decline over 5 years	-81.66%	-90.46%	+8.80%
Max Drawdown (10Y) Largest decline over 10 years	-81.66%	-90.46%	+8.80%
Current Drawdown Current decline from peak	-15.72%	0.00%	-15.72%
Average Drawdown Average peak-to-trough decline	-18.67%	-35.29%	+16.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.33%	12.71%	-1.38%

Volatility

TQQQ vs. SOXL - Volatility Comparison

The current volatility for ProShares UltraPro QQQ (TQQQ) is 19.86%, while Direxion Daily Semiconductor Bull 3x Shares (SOXL) has a volatility of 36.44%. This indicates that TQQQ experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQQQ	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.86%	36.44%	-16.58%
Volatility (6M) Calculated over the trailing 6-month period	39.33%	80.75%	-41.42%
Volatility (1Y) Calculated over the trailing 1-year period	50.69%	97.58%	-46.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.58%	105.80%	-39.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.86%	97.96%	-32.10%

TQQQ vs. SOXL - Expense Ratio Comparison

TQQQ has a 0.95% expense ratio, which is lower than SOXL's 0.99% expense ratio.

Dividends

TQQQ vs. SOXL - Dividend Comparison

TQQQ's dividend yield for the trailing twelve months is around 0.62%, more than SOXL's 0.10% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TQQQ ProShares UltraPro QQQ	0.62%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%
SOXL Direxion Daily Semiconductor Bull 3x Shares	0.10%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%	0.00%