TQQQ vs. TMF
TQQQ (ProShares UltraPro QQQ) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%), while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 10 years, TQQQ returned 46.45%/yr vs -17.10%/yr for TMF. At a correlation of -0.18, they often move in opposite directions. TQQQ charges 0.95%/yr vs 1.01%/yr for TMF.
Performance
TQQQ vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, TQQQ achieves a 42.40% return, which is significantly higher than TMF's -0.03% return. Over the past 10 years, TQQQ has outperformed TMF with an annualized return of 46.45%, while TMF has yielded a comparatively lower -17.10% annualized return.
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%
TMF
- 1D
- -0.11%
- 1M
- 8.39%
- YTD
- -0.03%
- 6M
- -2.97%
- 1Y
- -0.36%
- 3Y*
- -19.98%
- 5Y*
- -30.26%
- 10Y*
- -17.10%
TQQQ vs. TMF - 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% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -0.03% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between TQQQ and TMF is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.18 |
The correlation between TQQQ and TMF shifts across timeframes, from -0.18 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TQQQ vs. TMF — Risk / Return Rank
TQQQ
TMF
TQQQ vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF). 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 | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.75 | ||
| Sortino ratioReturn per unit of downside risk | +1.96 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.02 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | -0.01 | +2.51 |
| Martin ratioReturn relative to average drawdown | 7.89 | -0.03 | +7.92 |
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Drawdowns
TQQQ vs. TMF - Drawdown Comparison
The maximum TQQQ drawdown since its inception was -81.66%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for TQQQ and TMF.
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Drawdown Indicators
| TQQQ | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.66% | -92.89% | +11.23% |
Max Drawdown (1Y)Largest decline over 1 year | -36.97% | -26.51% | -10.46% |
Max Drawdown (3Y)Largest decline over 3 years | -58.04% | -56.09% | -1.95% |
Max Drawdown (5Y)Largest decline over 5 years | -81.66% | -88.81% | +7.15% |
Max Drawdown (10Y)Largest decline over 10 years | -81.66% | -92.89% | +11.23% |
Current DrawdownCurrent decline from peak | -14.07% | -91.72% | +77.65% |
Average DrawdownAverage peak-to-trough decline | -18.49% | -43.79% | +25.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.67% | 12.32% | -0.65% |
Volatility
TQQQ vs. TMF - Volatility Comparison
ProShares UltraPro QQQ (TQQQ) has a higher volatility of 26.81% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.19%. This indicates that TQQQ's price experiences larger fluctuations and is considered to be riskier than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TQQQ | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 26.81% | 7.19% | +19.62% |
Volatility (6M)Calculated over the trailing 6-month period | 43.27% | 19.68% | +23.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 53.22% | 28.08% | +25.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.42% | 46.61% | +20.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.30% | 43.86% | +22.44% |
TQQQ vs. TMF - Expense Ratio Comparison
TQQQ has a 0.95% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
TQQQ vs. TMF - Dividend Comparison
TQQQ's dividend yield for the trailing twelve months is around 0.27%, less than TMF's 3.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 3.95% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% | 0.00% | 0.00% |
TQQQ ProShares UltraPro QQQ | 0.27% | 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
TQQQ and TMF have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (26.81%) compared to TMF (7.19%). In terms of maximum drawdown, TQQQ dropped -81.66% vs TMF's -92.89%.
On 10-year performance, TQQQ leads with 46.45% vs -17.10% for TMF. On fees, TQQQ is cheaper at 0.95% per year. On volatility, TMF has been the lower-risk option at 7.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TQQQ has performed better with a 46.45% return vs -17.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TQQQ is cheaper with a 0.95% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 3.95%, compared with 0.27% for TQQQ.
TQQQ is categorized as Leveraged Equities, while TMF is Leveraged Bonds. TQQQ tracks NASDAQ-100 Index (300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for TQQQ and 1.01% for TMF.
TQQQ currently has the higher Sharpe Ratio (1.73 vs -0.01), 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.
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