TQQQ vs. TPYP

Last updated Aug 6, 2026

TQQQ (ProShares UltraPro QQQ) and TPYP (Tortoise North American Pipeline Fund) are both exchange-traded funds - TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%), while TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index. Both are passively managed. Over the past 10 years, TQQQ returned 40.49%/yr vs 11.32%/yr for TPYP. Their 0.32 correlation means their historical movements had little consistent relationship. TQQQ charges 0.95%/yr vs 0.40%/yr for TPYP.

Performance

TQQQ vs. TPYP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro QQQ (TQQQ) and Tortoise North American Pipeline Fund (TPYP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TQQQ achieves a 38.71% return, which is significantly higher than TPYP's 20.31% return. Over the past 10 years, TQQQ has outperformed TPYP with an annualized return of 40.49%, while TPYP has yielded a comparatively lower 11.32% annualized return.

TQQQ

• 1D: -2.65%
• 1M: -4.68%
• 6M: 46.96%
• YTD: 38.71%
• 1Y: 71.21%
• 3Y*: 54.16%
• 5Y*: 17.51%
• 10Y*: 40.49%
• ALL TIME*: 43.32%

TPYP

• 1D: -1.47%
• 1M: 0.33%
• 6M: 10.96%
• YTD: 20.31%
• 1Y: 22.13%
• 3Y*: 23.42%
• 5Y*: 18.93%
• 10Y*: 11.32%
• ALL TIME*: 9.51%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TPYP Tortoise North American Pipeline Fund	$2.68M	$2.32M	$2.66M
TQQQ ProShares UltraPro QQQ	$5.00B	$4.56B	$5.34B

TQQQ vs. TPYP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TQQQ ProShares UltraPro QQQ	38.71%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%
TPYP Tortoise North American Pipeline Fund	20.31%	7.59%	37.37%	10.51%	16.09%	34.97%	-20.99%	23.35%	-11.13%	2.27%

Correlation

The correlation between TQQQ and TPYP is -0.22, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.22
Correlation (3Y) Balances recent behavior with more history.	0.10
Correlation (5Y) Shows whether the relationship held over a longer period.	0.25
Correlation (10Y) Provides a long-term view across more market conditions.	0.32
Correlation (All Time) Calculated using the full available price history since Jun 30, 2015	0.32

The correlation between TQQQ and TPYP shifts across timeframes, from -0.22 (1 year) to 0.32 (all time), reflecting how their relationship changes across market environments.

TQQQ vs. TPYP - Sectors Allocation Comparison

Sectors	TQQQ	TPYP
Technology	53.8%	-
Communication Services	15.8%	-
Consumer Cyclical	12.3%	-
Consumer Defensive	7.7%	-
Healthcare	4.2%	-
Industrials	2.8%	0.1%
Utilities	1.4%	21.2%
Basic Materials	1.1%	0.1%
Energy	0.6%	69.6%
Financial Services	0.2%	2.4%
Real Estate	0.1%	-

Return for Risk

TQQQ vs. TPYP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TQQQ

TQQQ Risk / Return Rank: 43
TQQQ Sharpe Ratio Rank: 43
TQQQ Sortino Ratio Rank: 42
TQQQ Omega Ratio Rank: 41
TQQQ Calmar Ratio Rank: 47
TQQQ Martin Ratio Rank: 43

TPYP

TPYP Risk / Return Rank: 61
TPYP Sharpe Ratio Rank: 58
TPYP Sortino Ratio Rank: 58
TPYP Omega Ratio Rank: 52
TPYP Calmar Ratio Rank: 80
TPYP Martin Ratio Rank: 57

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TQQQ vs. TPYP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) and Tortoise North American Pipeline Fund (TPYP). 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	TPYP	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.60	-0.37
Sortino ratio: Return per unit of downside risk	1.78	2.26	-0.49
Omega ratio: Gain probability vs. loss probability	1.22	1.27	-0.05
Calmar ratio: Return relative to maximum drawdown	1.94	3.25	-1.31
Martin ratio: Return relative to average drawdown	5.34	7.64	-2.30

TQQQ vs. TPYP - Sharpe Ratio Comparison

The current TQQQ Sharpe Ratio is 1.23, which is comparable to the TPYP Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of TQQQ and TPYP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TQQQ vs. TPYP - Drawdown Comparison

The maximum TQQQ drawdown since its inception was -81.66%, which is greater than TPYP's maximum drawdown of -51.91%. Use the drawdown chart below to compare losses from any high point for TQQQ and TPYP.

Drawdown Indicators

	TQQQ	TPYP	Difference
Max Drawdown Largest peak-to-trough decline	-81.66%	-51.91%	-29.75%
Max Drawdown (1Y) Largest decline over 1 year	-36.97%	-6.84%	-30.13%
Max Drawdown (3Y) Largest decline over 3 years	-58.04%	-13.17%	-44.87%
Max Drawdown (5Y) Largest decline over 5 years	-81.66%	-17.96%	-63.70%
Max Drawdown (10Y) Largest decline over 10 years	-81.66%	-51.91%	-29.75%
Current Drawdown Current decline from peak	-16.29%	-5.54%	-10.75%
Average Drawdown Average peak-to-trough decline	-18.49%	-7.82%	-10.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.38%	2.91%	+10.47%

Volatility

TQQQ vs. TPYP - Volatility Comparison

ProShares UltraPro QQQ (TQQQ) has a higher volatility of 21.96% compared to Tortoise North American Pipeline Fund (TPYP) at 4.74%. This indicates that TQQQ's price experiences larger fluctuations and is considered to be riskier than TPYP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQQQ	TPYP	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.96%	4.74%	+17.22%
Volatility (6M) Calculated over the trailing 6-month period	48.60%	11.18%	+37.42%
Volatility (1Y) Calculated over the trailing 1-year period	58.14%	13.98%	+44.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.26%	17.41%	+50.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.67%	21.90%	+44.77%

TQQQ vs. TPYP - Expense Ratio Comparison

TQQQ has a 0.95% expense ratio, which is higher than TPYP's 0.40% expense ratio.

Dividends

TQQQ vs. TPYP - Dividend Comparison

TQQQ's dividend yield for the trailing twelve months is around 0.52%, less than TPYP's 3.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TPYP Tortoise North American Pipeline Fund	3.28%	3.91%	3.95%	4.83%	4.48%	4.86%	6.14%	4.45%	4.58%	3.71%	3.49%	2.56%
TQQQ ProShares UltraPro QQQ	0.52%	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 TPYP in my portfolio?

TQQQ and TPYP have a correlation of -0.22, 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 TPYP?

TQQQ has higher volatility (21.96%) compared to TPYP (4.74%). In terms of maximum drawdown, TQQQ dropped -81.66% vs TPYP's -51.91%.

Which ETF is better, TQQQ or TPYP?

On 10-year performance, TQQQ leads with 40.49% vs 11.32% for TPYP. On fees, TPYP is cheaper at 0.40% per year. On volatility, TPYP has been the lower-risk option at 4.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TQQQ or TPYP?

Over the 10-year period, TQQQ has performed better with a 40.49% return vs 11.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TQQQ or TPYP?

TPYP is cheaper with a 0.40% expense ratio, compared with 0.95% for TQQQ.

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

TPYP has the higher dividend yield at 3.28%, compared with 0.52% for TQQQ.

What is the main difference between TQQQ and TPYP?

TQQQ is categorized as Leveraged Equities, while TPYP is Energy Equities. TQQQ tracks NASDAQ-100 Index (300%), while TPYP tracks Tortoise North American Pipeline Index. They also come from different issuers: ProShares and Tortoise. Their fees differ too: 0.95% for TQQQ and 0.40% for TPYP.

Which has better risk-adjusted returns?

TPYP currently has the higher Sharpe Ratio (1.60 vs 1.23), 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.