TQQQ vs. TSMG

Last updated Jun 24, 2026

TQQQ (ProShares UltraPro QQQ) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. TQQQ is passively managed, while TSMG is actively managed. Over the past year, TQQQ returned 100.69% vs 241.80% for TSMG. A 0.69 correlation means they provide meaningful diversification when combined. TQQQ charges 0.95%/yr vs 0.75%/yr for TSMG.

Performance

TQQQ vs. TSMG - Performance Comparison

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

Returns By Period

In the year-to-date period, TQQQ achieves a 41.43% return, which is significantly lower than TSMG's 80.39% return.

TQQQ

• 1D: -9.86%
• 1M: -4.37%
• YTD: 41.43%
• 6M: 35.75%
• 1Y: 100.69%
• 3Y*: 58.02%
• 5Y*: 21.47%
• 10Y*: 45.48%

TSMG

• 1D: -13.49%
• 1M: 12.90%
• YTD: 80.39%
• 6M: 88.25%
• 1Y: 241.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TQQQ vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
TQQQ ProShares UltraPro QQQ	41.43%	39.83%
TSMG Leverage Shares 2X Long TSM Daily ETF	80.39%	71.03%

Correlation

The correlation between TQQQ and TSMG is 0.65, 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	0.65
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025	0.69

The correlation between TQQQ and TSMG has been stable across timeframes, ranging from 0.65 to 0.69 - a consistent structural relationship.

Return for Risk

TQQQ vs. TSMG — Risk / Return Rank

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

TQQQ

TQQQ Risk / Return Rank: 53
TQQQ Sharpe Ratio Rank: 58
TQQQ Sortino Ratio Rank: 47
TQQQ Omega Ratio Rank: 49
TQQQ Calmar Ratio Rank: 57
TQQQ Martin Ratio Rank: 52

TSMG

TSMG Risk / Return Rank: 85
TSMG Sharpe Ratio Rank: 93
TSMG Sortino Ratio Rank: 75
TSMG Omega Ratio Rank: 70
TSMG Calmar Ratio Rank: 94
TSMG Martin Ratio Rank: 92

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. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) and Leverage Shares 2X Long TSM Daily ETF (TSMG). 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	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	1.90	3.17	-1.27
Sortino ratio: Return per unit of downside risk	2.27	3.15	-0.88
Omega ratio: Gain probability vs. loss probability	1.30	1.39	-0.08
Calmar ratio: Return relative to maximum drawdown	2.74	6.90	-4.16
Martin ratio: Return relative to average drawdown	8.72	22.04	-13.32

TQQQ vs. TSMG - Sharpe Ratio Comparison

The current TQQQ Sharpe Ratio is 1.90, which is lower than the TSMG Sharpe Ratio of 3.17. The chart below compares the historical Sharpe Ratios of TQQQ and TSMG, 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. TSMG - Drawdown Comparison

The maximum TQQQ drawdown since its inception was -81.66%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for TQQQ and TSMG.

Drawdown Indicators

	TQQQ	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-81.66%	-63.67%	-17.99%
Max Drawdown (1Y) Largest decline over 1 year	-36.97%	-35.29%	-1.68%
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	-14.65%	-13.49%	-1.16%
Average Drawdown Average peak-to-trough decline	-18.49%	-16.65%	-1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.59%	11.03%	+0.56%

Volatility

TQQQ vs. TSMG - Volatility Comparison

The current volatility for ProShares UltraPro QQQ (TQQQ) is 27.27%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 33.00%. This indicates that TQQQ experiences smaller price fluctuations and is considered to be less risky than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQQQ	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.27%	33.00%	-5.73%
Volatility (6M) Calculated over the trailing 6-month period	43.35%	60.76%	-17.41%
Volatility (1Y) Calculated over the trailing 1-year period	53.39%	76.78%	-23.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.41%	83.21%	-15.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.32%	83.21%	-16.89%

TQQQ vs. TSMG - Expense Ratio Comparison

TQQQ has a 0.95% expense ratio, which is higher than TSMG's 0.75% expense ratio.

Dividends

TQQQ vs. TSMG - Dividend Comparison

TQQQ's dividend yield for the trailing twelve months is around 0.42%, less than TSMG's 6.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TQQQ ProShares UltraPro QQQ	0.42%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.37%	11.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TQQQ and TSMG in my portfolio?

TQQQ and TSMG have a correlation of 0.65, 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 TSMG?

TSMG has higher volatility (33.00%) compared to TQQQ (27.27%). In terms of maximum drawdown, TQQQ dropped -81.66% vs TSMG's -63.67%.

Which ETF is better, TQQQ or TSMG?

On 1-year performance, TSMG leads with 241.80% vs 100.69% for TQQQ. On fees, TSMG is cheaper at 0.75% per year. On volatility, TQQQ has been the lower-risk option at 27.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TQQQ or TSMG?

Over the 1-year period, TSMG has performed better with a 241.80% return vs 100.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TQQQ or TSMG?

TSMG is cheaper with a 0.75% expense ratio, compared with 0.95% for TQQQ.

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

TSMG has the higher dividend yield at 6.37%, compared with 0.42% for TQQQ.

What is the main difference between TQQQ and TSMG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for TQQQ and 0.75% for TSMG.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (3.17 vs 1.90), 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.