TQQQ vs. TSMX

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares UltraPro QQQ (TQQQ) and Direxion Daily TSM Bull 2X Shares (TSMX).

TQQQ and TSMX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TQQQ is a passively managed fund by ProShares that tracks the performance of the NASDAQ-100 Index (300%). It was launched on Feb 9, 2010. TSMX is an actively managed fund by Direxion. It was launched on Oct 3, 2024.

Performance

TQQQ vs. TSMX - Performance Comparison

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

TQQQ vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TQQQ ProShares UltraPro QQQ	-20.81%	34.35%	14.20%
TSMX Direxion Daily TSM Bull 2X Shares	16.15%	81.48%	14.76%

Returns By Period

In the year-to-date period, TQQQ achieves a -20.81% return, which is significantly lower than TSMX's 16.15% return.

TQQQ

• 1D: 10.00%
• 1M: -15.69%
• YTD: -20.81%
• 6M: -19.12%
• 1Y: 46.49%
• 3Y*: 45.09%
• 5Y*: 12.72%
• 10Y*: 34.82%

TSMX

• 1D: 13.81%
• 1M: -20.58%
• YTD: 16.15%
• 6M: 30.27%
• 1Y: 227.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TQQQ vs. TSMX - Expense Ratio Comparison

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

TSMX

Direxion Daily TSM Bull 2X Shares

TQQQ

ProShares UltraPro QQQ

Return for Risk

TQQQ vs. TSMX — Risk / Return Rank

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

TQQQ

TQQQ Risk / Return Rank: 50
TQQQ Sharpe Ratio Rank: 40
TQQQ Sortino Ratio Rank: 57
TQQQ Omega Ratio Rank: 56
TQQQ Calmar Ratio Rank: 55
TQQQ Martin Ratio Rank: 44

TSMX

TSMX Risk / Return Rank: 96
TSMX Sharpe Ratio Rank: 97
TSMX Sortino Ratio Rank: 95
TSMX Omega Ratio Rank: 91
TSMX Calmar Ratio Rank: 98
TSMX 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. TSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) and Direxion Daily TSM Bull 2X Shares (TSMX). 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	TSMX	Difference
Sharpe ratio Return per unit of total volatility	0.69	2.95	-2.26
Sortino ratio Return per unit of downside risk	1.37	3.08	-1.71
Omega ratio Gain probability vs. loss probability	1.19	1.39	-0.19
Calmar ratio Return relative to maximum drawdown	1.25	6.59	-5.33
Martin ratio Return relative to average drawdown	3.87	20.50	-16.64
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. TSMX - Sharpe Ratio Comparison

The current TQQQ Sharpe Ratio is 0.69, which is lower than the TSMX Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of TQQQ and TSMX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TQQQ	TSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.69	2.95	-2.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	1.01	-0.37

Correlation

The correlation between TQQQ and TSMX is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

TQQQ vs. TSMX - Dividend Comparison

TQQQ's dividend yield for the trailing twelve months is around 0.76%, less than TSMX's 7.11% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TQQQ ProShares UltraPro QQQ	0.76%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%
TSMX Direxion Daily TSM Bull 2X Shares	7.11%	8.01%	0.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

TQQQ vs. TSMX - Drawdown Comparison

The maximum TQQQ drawdown since its inception was -81.66%, which is greater than TSMX's maximum drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for TQQQ and TSMX.

Drawdown Indicators

	TQQQ	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-81.66%	-63.80%	-17.86%
Max Drawdown (1Y) Largest decline over 1 year	-36.97%	-34.93%	-2.04%
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	-30.66%	-25.94%	-4.72%
Average Drawdown Average peak-to-trough decline	-18.66%	-16.74%	-1.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.00%	11.22%	+0.78%

Volatility

TQQQ vs. TSMX - Volatility Comparison

The current volatility for ProShares UltraPro QQQ (TQQQ) is 19.43%, while Direxion Daily TSM Bull 2X Shares (TSMX) has a volatility of 29.06%. This indicates that TQQQ experiences smaller price fluctuations and is considered to be less risky than TSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQQQ	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.43%	29.06%	-9.63%
Volatility (6M) Calculated over the trailing 6-month period	38.32%	54.61%	-16.29%
Volatility (1Y) Calculated over the trailing 1-year period	67.26%	77.49%	-10.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.55%	81.26%	-14.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.83%	81.26%	-15.43%