TQQQ vs. UDOW

Last updated Jun 4, 2026

TQQQ (ProShares UltraPro QQQ) and UDOW (ProShares UltraPro Dow30) are both Leveraged Equities funds from ProShares - TQQQ tracks the NASDAQ-100 Index (300%) while UDOW tracks the Dow Jones Industrial Average (300%). Both are passively managed. Over the past 10 years, TQQQ returned 45.33%/yr vs 23.30%/yr for UDOW. A 0.75 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

TQQQ vs. UDOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro QQQ (TQQQ) and ProShares UltraPro Dow30 (UDOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TQQQ achieves a 64.46% return, which is significantly higher than UDOW's 12.27% return. Over the past 10 years, TQQQ has outperformed UDOW with an annualized return of 45.33%, while UDOW has yielded a comparatively lower 23.30% annualized return.

TQQQ

• 1D: -0.76%
• 1M: 33.35%
• YTD: 64.46%
• 6M: 55.93%
• 1Y: 137.89%
• 3Y*: 69.49%
• 5Y*: 28.37%
• 10Y*: 45.33%

UDOW

• 1D: -3.38%
• 1M: 10.84%
• YTD: 12.27%
• 6M: 12.78%
• 1Y: 53.13%
• 3Y*: 33.01%
• 5Y*: 12.75%
• 10Y*: 23.30%

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

TQQQ vs. UDOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TQQQ ProShares UltraPro QQQ	64.46%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%
UDOW ProShares UltraPro Dow30	12.27%	24.46%	28.47%	32.72%	-32.39%	65.67%	-17.15%	75.24%	-23.86%	99.07%

Correlation

The correlation between TQQQ and UDOW is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010	0.75

The correlation between TQQQ and UDOW shifts across timeframes, from 0.65 (3 years) to 0.75 (all time), reflecting how their relationship changes across market environments.

TQQQ vs. UDOW - Sectors Allocation Comparison

Sectors	TQQQ	UDOW
Technology	53.8%	17.1%
Communication Services	15.8%	1.9%
Consumer Cyclical	12.3%	11.6%
Consumer Defensive	7.7%	4.4%
Healthcare	4.2%	13.1%
Industrials	2.8%	18.4%
Utilities	1.4%	-
Basic Materials	1.1%	4.0%
Energy	0.6%	2.4%
Financial Services	0.2%	27.2%
Real Estate	0.1%	-

Return for Risk

TQQQ vs. UDOW — Risk / Return Rank

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

TQQQ

TQQQ Risk / Return Rank: 71
TQQQ Sharpe Ratio Rank: 86
TQQQ Sortino Ratio Rank: 65
TQQQ Omega Ratio Rank: 65
TQQQ Calmar Ratio Rank: 73
TQQQ Martin Ratio Rank: 66

UDOW

UDOW Risk / Return Rank: 40
UDOW Sharpe Ratio Rank: 41
UDOW Sortino Ratio Rank: 40
UDOW Omega Ratio Rank: 38
UDOW Calmar Ratio Rank: 38
UDOW Martin Ratio Rank: 41

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. UDOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) and ProShares UltraPro Dow30 (UDOW). 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	UDOW	Difference
Sharpe ratio: Return per unit of total volatility	2.92	1.48	+1.44
Sortino ratio: Return per unit of downside risk	3.09	2.09	+1.00
Omega ratio: Gain probability vs. loss probability	1.40	1.25	+0.15
Calmar ratio: Return relative to maximum drawdown	3.75	1.90	+1.85
Martin ratio: Return relative to average drawdown	12.27	6.75	+5.52
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. UDOW - Sharpe Ratio Comparison

The current TQQQ Sharpe Ratio is 2.92, which is higher than the UDOW Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of TQQQ and UDOW, 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	UDOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	1.48	+1.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.29	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.45	+0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.53	+0.20

Drawdowns

TQQQ vs. UDOW - Drawdown Comparison

The maximum TQQQ drawdown since its inception was -81.66%, roughly equal to the maximum UDOW drawdown of -80.29%. Use the drawdown chart below to compare losses from any high point for TQQQ and UDOW.

Drawdown Indicators

	TQQQ	UDOW	Difference
Max Drawdown Largest peak-to-trough decline	-81.66%	-80.29%	-1.37%
Max Drawdown (1Y) Largest decline over 1 year	-36.97%	-28.07%	-8.90%
Max Drawdown (3Y) Largest decline over 3 years	-58.04%	-44.83%	-13.21%
Max Drawdown (5Y) Largest decline over 5 years	-81.66%	-55.79%	-25.87%
Max Drawdown (10Y) Largest decline over 10 years	-81.66%	-80.29%	-1.37%
Current Drawdown Current decline from peak	-0.76%	-3.38%	+2.62%
Average Drawdown Average peak-to-trough decline	-18.52%	-14.39%	-4.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.28%	7.90%	+3.38%

Volatility

TQQQ vs. UDOW - Volatility Comparison

ProShares UltraPro QQQ (TQQQ) has a higher volatility of 13.29% compared to ProShares UltraPro Dow30 (UDOW) at 8.80%. This indicates that TQQQ's price experiences larger fluctuations and is considered to be riskier than UDOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQQQ	UDOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.29%	8.80%	+4.49%
Volatility (6M) Calculated over the trailing 6-month period	36.04%	27.61%	+8.43%
Volatility (1Y) Calculated over the trailing 1-year period	47.60%	36.12%	+11.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.53%	44.19%	+22.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.96%	51.76%	+14.20%

TQQQ vs. UDOW - Expense Ratio Comparison

Both TQQQ and UDOW have an expense ratio of 0.95%.

Dividends

TQQQ vs. UDOW - Dividend Comparison

TQQQ's dividend yield for the trailing twelve months is around 0.36%, less than UDOW's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TQQQ ProShares UltraPro QQQ	0.36%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%
UDOW ProShares UltraPro Dow30	1.21%	1.38%	0.95%	0.95%	0.83%	0.26%	0.19%	0.61%	0.73%	0.13%	0.26%	0.21%

Frequently Asked Questions

Can I hold both TQQQ and UDOW in my portfolio?

TQQQ and UDOW have a correlation of 0.67, 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 UDOW?

TQQQ has higher volatility (13.29%) compared to UDOW (8.80%). In terms of maximum drawdown, TQQQ dropped -81.66% vs UDOW's -80.29%.

Which ETF is better, TQQQ or UDOW?

On 10-year performance, TQQQ leads with 45.33% vs 23.30% for UDOW. Both ETFs have the same 0.95% expense ratio. On volatility, UDOW has been the lower-risk option at 8.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TQQQ or UDOW?

Over the 10-year period, TQQQ has performed better with a 45.33% return vs 23.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TQQQ or UDOW?

TQQQ and UDOW have the same expense ratio: 0.95% per year.

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

UDOW has the higher dividend yield at 1.21%, compared with 0.36% for TQQQ.

What is the main difference between TQQQ and UDOW?

TQQQ tracks NASDAQ-100 Index (300%), while UDOW tracks Dow Jones Industrial Average (300%).

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (2.92 vs 1.48), 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.