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TQQQ vs. USD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TQQQ vs. USD

Last updated Jun 26, 2026

TQQQ (ProShares UltraPro QQQ) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - TQQQ tracks the NASDAQ-100 Index (300%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, TQQQ returned 46.45%/yr vs 62.72%/yr for USD. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

TQQQ vs. USD - Performance Comparison

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

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Returns By Period

In the year-to-date period, TQQQ achieves a 42.40% return, which is significantly lower than USD's 92.18% return. Over the past 10 years, TQQQ has underperformed USD with an annualized return of 46.45%, while USD has yielded a comparatively higher 62.72% 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%

USD

1D
4.73%
1M
-0.57%
YTD
92.18%
6M
86.88%
1Y
185.02%
3Y*
118.50%
5Y*
64.73%
10Y*
62.72%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TQQQ vs. USD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TQQQ
ProShares UltraPro QQQ		42.40%34.35%58.27%198.04%-79.09%82.98%110.05%133.84%-19.79%118.06%
USD
ProShares Ultra Semiconductors		92.18%62.08%139.64%228.79%-68.57%104.27%68.16%110.37%-26.88%81.72%

Correlation

The correlation between TQQQ and USD is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.81

Correlation (3Y)
Calculated over the trailing 3-year period

0.84

Correlation (5Y)
Calculated over the trailing 5-year period

0.87

Correlation (10Y)
Calculated over the trailing 10-year period

0.84

Correlation (All Time)
Calculated using the full available price history since Feb 11, 2010

0.82

The correlation between TQQQ and USD has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.

TQQQ vs. USD - Sectors Allocation Comparison

Sectors
TQQQ
USD

Technology

53.8%
26.3%

Communication Services

15.8%

-

Consumer Cyclical

12.3%

-

Consumer Defensive

7.7%

-

Healthcare

4.2%

-

Industrials

2.8%

-

Utilities

1.4%

-

Basic Materials

1.1%

-

Energy

0.6%
0.0%

Financial Services

0.2%
26.0%

Real Estate

0.1%

-

Technology

TQQQ
53.8%
USD
26.3%

Communication Services

TQQQ
15.8%
USD

-

Consumer Cyclical

TQQQ
12.3%
USD

-

Consumer Defensive

TQQQ
7.7%
USD

-

Healthcare

TQQQ
4.2%
USD

-

Industrials

TQQQ
2.8%
USD

-

Utilities

TQQQ
1.4%
USD

-

Basic Materials

TQQQ
1.1%
USD

-

Energy

TQQQ
0.6%
USD
0.0%

Financial Services

TQQQ
0.2%
USD
26.0%

Real Estate

TQQQ
0.1%
USD

-

Compare stocks, funds, or ETFs

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ProShares UltraPro QQQ

ProShares Ultra Semiconductors

Often compared with TQQQ:
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Often compared with USD:
USD vs. SOXLUSD vs. SMHUSD vs. QQQUSD vs. SCHDUSD vs. SPYUSD vs. FNGOUSD vs. NVDX

Return for Risk

TQQQ vs. USD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TQQQ
TQQQ Risk / Return Rank: 5555
Overall Rank
TQQQ Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
TQQQ Sortino Ratio Rank: 5050
Sortino Ratio Rank
TQQQ Omega Ratio Rank: 5252
Omega Ratio Rank
TQQQ Calmar Ratio Rank: 5959
Calmar Ratio Rank
TQQQ Martin Ratio Rank: 5353
Martin Ratio Rank
USD
USD Risk / Return Rank: 8484
Overall Rank
USD Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
USD Sortino Ratio Rank: 7171
Sortino Ratio Rank
USD Omega Ratio Rank: 7474
Omega Ratio Rank
USD Calmar Ratio Rank: 9393
Calmar Ratio Rank
USD Martin Ratio Rank: 8787
Martin Ratio Rank
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. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) and ProShares Ultra Semiconductors (USD). 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.

TQQQUSDDifference
Sharpe ratioReturn per unit of total volatility
1.73
2.75

-1.02

Sortino ratioReturn per unit of downside risk
2.15
2.77

-0.62

Omega ratioGain probability vs. loss probability

1.29

1.38

-0.09

Calmar ratioReturn relative to maximum drawdown

2.50

5.86

-3.36

Martin ratioReturn relative to average drawdown

7.89

16.16

-8.26

TQQQ vs. USD - Sharpe Ratio Comparison

The current TQQQ Sharpe Ratio is 1.73, which is lower than the USD Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of TQQQ and USD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

TQQQ vs. USD - Drawdown Comparison

The maximum TQQQ drawdown since its inception was -81.66%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for TQQQ and USD.

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Drawdown Indicators

TQQQUSDDifference

Max Drawdown

Largest peak-to-trough decline

-81.66%

-88.63%

+6.97%

Max Drawdown (1Y)

Largest decline over 1 year

-36.97%

-31.80%

-5.17%

Max Drawdown (3Y)

Largest decline over 3 years

-58.04%

-64.46%

+6.42%

Max Drawdown (5Y)

Largest decline over 5 years

-81.66%

-77.85%

-3.81%

Max Drawdown (10Y)

Largest decline over 10 years

-81.66%

-77.85%

-3.81%

Current Drawdown

Current decline from peak

-14.07%

-11.21%

-2.86%

Average Drawdown

Average peak-to-trough decline

-18.49%

-32.29%

+13.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.67%

11.50%

+0.17%

Volatility

TQQQ vs. USD - Volatility Comparison

The current volatility for ProShares UltraPro QQQ (TQQQ) is 26.81%, while ProShares Ultra Semiconductors (USD) has a volatility of 33.79%. This indicates that TQQQ experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TQQQUSDDifference

Volatility (1M)

Calculated over the trailing 1-month period

26.81%

33.79%

-6.98%

Volatility (6M)

Calculated over the trailing 6-month period

43.27%

53.90%

-10.63%

Volatility (1Y)

Calculated over the trailing 1-year period

53.22%

67.84%

-14.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

67.42%

77.74%

-10.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

66.30%

69.82%

-3.52%

TQQQ vs. USD - Expense Ratio Comparison

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

Dividends

TQQQ vs. USD - Dividend Comparison

TQQQ's dividend yield for the trailing twelve months is around 0.27%, less than USD's 0.30% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
USD
ProShares Ultra Semiconductors		0.30%0.39%0.10%0.05%0.30%0.00%0.14%0.72%0.93%0.32%0.46%0.39%

Frequently Asked Questions

TQQQ and USD have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USD has higher volatility (33.79%) compared to TQQQ (26.81%). In terms of maximum drawdown, TQQQ dropped -81.66% vs USD's -88.63%.

On 10-year performance, USD leads with 62.72% vs 46.45% for TQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, TQQQ has been the lower-risk option at 26.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, USD has performed better with a 62.72% return vs 46.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

USD has the higher dividend yield at 0.30%, compared with 0.27% for TQQQ.

TQQQ tracks NASDAQ-100 Index (300%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).

USD currently has the higher Sharpe Ratio (2.75 vs 1.73), 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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