TQQQ vs. USGG

Last updated Jun 21, 2026

TQQQ (ProShares UltraPro QQQ) and USGG (Leverage Shares 2X Long USAR Daily ETF) are both Leveraged Equities funds - TQQQ tracks the NASDAQ-100 Index (300%) while USGG tracks the USA Rare Earth, Inc. (USAR). Both are passively managed. At a 0.47 correlation, their price movements are largely independent. TQQQ charges 0.95%/yr vs 0.75%/yr for USGG.

Performance

TQQQ vs. USGG - Performance Comparison

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

Returns By Period

TQQQ

• 1D: 6.87%
• 1M: 7.69%
• YTD: 57.45%
• 6M: 55.34%
• 1Y: 130.36%
• 3Y*: 61.43%
• 5Y*: 25.74%
• 10Y*: 45.79%

USGG

• 1D: 9.07%
• 1M: -8.93%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TQQQ vs. USGG - Yearly Performance Comparison

	2026 (YTD)
TQQQ ProShares UltraPro QQQ	48.52%
USGG Leverage Shares 2X Long USAR Daily ETF	9.53%

Correlation

The correlation between TQQQ and USGG is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 13, 2026	0.47

Return for Risk

TQQQ vs. USGG — Risk / Return Rank

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

TQQQ

TQQQ Risk / Return Rank: 68
TQQQ Sharpe Ratio Rank: 81
TQQQ Sortino Ratio Rank: 60
TQQQ Omega Ratio Rank: 62
TQQQ Calmar Ratio Rank: 72
TQQQ Martin Ratio Rank: 63

USGG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. USGG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) and Leverage Shares 2X Long USAR Daily ETF (USGG). 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	USGG	Difference
Sharpe ratio: Return per unit of total volatility	2.44	—	—
Sortino ratio: Return per unit of downside risk	2.69	—	—
Omega ratio: Gain probability vs. loss probability	1.36	—	—
Calmar ratio: Return relative to maximum drawdown	3.46	—	—
Martin ratio: Return relative to average drawdown	11.05	—	—

Drawdowns

TQQQ vs. USGG - Drawdown Comparison

The maximum TQQQ drawdown since its inception was -81.66%, which is greater than USGG's maximum drawdown of -77.74%. Use the drawdown chart below to compare losses from any high point for TQQQ and USGG.

Drawdown Indicators

	TQQQ	USGG	Difference
Max Drawdown Largest peak-to-trough decline	-81.66%	-77.74%	-3.92%
Max Drawdown (1Y) Largest decline over 1 year	-36.97%	—	—
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	-4.99%	-51.81%	+46.82%
Average Drawdown Average peak-to-trough decline	-18.50%	-46.83%	+28.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.55%	—	—

Volatility

Volatility by Period

	TQQQ	USGG	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.44%	—	—
Volatility (6M) Calculated over the trailing 6-month period	42.61%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	52.43%	225.93%	-173.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.25%	225.93%	-158.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.33%	225.93%	-159.60%

TQQQ vs. USGG - Expense Ratio Comparison

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

Dividends

TQQQ vs. USGG - Dividend Comparison

TQQQ's dividend yield for the trailing twelve months is around 0.38%, while USGG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TQQQ ProShares UltraPro QQQ	0.38%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%
USGG Leverage Shares 2X Long USAR Daily ETF	0.00%	0.00%	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 USGG in my portfolio?

TQQQ and USGG have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TQQQ or USGG?

On fees, USGG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TQQQ or USGG?

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

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

TQQQ has the higher dividend yield at 0.38%, compared with 0.00% for USGG.

What is the main difference between TQQQ and USGG?

TQQQ tracks NASDAQ-100 Index (300%), while USGG tracks USA Rare Earth, Inc. (USAR). They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for TQQQ and 0.75% for USGG.