TQQQ vs. USMV

Last updated Jun 7, 2026

TQQQ (ProShares UltraPro QQQ) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%), while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, TQQQ returned 42.84%/yr vs 9.85%/yr for USMV. A 0.68 correlation means they provide meaningful diversification when combined. TQQQ charges 0.95%/yr vs 0.15%/yr for USMV.

Performance

TQQQ vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro QQQ (TQQQ) and iShares MSCI USA Min Vol Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TQQQ achieves a 38.79% return, which is significantly higher than USMV's 1.99% return. Over the past 10 years, TQQQ has outperformed USMV with an annualized return of 42.84%, while USMV has yielded a comparatively lower 9.85% annualized return.

TQQQ

• 1D: -14.28%
• 1M: -4.23%
• YTD: 38.79%
• 6M: 30.51%
• 1Y: 98.25%
• 3Y*: 60.11%
• 5Y*: 24.09%
• 10Y*: 42.84%

USMV

• 1D: -1.06%
• 1M: 1.71%
• YTD: 1.99%
• 6M: 1.96%
• 1Y: 3.62%
• 3Y*: 11.76%
• 5Y*: 7.31%
• 10Y*: 9.85%

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

TQQQ vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TQQQ ProShares UltraPro QQQ	38.79%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%
USMV iShares MSCI USA Min Vol Factor ETF	1.99%	7.65%	15.74%	10.33%	-9.43%	20.85%	5.64%	27.69%	1.33%	18.91%

Correlation

The correlation between TQQQ and USMV is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Oct 21, 2011	0.68

Over the past year, the correlation between TQQQ and USMV has dropped to 0.35 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

TQQQ vs. USMV - Sectors Allocation Comparison

Sectors	TQQQ	USMV
Technology	53.8%	30.8%
Communication Services	15.8%	5.9%
Consumer Cyclical	12.3%	5.7%
Consumer Defensive	7.7%	10.0%
Healthcare	4.2%	12.5%
Industrials	2.8%	5.7%
Utilities	1.4%	7.5%
Basic Materials	1.1%	2.2%
Energy	0.6%	3.6%
Financial Services	0.2%	12.4%
Real Estate	0.1%	2.2%

Return for Risk

TQQQ vs. USMV — Risk / Return Rank

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

TQQQ

TQQQ Risk / Return Rank: 56
TQQQ Sharpe Ratio Rank: 64
TQQQ Sortino Ratio Rank: 50
TQQQ Omega Ratio Rank: 54
TQQQ Calmar Ratio Rank: 58
TQQQ Martin Ratio Rank: 54

USMV

USMV Risk / Return Rank: 18
USMV Sharpe Ratio Rank: 17
USMV Sortino Ratio Rank: 17
USMV Omega Ratio Rank: 16
USMV Calmar Ratio Rank: 18
USMV Martin Ratio Rank: 20

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. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) and iShares MSCI USA Min Vol Factor ETF (USMV). 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	USMV	Difference
Sharpe ratio: Return per unit of total volatility	2.10	0.51	+1.59
Sortino ratio: Return per unit of downside risk	2.41	0.77	+1.64
Omega ratio: Gain probability vs. loss probability	1.33	1.09	+0.24
Calmar ratio: Return relative to maximum drawdown	2.83	0.67	+2.15
Martin ratio: Return relative to average drawdown	9.20	2.24	+6.96
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. USMV - Sharpe Ratio Comparison

The current TQQQ Sharpe Ratio is 2.10, which is higher than the USMV Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of TQQQ and USMV, 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	USMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	0.51	+1.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.59	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.68	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.86	-0.15

Drawdowns

TQQQ vs. USMV - Drawdown Comparison

The maximum TQQQ drawdown since its inception was -81.66%, which is greater than USMV's maximum drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for TQQQ and USMV.

Drawdown Indicators

	TQQQ	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-81.66%	-33.10%	-48.56%
Max Drawdown (1Y) Largest decline over 1 year	-36.97%	-6.46%	-30.51%
Max Drawdown (3Y) Largest decline over 3 years	-58.04%	-9.36%	-48.68%
Max Drawdown (5Y) Largest decline over 5 years	-81.66%	-17.93%	-63.73%
Max Drawdown (10Y) Largest decline over 10 years	-81.66%	-33.10%	-48.56%
Current Drawdown Current decline from peak	-16.25%	-1.82%	-14.43%
Average Drawdown Average peak-to-trough decline	-18.52%	-2.88%	-15.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.33%	1.94%	+9.39%

Volatility

TQQQ vs. USMV - Volatility Comparison

ProShares UltraPro QQQ (TQQQ) has a higher volatility of 20.42% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.61%. This indicates that TQQQ's price experiences larger fluctuations and is considered to be riskier than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQQQ	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.42%	2.61%	+17.81%
Volatility (6M) Calculated over the trailing 6-month period	39.33%	6.01%	+33.32%
Volatility (1Y) Calculated over the trailing 1-year period	49.81%	8.57%	+41.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.79%	12.36%	+54.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.11%	14.51%	+51.60%

TQQQ vs. USMV - Expense Ratio Comparison

TQQQ has a 0.95% expense ratio, which is higher than USMV's 0.15% expense ratio.

Dividends

TQQQ vs. USMV - Dividend Comparison

TQQQ's dividend yield for the trailing twelve months is around 0.43%, less than USMV's 1.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TQQQ ProShares UltraPro QQQ	0.43%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%
USMV iShares MSCI USA Min Vol Factor ETF	1.54%	1.49%	1.67%	1.82%	1.62%	1.26%	1.81%	1.88%	2.12%	1.77%	2.22%	2.02%

Frequently Asked Questions

Can I hold both TQQQ and USMV in my portfolio?

TQQQ and USMV have a correlation of 0.35, 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 USMV?

TQQQ has higher volatility (20.42%) compared to USMV (2.61%). In terms of maximum drawdown, TQQQ dropped -81.66% vs USMV's -33.10%.

Which ETF is better, TQQQ or USMV?

On 10-year performance, TQQQ leads with 42.84% vs 9.85% for USMV. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TQQQ or USMV?

Over the 10-year period, TQQQ has performed better with a 42.84% return vs 9.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TQQQ or USMV?

USMV is cheaper with a 0.15% expense ratio, compared with 0.95% for TQQQ.

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

USMV has the higher dividend yield at 1.54%, compared with 0.43% for TQQQ.

What is the main difference between TQQQ and USMV?

TQQQ is categorized as Leveraged Equities, while USMV is Large Cap Blend Equities. TQQQ tracks NASDAQ-100 Index (300%), while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for TQQQ and 0.15% for USMV.

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (2.10 vs 0.51), 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.