TQQQ vs. XDTE

Last updated Jun 28, 2026

TQQQ (ProShares UltraPro QQQ) and XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) are both exchange-traded funds - TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%), while XDTE is a Derivative Income fund actively managed by Roundhill. TQQQ is passively managed, while XDTE is actively managed. Over the past year, TQQQ returned 77.18% vs 18.93% for XDTE. Their correlation of 0.92 suggests significant overlap in exposure. TQQQ charges 0.95%/yr vs 0.97%/yr for XDTE.

Performance

TQQQ vs. XDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro QQQ (TQQQ) and Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TQQQ achieves a 36.47% return, which is significantly higher than XDTE's 6.55% return.

TQQQ

• 1D: -4.16%
• 1M: -15.05%
• YTD: 36.47%
• 6M: 30.08%
• 1Y: 77.18%
• 3Y*: 55.74%
• 5Y*: 20.68%
• 10Y*: 44.95%

XDTE

• 1D: -0.49%
• 1M: -2.38%
• YTD: 6.55%
• 6M: 5.39%
• 1Y: 18.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TQQQ vs. XDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TQQQ ProShares UltraPro QQQ	36.47%	34.35%	33.45%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	6.55%	12.60%	17.12%

Correlation

The correlation between TQQQ and XDTE is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.92

The correlation between TQQQ and XDTE has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.

TQQQ vs. XDTE - Sectors Allocation Comparison

Sectors	TQQQ	XDTE
Technology	53.8%	39.0%
Communication Services	15.8%	10.6%
Consumer Cyclical	12.3%	9.9%
Consumer Defensive	7.7%	4.5%
Healthcare	4.2%	8.3%
Industrials	2.8%	7.8%
Utilities	1.4%	2.1%
Basic Materials	1.1%	1.7%
Energy	0.6%	3.1%
Financial Services	0.2%	11.1%
Real Estate	0.1%	1.8%

Return for Risk

TQQQ vs. XDTE — Risk / Return Rank

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

TQQQ

TQQQ Risk / Return Rank: 45
TQQQ Sharpe Ratio Rank: 47
TQQQ Sortino Ratio Rank: 41
TQQQ Omega Ratio Rank: 43
TQQQ Calmar Ratio Rank: 48
TQQQ Martin Ratio Rank: 45

XDTE

XDTE Risk / Return Rank: 59
XDTE Sharpe Ratio Rank: 57
XDTE Sortino Ratio Rank: 53
XDTE Omega Ratio Rank: 56
XDTE Calmar Ratio Rank: 59
XDTE Martin Ratio Rank: 68

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. XDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) and Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE). 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	XDTE	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.71	-0.22
Sortino ratio: Return per unit of downside risk	1.95	2.30	-0.35
Omega ratio: Gain probability vs. loss probability	1.26	1.31	-0.05
Calmar ratio: Return relative to maximum drawdown	2.15	2.56	-0.41
Martin ratio: Return relative to average drawdown	6.75	11.06	-4.30

TQQQ vs. XDTE - Sharpe Ratio Comparison

The current TQQQ Sharpe Ratio is 1.49, which is comparable to the XDTE Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of TQQQ and XDTE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TQQQ vs. XDTE - Drawdown Comparison

The maximum TQQQ drawdown since its inception was -81.66%, which is greater than XDTE's maximum drawdown of -19.09%. Use the drawdown chart below to compare losses from any high point for TQQQ and XDTE.

Drawdown Indicators

	TQQQ	XDTE	Difference
Max Drawdown Largest peak-to-trough decline	-81.66%	-19.09%	-62.57%
Max Drawdown (1Y) Largest decline over 1 year	-36.97%	-7.68%	-29.29%
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	-17.65%	-2.73%	-14.92%
Average Drawdown Average peak-to-trough decline	-18.49%	-2.31%	-16.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.72%	1.77%	+9.95%

Volatility

TQQQ vs. XDTE - Volatility Comparison

ProShares UltraPro QQQ (TQQQ) has a higher volatility of 27.08% compared to Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) at 4.46%. This indicates that TQQQ's price experiences larger fluctuations and is considered to be riskier than XDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQQQ	XDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.08%	4.46%	+22.62%
Volatility (6M) Calculated over the trailing 6-month period	43.49%	9.06%	+34.43%
Volatility (1Y) Calculated over the trailing 1-year period	53.41%	11.53%	+41.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.42%	13.94%	+53.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.28%	13.94%	+52.34%

TQQQ vs. XDTE - Expense Ratio Comparison

TQQQ has a 0.95% expense ratio, which is lower than XDTE's 0.97% expense ratio.

Dividends

TQQQ vs. XDTE - Dividend Comparison

TQQQ's dividend yield for the trailing twelve months is around 0.29%, less than XDTE's 33.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TQQQ ProShares UltraPro QQQ	0.29%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	33.50%	39.16%	20.35%	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 XDTE in my portfolio?

With a correlation of 0.92, TQQQ and XDTE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TQQQ or XDTE?

TQQQ has higher volatility (27.08%) compared to XDTE (4.46%). In terms of maximum drawdown, TQQQ dropped -81.66% vs XDTE's -19.09%.

Which ETF is better, TQQQ or XDTE?

On 1-year performance, TQQQ leads with 77.18% vs 18.93% for XDTE. On fees, TQQQ is cheaper at 0.95% per year. On volatility, XDTE has been the lower-risk option at 4.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TQQQ or XDTE?

Over the 1-year period, TQQQ has performed better with a 77.18% return vs 18.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TQQQ or XDTE?

TQQQ is cheaper with a 0.95% expense ratio, compared with 0.97% for XDTE.

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

XDTE has the higher dividend yield at 33.50%, compared with 0.29% for TQQQ.

What is the main difference between TQQQ and XDTE?

TQQQ is categorized as Leveraged Equities, while XDTE is Derivative Income. They also come from different issuers: ProShares and Roundhill. Their fees differ too: 0.95% for TQQQ and 0.97% for XDTE.

Which has better risk-adjusted returns?

XDTE currently has the higher Sharpe Ratio (1.71 vs 1.49), 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.