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TQQQ vs. ZROZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TQQQ vs. ZROZ

Last updated Jun 7, 2026

TQQQ (ProShares UltraPro QQQ) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) are both exchange-traded funds - TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%), while ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index. Both are passively managed. Over the past 10 years, TQQQ returned 42.84%/yr vs -4.09%/yr for ZROZ. At a correlation of -0.18, they often move in opposite directions. TQQQ charges 0.95%/yr vs 0.15%/yr for ZROZ.

Performance

TQQQ vs. ZROZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro QQQ (TQQQ) and PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ). 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 38.79% return, which is significantly higher than ZROZ's -1.22% return. Over the past 10 years, TQQQ has outperformed ZROZ with an annualized return of 42.84%, while ZROZ has yielded a comparatively lower -4.09% 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%

ZROZ

1D
-0.48%
1M
-0.57%
YTD
-1.22%
6M
-2.98%
1Y
2.41%
3Y*
-7.65%
5Y*
-11.65%
10Y*
-4.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TQQQ vs. ZROZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TQQQ
ProShares UltraPro QQQ		38.79%34.35%58.27%198.04%-79.09%82.98%110.05%133.84%-19.79%118.06%
ZROZ
PIMCO 25+ Year Zero Coupon US Treasury Index Fund		-1.22%-1.84%-16.18%1.19%-41.28%-5.22%24.57%21.22%-5.43%14.77%

Correlation

The correlation between TQQQ and ZROZ is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.15

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

0.13

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

0.06

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

-0.04

Correlation (All Time)
Calculated using the full available price history since Feb 12, 2010

-0.18

The correlation between TQQQ and ZROZ shifts across timeframes, from -0.18 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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ProShares UltraPro QQQ

PIMCO 25+ Year Zero Coupon US Treasury Index Fund

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TQQQ vs. QQQTQQQ vs. SOXLTQQQ vs. QLDTQQQ vs. SQQQTQQQ vs. SPXLTQQQ vs. UPROTQQQ vs. TECL
Often compared with ZROZ:
ZROZ vs. EDVZROZ vs. TLTZROZ vs. GOVZZROZ vs. SPYZROZ vs. CORPZROZ vs. BONDZROZ vs. IDTL.L

Return for Risk

TQQQ vs. ZROZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TQQQ
TQQQ Risk / Return Rank: 5656
Overall Rank
TQQQ Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
TQQQ Sortino Ratio Rank: 5050
Sortino Ratio Rank
TQQQ Omega Ratio Rank: 5454
Omega Ratio Rank
TQQQ Calmar Ratio Rank: 5858
Calmar Ratio Rank
TQQQ Martin Ratio Rank: 5454
Martin Ratio Rank
ZROZ
ZROZ Risk / Return Rank: 99
Overall Rank
ZROZ Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
ZROZ Sortino Ratio Rank: 99
Sortino Ratio Rank
ZROZ Omega Ratio Rank: 99
Omega Ratio Rank
ZROZ Calmar Ratio Rank: 99
Calmar Ratio Rank
ZROZ Martin Ratio Rank: 99
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. ZROZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) and PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ). 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.

TQQQZROZDifference
Sharpe ratioReturn per unit of total volatility
2.10
0.04

+2.06

Sortino ratioReturn per unit of downside risk
2.41
0.18

+2.23

Omega ratioGain probability vs. loss probability

1.33

1.02

+0.31

Calmar ratioReturn relative to maximum drawdown

2.83

0.05

+2.78

Martin ratioReturn relative to average drawdown

9.20

0.11

+9.09

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. ZROZ - Sharpe Ratio Comparison

The current TQQQ Sharpe Ratio is 2.10, which is higher than the ZROZ Sharpe Ratio of 0.04. The chart below compares the historical Sharpe Ratios of TQQQ and ZROZ, 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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Sharpe Ratios by Period

TQQQZROZDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.10

0.04

+2.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.36

-0.49

+0.85

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.65

-0.19

+0.84

Sharpe Ratio (All Time)

Calculated using the full available price history

0.71

0.09

+0.62

Drawdowns

TQQQ vs. ZROZ - Drawdown Comparison

The maximum TQQQ drawdown since its inception was -81.66%, which is greater than ZROZ's maximum drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for TQQQ and ZROZ.

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Drawdown Indicators

TQQQZROZDifference

Max Drawdown

Largest peak-to-trough decline

-81.66%

-62.93%

-18.73%

Max Drawdown (1Y)

Largest decline over 1 year

-36.97%

-14.02%

-22.95%

Max Drawdown (3Y)

Largest decline over 3 years

-58.04%

-28.62%

-29.42%

Max Drawdown (5Y)

Largest decline over 5 years

-81.66%

-57.98%

-23.68%

Max Drawdown (10Y)

Largest decline over 10 years

-81.66%

-62.93%

-18.73%

Current Drawdown

Current decline from peak

-16.25%

-59.99%

+43.74%

Average Drawdown

Average peak-to-trough decline

-18.52%

-24.06%

+5.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.33%

6.17%

+5.16%

Volatility

TQQQ vs. ZROZ - Volatility Comparison

ProShares UltraPro QQQ (TQQQ) has a higher volatility of 20.42% compared to PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) at 4.30%. This indicates that TQQQ's price experiences larger fluctuations and is considered to be riskier than ZROZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TQQQZROZDifference

Volatility (1M)

Calculated over the trailing 1-month period

20.42%

4.30%

+16.12%

Volatility (6M)

Calculated over the trailing 6-month period

39.33%

10.55%

+28.78%

Volatility (1Y)

Calculated over the trailing 1-year period

49.81%

16.03%

+33.78%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

66.79%

23.88%

+42.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

66.11%

22.05%

+44.06%

TQQQ vs. ZROZ - Expense Ratio Comparison

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

Dividends

TQQQ vs. ZROZ - Dividend Comparison

TQQQ's dividend yield for the trailing twelve months is around 0.43%, less than ZROZ's 5.16% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
ZROZ
PIMCO 25+ Year Zero Coupon US Treasury Index Fund		5.16%4.96%4.58%3.52%2.76%1.60%1.68%2.22%2.06%2.53%3.00%2.98%

Frequently Asked Questions

TQQQ and ZROZ have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TQQQ has higher volatility (20.42%) compared to ZROZ (4.30%). In terms of maximum drawdown, TQQQ dropped -81.66% vs ZROZ's -62.93%.

On 10-year performance, TQQQ leads with 42.84% vs -4.09% for ZROZ. On fees, ZROZ is cheaper at 0.15% per year. On volatility, ZROZ has been the lower-risk option at 4.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, TQQQ has performed better with a 42.84% return vs -4.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

ZROZ has the higher dividend yield at 5.16%, compared with 0.43% for TQQQ.

TQQQ is categorized as Leveraged Equities, while ZROZ is Government Bonds. TQQQ tracks NASDAQ-100 Index (300%), while ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index. They also come from different issuers: ProShares and PIMCO. Their fees differ too: 0.95% for TQQQ and 0.15% for ZROZ.

TQQQ currently has the higher Sharpe Ratio (2.10 vs 0.04), 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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