TSLG vs. TQQQ

Last updated Aug 1, 2026

TSLG (Leverage Shares 2X Long TSLA Daily ETF) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds. TSLG is actively managed, while TQQQ is passively managed. Over the past year, TSLG returned -25.02% vs 56.87% for TQQQ. Their 0.66 correlation means they have sometimes moved together and sometimes differently. TSLG charges 0.75%/yr vs 0.95%/yr for TQQQ.

Performance

TSLG vs. TQQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, TSLG achieves a -61.16% return, which is significantly lower than TQQQ's 23.06% return.

TSLG

• 1D: 1.40%
• 1M: -40.66%
• 6M: -56.70%
• YTD: -61.16%
• 1Y: -25.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -58.09%

TQQQ

• 1D: 2.09%
• 1M: -11.90%
• 6M: 20.14%
• YTD: 23.06%
• 1Y: 56.87%
• 3Y*: 43.81%
• 5Y*: 15.36%
• 10Y*: 39.46%
• ALL TIME*: 42.33%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TQQQ ProShares UltraPro QQQ	$4.37B	$4.57B	$5.33B
TSLG Leverage Shares 2X Long TSLA Daily ETF	$155.67M	$179.44M	$248.17M

TSLG vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSLG Leverage Shares 2X Long TSLA Daily ETF	-61.16%	-26.70%	-14.82%
TQQQ ProShares UltraPro QQQ	23.06%	34.35%	-9.29%

Correlation

The correlation between TSLG and TQQQ is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (All Time) Calculated using the full available price history since Dec 13, 2024	0.66

The correlation between TSLG and TQQQ has been stable across timeframes, ranging from 0.66 to 0.67 - a consistent structural relationship.

Return for Risk

TSLG vs. TQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TSLG

TSLG Risk / Return Rank: 8
TSLG Sharpe Ratio Rank: 7
TSLG Sortino Ratio Rank: 11
TSLG Omega Ratio Rank: 11
TSLG Calmar Ratio Rank: 6
TSLG Martin Ratio Rank: 5

TQQQ

TQQQ Risk / Return Rank: 36
TQQQ Sharpe Ratio Rank: 34
TQQQ Sortino Ratio Rank: 37
TQQQ Omega Ratio Rank: 36
TQQQ Calmar Ratio Rank: 37
TQQQ Martin Ratio Rank: 36

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TSLG vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long TSLA Daily ETF (TSLG) and ProShares UltraPro QQQ (TQQQ). 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.

	TSLG	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.30	0.83	-1.13
Sortino ratio: Return per unit of downside risk	0.17	1.38	-1.21
Omega ratio: Gain probability vs. loss probability	1.02	1.17	-0.15
Calmar ratio: Return relative to maximum drawdown	-0.40	1.29	-1.69
Martin ratio: Return relative to average drawdown	-0.88	3.60	-4.48

TSLG vs. TQQQ - Sharpe Ratio Comparison

The current TSLG Sharpe Ratio is -0.30, which is lower than the TQQQ Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of TSLG and TQQQ, 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

TSLG vs. TQQQ - Drawdown Comparison

The maximum TSLG drawdown since its inception was -82.86%, roughly equal to the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for TSLG and TQQQ.

Drawdown Indicators

	TSLG	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-82.86%	-81.66%	-1.20%
Max Drawdown (1Y) Largest decline over 1 year	-70.10%	-36.97%	-33.13%
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	-80.38%	-25.74%	-54.64%
Average Drawdown Average peak-to-trough decline	-59.54%	-18.49%	-41.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.52%	13.24%	+18.28%

Volatility

TSLG vs. TQQQ - Volatility Comparison

Leverage Shares 2X Long TSLA Daily ETF (TSLG) has a higher volatility of 43.40% compared to ProShares UltraPro QQQ (TQQQ) at 20.41%. This indicates that TSLG's price experiences larger fluctuations and is considered to be riskier than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLG	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	43.40%	20.41%	+22.99%
Volatility (6M) Calculated over the trailing 6-month period	70.84%	47.79%	+23.05%
Volatility (1Y) Calculated over the trailing 1-year period	92.73%	57.62%	+35.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	116.54%	68.04%	+48.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	116.54%	66.57%	+49.97%

TSLG vs. TQQQ - Expense Ratio Comparison

TSLG has a 0.75% expense ratio, which is lower than TQQQ's 0.95% expense ratio.

Dividends

TSLG vs. TQQQ - Dividend Comparison

TSLG's dividend yield for the trailing twelve months is around 16.86%, more than TQQQ's 0.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TQQQ ProShares UltraPro QQQ	0.58%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%
TSLG Leverage Shares 2X Long TSLA Daily ETF	16.86%	6.55%	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 TSLG and TQQQ in my portfolio?

TSLG and TQQQ have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLG or TQQQ?

TSLG has higher volatility (43.40%) compared to TQQQ (20.41%). In terms of maximum drawdown, TSLG dropped -82.86% vs TQQQ's -81.66%.

Which ETF is better, TSLG or TQQQ?

On 1-year performance, TQQQ leads with 56.87% vs -25.02% for TSLG. On fees, TSLG is cheaper at 0.75% per year. On volatility, TQQQ has been the lower-risk option at 20.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLG or TQQQ?

Over the 1-year period, TQQQ has performed better with a 56.87% return vs -25.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLG or TQQQ?

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

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

TSLG has the higher dividend yield at 16.86%, compared with 0.58% for TQQQ.

What is the main difference between TSLG and TQQQ?

They also come from different issuers: Leverage Shares and ProShares. Their fees differ too: 0.75% for TSLG and 0.95% for TQQQ.

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (0.83 vs -0.30), 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.