TSLL vs. TQQQ

Last updated Jun 4, 2026

TSLL (Direxion Daily TSLA Bull 2X ETF) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds. TSLL is actively managed, while TQQQ is passively managed. Over the past 3 years, TSLL returned 9.79%/yr vs 69.49%/yr for TQQQ. A 0.59 correlation means they provide meaningful diversification when combined. TSLL charges 0.83%/yr vs 0.95%/yr for TQQQ.

Performance

TSLL vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSLA Bull 2X ETF (TSLL) 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, TSLL achieves a -20.85% return, which is significantly lower than TQQQ's 64.46% return.

TSLL

• 1D: 0.00%
• 1M: 13.88%
• YTD: -20.85%
• 6M: -21.38%
• 1Y: 7.17%
• 3Y*: 9.79%
• 5Y*: —
• 10Y*: —

TQQQ

• 1D: -0.76%
• 1M: 33.35%
• YTD: 64.46%
• 6M: 55.93%
• 1Y: 137.89%
• 3Y*: 69.49%
• 5Y*: 28.37%
• 10Y*: 45.33%

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

TSLL vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSLL Direxion Daily TSLA Bull 2X ETF	-20.85%	-26.80%	99.63%	139.86%	-73.85%
TQQQ ProShares UltraPro QQQ	64.46%	34.35%	58.27%	198.04%	-48.44%

Correlation

The correlation between TSLL and TQQQ is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022	0.59

The correlation between TSLL and TQQQ has been stable across timeframes, ranging from 0.56 to 0.59 - a consistent structural relationship.

TSLL vs. TQQQ - Sectors Allocation Comparison

Sectors	TSLL	TQQQ
Consumer Cyclical	100.0%	12.3%
Basic Materials	-	1.1%
Communication Services	-	15.8%
Consumer Defensive	-	7.7%
Energy	-	0.6%
Financial Services	-	0.2%
Healthcare	-	4.2%
Industrials	-	2.8%
Real Estate	-	0.1%
Technology	-	53.8%
Utilities	-	1.4%

Return for Risk

TSLL vs. TQQQ — Risk / Return Rank

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

TSLL

TSLL Risk / Return Rank: 12
TSLL Sharpe Ratio Rank: 9
TSLL Sortino Ratio Rank: 15
TSLL Omega Ratio Rank: 15
TSLL Calmar Ratio Rank: 10
TSLL Martin Ratio Rank: 10

TQQQ

TQQQ Risk / Return Rank: 71
TQQQ Sharpe Ratio Rank: 86
TQQQ Sortino Ratio Rank: 65
TQQQ Omega Ratio Rank: 65
TQQQ Calmar Ratio Rank: 73
TQQQ Martin Ratio Rank: 66

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.

TSLL vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bull 2X ETF (TSLL) 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.

	TSLL	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.08	2.92	-2.84
Sortino ratio: Return per unit of downside risk	0.77	3.09	-2.32
Omega ratio: Gain probability vs. loss probability	1.09	1.40	-0.31
Calmar ratio: Return relative to maximum drawdown	0.13	3.75	-3.62
Martin ratio: Return relative to average drawdown	0.27	12.27	-12.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSLL vs. TQQQ - Sharpe Ratio Comparison

The current TSLL Sharpe Ratio is 0.08, which is lower than the TQQQ Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of TSLL 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.

Sharpe Ratios by Period

	TSLL	TQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.08	2.92	-2.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.43	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	0.74	-0.81

Drawdowns

TSLL vs. TQQQ - Drawdown Comparison

The maximum TSLL drawdown since its inception was -82.88%, roughly equal to the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for TSLL and TQQQ.

Drawdown Indicators

	TSLL	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-82.88%	-81.66%	-1.22%
Max Drawdown (1Y) Largest decline over 1 year	-54.75%	-36.97%	-17.78%
Max Drawdown (3Y) Largest decline over 3 years	-82.88%	-58.04%	-24.84%
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	-60.03%	-0.76%	-59.27%
Average Drawdown Average peak-to-trough decline	-53.82%	-18.52%	-35.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.72%	11.28%	+15.44%

Volatility

TSLL vs. TQQQ - Volatility Comparison

Direxion Daily TSLA Bull 2X ETF (TSLL) has a higher volatility of 24.26% compared to ProShares UltraPro QQQ (TQQQ) at 13.29%. This indicates that TSLL'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

	TSLL	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.26%	13.29%	+10.97%
Volatility (6M) Calculated over the trailing 6-month period	54.47%	36.04%	+18.43%
Volatility (1Y) Calculated over the trailing 1-year period	92.38%	47.60%	+44.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	106.87%	66.53%	+40.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	106.87%	65.96%	+40.91%

TSLL vs. TQQQ - Expense Ratio Comparison

TSLL has a 0.83% expense ratio, which is lower than TQQQ's 0.95% expense ratio.

Dividends

TSLL vs. TQQQ - Dividend Comparison

TSLL's dividend yield for the trailing twelve months is around 6.46%, more than TQQQ's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TQQQ ProShares UltraPro QQQ	0.36%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%
TSLL Direxion Daily TSLA Bull 2X ETF	6.46%	5.00%	2.47%	4.44%	1.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSLL and TQQQ in my portfolio?

TSLL and TQQQ have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLL or TQQQ?

TSLL has higher volatility (24.26%) compared to TQQQ (13.29%). In terms of maximum drawdown, TSLL dropped -82.88% vs TQQQ's -81.66%.

Which ETF is better, TSLL or TQQQ?

On 3-year performance, TQQQ leads with 69.49% vs 9.79% for TSLL. On fees, TSLL is cheaper at 0.83% per year. On volatility, TQQQ has been the lower-risk option at 13.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLL or TQQQ?

Over the 3-year period, TQQQ has performed better with a 69.49% return vs 9.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLL or TQQQ?

TSLL is cheaper with a 0.83% expense ratio, compared with 0.95% for TQQQ.

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

TSLL has the higher dividend yield at 6.46%, compared with 0.36% for TQQQ.

What is the main difference between TSLL and TQQQ?

They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.83% for TSLL and 0.95% for TQQQ.

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (2.92 vs 0.08), 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.