ULE vs. TQQQ
ULE (ProShares Ultra Euro) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, ULE returned -2.44%/yr vs 43.22%/yr for TQQQ. At a 0.16 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
ULE vs. TQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, ULE achieves a -6.22% return, which is significantly lower than TQQQ's 46.69% return. Over the past 10 years, ULE has underperformed TQQQ with an annualized return of -2.44%, while TQQQ has yielded a comparatively higher 43.22% annualized return.
ULE
- 1D
- -0.07%
- 1M
- -2.54%
- 6M
- -4.48%
- YTD
- -6.22%
- 1Y
- -6.08%
- 3Y*
- 1.51%
- 5Y*
- -3.50%
- 10Y*
- -2.44%
TQQQ
- 1D
- 0.90%
- 1M
- -0.40%
- 6M
- 38.69%
- YTD
- 46.69%
- 1Y
- 85.21%
- 3Y*
- 57.92%
- 5Y*
- 20.15%
- 10Y*
- 43.22%
ULE vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -6.22% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
TQQQ ProShares UltraPro QQQ | 46.69% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between ULE and TQQQ is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.16 |
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Return for Risk
ULE vs. TQQQ — Risk / Return Rank
ULE
TQQQ
ULE vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) 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.
| ULE | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.02 | ||
| Sortino ratioReturn per unit of downside risk | -2.62 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.26 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.54 | 2.28 | -2.82 |
| Martin ratioReturn relative to average drawdown | -1.12 | 7.02 | -8.14 |
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Drawdowns
ULE vs. TQQQ - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for ULE and TQQQ.
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Drawdown Indicators
| ULE | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -81.66% | +8.92% |
Max Drawdown (1Y)Largest decline over 1 year | -11.67% | -36.97% | +25.30% |
Max Drawdown (3Y)Largest decline over 3 years | -17.44% | -58.04% | +40.60% |
Max Drawdown (5Y)Largest decline over 5 years | -37.59% | -81.66% | +44.07% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -81.66% | +30.36% |
Current DrawdownCurrent decline from peak | -63.39% | -11.48% | -51.91% |
Average DrawdownAverage peak-to-trough decline | -46.15% | -18.48% | -27.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.65% | 11.97% | -6.32% |
Volatility
ULE vs. TQQQ - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.65%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 25.52%. This indicates that ULE experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULE | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.65% | 25.52% | -22.87% |
Volatility (6M)Calculated over the trailing 6-month period | 8.90% | 45.43% | -36.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.03% | 54.89% | -41.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.08% | 67.67% | -51.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.09% | 66.35% | -51.26% |
ULE vs. TQQQ - Expense Ratio Comparison
Both ULE and TQQQ have an expense ratio of 0.95%.
Dividends
ULE vs. TQQQ - Dividend Comparison
ULE has not paid dividends to shareholders, while TQQQ's dividend yield for the trailing twelve months is around 0.49%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TQQQ ProShares UltraPro QQQ | 0.49% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
ULE ProShares Ultra Euro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ULE and TQQQ have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (25.52%) compared to ULE (2.65%). In terms of maximum drawdown, ULE dropped -72.74% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 43.22% vs -2.44% for ULE. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.65%. 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 43.22% return vs -2.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ULE and TQQQ have the same expense ratio: 0.95% per year.
TQQQ has the higher dividend yield at 0.49%, compared with 0.00% for ULE.
ULE is categorized as Leveraged Currency, while TQQQ is Leveraged Equities. ULE tracks USD/EUR Exchange Rate (-200%), while TQQQ tracks NASDAQ-100 Index (300%).
TQQQ currently has the higher Sharpe Ratio (1.53 vs -0.49), 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.
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