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 -2.49%/yr vs 39.46%/yr for TQQQ. Their 0.16 correlation means their historical movements had little consistent relationship. 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 -4.48% return, which is significantly lower than TQQQ's 23.06% return. Over the past 10 years, ULE has underperformed TQQQ with an annualized return of -2.49%, while TQQQ has yielded a comparatively higher 39.46% annualized return.
ULE
- 1D
- -0.06%
- 1M
- 1.58%
- 6M
- -5.98%
- YTD
- -4.48%
- 1Y
- -2.43%
- 3Y*
- 2.30%
- 5Y*
- -3.01%
- 10Y*
- -2.49%
- ALL TIME*
- -3.95%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.37B | $4.57B | $5.33B | |
| $30.31K | $35.90K | $64.55K |
ULE vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -4.48% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
TQQQ ProShares UltraPro QQQ | 23.06% | 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 0.23, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.23 |
Correlation (3Y) Balances recent behavior with more history. | 0.16 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.23 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.17 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.05 | 1.29 | -1.24 |
| Martin ratioReturn relative to average drawdown | 0.09 | 3.60 | -3.50 |
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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 | -16.95% | -58.04% | +41.09% |
Max Drawdown (5Y)Largest decline over 5 years | -37.36% | -81.66% | +44.30% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -81.66% | +30.36% |
Current DrawdownCurrent decline from peak | -62.71% | -25.74% | -36.97% |
Average DrawdownAverage peak-to-trough decline | -46.20% | -18.49% | -27.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.15% | 13.24% | -7.09% |
Volatility
ULE vs. TQQQ - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.55%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 20.41%. 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 | 2.55% | 20.41% | -17.86% |
Volatility (6M)Calculated over the trailing 6-month period | 8.19% | 47.79% | -39.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.54% | 57.62% | -45.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.07% | 68.04% | -51.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.07% | 66.57% | -51.50% |
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 0.58%.
| 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% |
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 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (20.41%) compared to ULE (2.55%). In terms of maximum drawdown, ULE dropped -72.74% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 39.46% vs -2.49% for ULE. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.55%. 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 39.46% return vs -2.49%. 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 0.58%, 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 (0.83 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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