USD vs. TQQQ

Last updated Jun 3, 2026

USD (ProShares Ultra Semiconductors) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds from ProShares - USD tracks the Dow Jones U.S. Semiconductors Index (200%) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, USD returned 62.35%/yr vs 45.44%/yr for TQQQ. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

USD vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Semiconductors (USD) 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, USD achieves a 116.46% return, which is significantly higher than TQQQ's 65.71% return. Over the past 10 years, USD has outperformed TQQQ with an annualized return of 62.35%, while TQQQ has yielded a comparatively lower 45.44% annualized return.

USD

• 1D: 4.76%
• 1M: 45.27%
• YTD: 116.46%
• 6M: 113.25%
• 1Y: 300.04%
• 3Y*: 128.54%
• 5Y*: 71.52%
• 10Y*: 62.35%

TQQQ

• 1D: 1.37%
• 1M: 33.57%
• YTD: 65.71%
• 6M: 58.23%
• 1Y: 145.30%
• 3Y*: 69.92%
• 5Y*: 29.86%
• 10Y*: 45.44%

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

USD vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USD ProShares Ultra Semiconductors	116.46%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%
TQQQ ProShares UltraPro QQQ	65.71%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%

Correlation

The correlation between USD and TQQQ is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010	0.82

The correlation between USD and TQQQ has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

USD vs. TQQQ - Sectors Allocation Comparison

Sectors	USD	TQQQ
Financial Services	27.8%	0.2%
Technology	27.4%	53.8%
Energy	0.0%	0.6%
Basic Materials	-	1.1%
Communication Services	-	15.8%
Consumer Cyclical	-	12.3%
Consumer Defensive	-	7.7%
Healthcare	-	4.2%
Industrials	-	2.8%
Real Estate	-	0.1%
Utilities	-	1.4%

Return for Risk

USD vs. TQQQ — Risk / Return Rank

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

USD

USD Risk / Return Rank: 92
USD Sharpe Ratio Rank: 97
USD Sortino Ratio Rank: 87
USD Omega Ratio Rank: 86
USD Calmar Ratio Rank: 96
USD Martin Ratio Rank: 95

TQQQ

TQQQ Risk / Return Rank: 75
TQQQ Sharpe Ratio Rank: 89
TQQQ Sortino Ratio Rank: 69
TQQQ Omega Ratio Rank: 68
TQQQ Calmar Ratio Rank: 79
TQQQ Martin Ratio Rank: 71

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.

USD vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) 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.

	USD	TQQQ	Difference
Sharpe ratio Return per unit of total volatility	4.94	3.07	+1.87
Sortino ratio Return per unit of downside risk	3.98	3.19	+0.79
Omega ratio Gain probability vs. loss probability	1.54	1.42	+0.12
Calmar ratio Return relative to maximum drawdown	9.93	4.08	+5.84
Martin ratio Return relative to average drawdown	28.78	13.38	+15.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USD vs. TQQQ - Sharpe Ratio Comparison

The current USD Sharpe Ratio is 4.94, which is higher than the TQQQ Sharpe Ratio of 3.07. The chart below compares the historical Sharpe Ratios of USD 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

	USD	TQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.94	3.07	+1.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	0.45	+0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	0.69	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.74	-0.25

Drawdowns

USD vs. TQQQ - Drawdown Comparison

The maximum USD drawdown since its inception was -88.63%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for USD and TQQQ.

Drawdown Indicators

	USD	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	-81.66%	-6.97%
Max Drawdown (1Y) Largest decline over 1 year	-31.80%	-36.97%	+5.17%
Max Drawdown (3Y) Largest decline over 3 years	-64.46%	-58.04%	-6.42%
Max Drawdown (5Y) Largest decline over 5 years	-77.85%	-81.66%	+3.81%
Max Drawdown (10Y) Largest decline over 10 years	-77.85%	-81.66%	+3.81%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-32.36%	-18.53%	-13.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.97%	11.28%	-0.31%

Volatility

USD vs. TQQQ - Volatility Comparison

ProShares Ultra Semiconductors (USD) has a higher volatility of 20.29% compared to ProShares UltraPro QQQ (TQQQ) at 13.26%. This indicates that USD'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

	USD	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.29%	13.26%	+7.03%
Volatility (6M) Calculated over the trailing 6-month period	46.37%	36.05%	+10.32%
Volatility (1Y) Calculated over the trailing 1-year period	61.29%	47.63%	+13.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.56%	66.55%	+10.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.24%	65.98%	+3.26%

USD vs. TQQQ - Expense Ratio Comparison

Both USD and TQQQ have an expense ratio of 0.95%.

Dividends

USD vs. TQQQ - Dividend Comparison

USD's dividend yield for the trailing twelve months is around 0.21%, less 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%
USD ProShares Ultra Semiconductors	0.21%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both USD and TQQQ in my portfolio?

USD and TQQQ have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USD or TQQQ?

USD has higher volatility (20.29%) compared to TQQQ (13.26%). In terms of maximum drawdown, USD dropped -88.63% vs TQQQ's -81.66%.

Which ETF is better, USD or TQQQ?

On 10-year performance, USD leads with 62.35% vs 45.44% for TQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, TQQQ has been the lower-risk option at 13.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USD or TQQQ?

Over the 10-year period, USD has performed better with a 62.35% return vs 45.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USD or TQQQ?

USD and TQQQ have the same expense ratio: 0.95% per year.

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

TQQQ has the higher dividend yield at 0.36%, compared with 0.21% for USD.

What is the main difference between USD and TQQQ?

USD tracks Dow Jones U.S. Semiconductors Index (200%), while TQQQ tracks NASDAQ-100 Index (300%).

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.94 vs 3.07), 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.