USML vs. TQQQ
Compare and contrast key facts about ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) and ProShares UltraPro QQQ (TQQQ).
USML and TQQQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. USML is a passively managed fund by UBS that tracks the performance of the MSCI USA Minimum Volatility Index. It was launched on Feb 4, 2021. TQQQ is a passively managed fund by ProShares that tracks the performance of the NASDAQ-100 Index (300%). It was launched on Feb 9, 2010. Both USML and TQQQ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
USML vs. TQQQ - Performance Comparison
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USML vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | -3.90% | 9.33% | 23.97% | 11.37% | -22.87% | 42.12% |
TQQQ ProShares UltraPro QQQ | -17.87% | 34.35% | 58.27% | 198.04% | -79.09% | 57.96% |
Returns By Period
In the year-to-date period, USML achieves a -3.90% return, which is significantly higher than TQQQ's -17.87% return.
USML
- 1D
- 0.19%
- 1M
- -10.11%
- YTD
- -3.90%
- 6M
- -5.95%
- 1Y
- -4.80%
- 3Y*
- 13.03%
- 5Y*
- 8.46%
- 10Y*
- —
TQQQ
- 1D
- 3.72%
- 1M
- -12.88%
- YTD
- -17.87%
- 6M
- -17.28%
- 1Y
- 48.52%
- 3Y*
- 46.87%
- 5Y*
- 13.55%
- 10Y*
- 35.31%
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USML vs. TQQQ - Expense Ratio Comparison
Both USML and TQQQ have an expense ratio of 0.95%.
Return for Risk
USML vs. TQQQ — Risk / Return Rank
USML
TQQQ
USML vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) 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.
| USML | TQQQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.20 | 0.72 | -0.92 |
Sortino ratioReturn per unit of downside risk | -0.11 | 1.41 | -1.52 |
Omega ratioGain probability vs. loss probability | 0.98 | 1.20 | -0.21 |
Calmar ratioReturn relative to maximum drawdown | -0.28 | 1.41 | -1.69 |
Martin ratioReturn relative to average drawdown | -1.14 | 4.28 | -5.43 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| USML | TQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.20 | 0.72 | -0.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | 0.20 | +0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.54 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.65 | -0.26 |
Correlation
The correlation between USML and TQQQ is 0.62, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
USML vs. TQQQ - Dividend Comparison
USML has not paid dividends to shareholders, while TQQQ's dividend yield for the trailing twelve months is around 0.73%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TQQQ ProShares UltraPro QQQ | 0.73% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
Drawdowns
USML vs. TQQQ - Drawdown Comparison
The maximum USML drawdown since its inception was -35.34%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for USML and TQQQ.
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Drawdown Indicators
| USML | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.34% | -81.66% | +46.32% |
Max Drawdown (1Y)Largest decline over 1 year | -17.38% | -36.97% | +19.59% |
Max Drawdown (5Y)Largest decline over 5 years | -35.34% | -81.66% | +46.32% |
Max Drawdown (10Y)Largest decline over 10 years | — | -81.66% | — |
Current DrawdownCurrent decline from peak | -10.11% | -28.08% | +17.97% |
Average DrawdownAverage peak-to-trough decline | -10.54% | -18.66% | +8.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.29% | 12.13% | -7.84% |
Volatility
USML vs. TQQQ - Volatility Comparison
The current volatility for ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) is 5.91%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 19.74%. This indicates that USML 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
| USML | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.91% | 19.74% | -13.83% |
Volatility (6M)Calculated over the trailing 6-month period | 12.01% | 38.50% | -26.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.40% | 67.35% | -42.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.55% | 66.53% | -41.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.53% | 65.83% | -41.30% |