UST vs. TQQQ

Last updated Jun 4, 2026

UST (ProShares Ultra 7-10 Year Treasury) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - UST is a Leveraged Bonds fund tracking the Barclays Capital U.S. 7-10 Year Treasury Index (200%), while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, UST returned -2.13%/yr vs 45.33%/yr for TQQQ. At a correlation of -0.18, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

UST vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra 7-10 Year Treasury (UST) 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, UST achieves a -2.88% return, which is significantly lower than TQQQ's 64.46% return. Over the past 10 years, UST has underperformed TQQQ with an annualized return of -2.13%, while TQQQ has yielded a comparatively higher 45.33% annualized return.

UST

• 1D: -0.56%
• 1M: -0.51%
• YTD: -2.88%
• 6M: -4.24%
• 1Y: 3.81%
• 3Y*: -0.51%
• 5Y*: -6.75%
• 10Y*: -2.13%

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)

UST vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UST ProShares Ultra 7-10 Year Treasury	-2.88%	10.26%	-6.19%	0.16%	-30.19%	-7.81%	18.83%	13.34%	-1.09%	3.21%
TQQQ ProShares UltraPro QQQ	64.46%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%

Correlation

The correlation between UST and TQQQ is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010	-0.18

The correlation between UST and TQQQ shifts across timeframes, from -0.18 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.

UST vs. TQQQ - Sectors Allocation Comparison

Sectors	UST	TQQQ
Financial Services	97.4%	0.2%
Basic Materials	-	1.1%
Communication Services	-	15.8%
Consumer Cyclical	-	12.3%
Consumer Defensive	-	7.7%
Energy	-	0.6%
Healthcare	-	4.2%
Industrials	-	2.8%
Real Estate	-	0.1%
Technology	-	53.8%
Utilities	-	1.4%

Return for Risk

UST vs. TQQQ — Risk / Return Rank

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

UST

UST Risk / Return Rank: 14
UST Sharpe Ratio Rank: 15
UST Sortino Ratio Rank: 13
UST Omega Ratio Rank: 13
UST Calmar Ratio Rank: 14
UST Martin Ratio Rank: 15

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.

UST vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 7-10 Year Treasury (UST) 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.

	UST	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.40	2.92	-2.51
Sortino ratio: Return per unit of downside risk	0.64	3.09	-2.44
Omega ratio: Gain probability vs. loss probability	1.07	1.40	-0.33
Calmar ratio: Return relative to maximum drawdown	0.44	3.75	-3.32
Martin ratio: Return relative to average drawdown	1.26	12.27	-11.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UST vs. TQQQ - Sharpe Ratio Comparison

The current UST Sharpe Ratio is 0.40, which is lower than the TQQQ Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of UST 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

	UST	TQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.40	2.92	-2.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.44	0.43	-0.87
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.16	0.69	-0.85
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.74	-0.55

Drawdowns

UST vs. TQQQ - Drawdown Comparison

The maximum UST drawdown since its inception was -47.99%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for UST and TQQQ.

Drawdown Indicators

	UST	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-47.99%	-81.66%	+33.67%
Max Drawdown (1Y) Largest decline over 1 year	-8.75%	-36.97%	+28.22%
Max Drawdown (3Y) Largest decline over 3 years	-16.87%	-58.04%	+41.17%
Max Drawdown (5Y) Largest decline over 5 years	-43.97%	-81.66%	+37.69%
Max Drawdown (10Y) Largest decline over 10 years	-47.99%	-81.66%	+33.67%
Current Drawdown Current decline from peak	-38.33%	-0.76%	-37.57%
Average Drawdown Average peak-to-trough decline	-15.13%	-18.52%	+3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	11.28%	-8.25%

Volatility

UST vs. TQQQ - Volatility Comparison

The current volatility for ProShares Ultra 7-10 Year Treasury (UST) is 3.10%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 13.29%. This indicates that UST 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.

Volatility by Period

	UST	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.10%	13.29%	-10.19%
Volatility (6M) Calculated over the trailing 6-month period	6.58%	36.04%	-29.46%
Volatility (1Y) Calculated over the trailing 1-year period	9.50%	47.60%	-38.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.47%	66.53%	-51.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.18%	65.96%	-52.78%

UST vs. TQQQ - Expense Ratio Comparison

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

Dividends

UST vs. TQQQ - Dividend Comparison

UST's dividend yield for the trailing twelve months is around 3.49%, 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%
UST ProShares Ultra 7-10 Year Treasury	3.49%	3.65%	4.09%	3.49%	0.47%	0.27%	0.53%	1.42%	1.71%	0.84%	0.64%	0.75%

Frequently Asked Questions

Can I hold both UST and TQQQ in my portfolio?

UST and TQQQ have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UST or TQQQ?

TQQQ has higher volatility (13.29%) compared to UST (3.10%). In terms of maximum drawdown, UST dropped -47.99% vs TQQQ's -81.66%.

Which ETF is better, UST or TQQQ?

On 10-year performance, TQQQ leads with 45.33% vs -2.13% for UST. Both ETFs have the same 0.95% expense ratio. On volatility, UST has been the lower-risk option at 3.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UST or TQQQ?

Over the 10-year period, TQQQ has performed better with a 45.33% return vs -2.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UST or TQQQ?

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

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

UST has the higher dividend yield at 3.49%, compared with 0.36% for TQQQ.

What is the main difference between UST and TQQQ?

UST is categorized as Leveraged Bonds, while TQQQ is Leveraged Equities. UST tracks Barclays Capital U.S. 7-10 Year Treasury Index (200%), while TQQQ tracks NASDAQ-100 Index (300%).

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (2.92 vs 0.40), 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.