UST vs. TQQQ
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 ICE U.S. Treasury 7-10 Year Bond Index, while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, UST returned -2.53%/yr vs 39.51%/yr for TQQQ. Their -0.18 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
UST vs. TQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, UST achieves a -4.75% return, which is significantly lower than TQQQ's 29.42% return. Over the past 10 years, UST has underperformed TQQQ with an annualized return of -2.53%, while TQQQ has yielded a comparatively higher 39.51% annualized return.
UST
- 1D
- 0.56%
- 1M
- -2.55%
- 6M
- -3.81%
- YTD
- -4.75%
- 1Y
- -2.66%
- 3Y*
- 0.46%
- 5Y*
- -8.21%
- 10Y*
- -2.53%
- ALL TIME*
- 2.37%
TQQQ
- 1D
- 5.17%
- 1M
- -7.35%
- 6M
- 23.83%
- YTD
- 29.42%
- 1Y
- 64.98%
- 3Y*
- 50.64%
- 5Y*
- 16.02%
- 10Y*
- 39.51%
- ALL TIME*
- 42.74%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.46B | $4.47B | $5.36B | |
| $493.89K | $437.03K | $327.72K |
UST vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UST ProShares Ultra 7-10 Year Treasury | -4.75% | 10.26% | -6.19% | 0.16% | -30.19% | -7.81% | 18.83% | 13.34% | -1.09% | 3.21% |
TQQQ ProShares UltraPro QQQ | 29.42% | 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 0.18, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.18 |
Correlation (3Y) Balances recent behavior with more history. | 0.08 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.07 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.18 |
The correlation between UST and TQQQ shifts across timeframes, from -0.18 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UST vs. TQQQ — Risk / Return Rank
UST
TQQQ
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.
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.
| UST | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.43 | ||
| Sortino ratioReturn per unit of downside risk | -2.03 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.21 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | 1.77 | -2.07 |
| Martin ratioReturn relative to average drawdown | -0.66 | 4.90 | -5.55 |
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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.
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Drawdown Indicators
| UST | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.99% | -81.66% | +33.67% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -36.97% | +28.11% |
Max Drawdown (3Y)Largest decline over 3 years | -14.85% | -58.04% | +43.19% |
Max Drawdown (5Y)Largest decline over 5 years | -43.53% | -81.66% | +38.13% |
Max Drawdown (10Y)Largest decline over 10 years | -47.99% | -81.66% | +33.67% |
Current DrawdownCurrent decline from peak | -39.52% | -21.90% | -17.62% |
Average DrawdownAverage peak-to-trough decline | -15.35% | -18.50% | +3.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.07% | 13.31% | -9.24% |
Volatility
UST vs. TQQQ - Volatility Comparison
The current volatility for ProShares Ultra 7-10 Year Treasury (UST) is 2.65%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 20.63%. 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.
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Volatility by Period
| UST | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.65% | 20.63% | -17.98% |
Volatility (6M)Calculated over the trailing 6-month period | 7.24% | 47.88% | -40.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.01% | 57.57% | -48.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.45% | 68.10% | -52.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.15% | 66.61% | -53.46% |
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 3.63%, more than TQQQ's 0.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TQQQ ProShares UltraPro QQQ | 0.56% | 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 | 3.63% | 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
UST and TQQQ have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (20.63%) compared to UST (2.65%). In terms of maximum drawdown, UST dropped -47.99% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 39.51% vs -2.53% for UST. Both ETFs have the same 0.95% expense ratio. On volatility, UST 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 39.51% return vs -2.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UST and TQQQ have the same expense ratio: 0.95% per year.
UST has the higher dividend yield at 3.63%, compared with 0.56% for TQQQ.
UST is categorized as Leveraged Bonds, while TQQQ is Leveraged Equities. UST tracks ICE U.S. Treasury 7-10 Year Bond Index, while TQQQ tracks NASDAQ-100 Index (300%).
TQQQ currently has the higher Sharpe Ratio (1.14 vs -0.30), 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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