UXI vs. TQQQ

Last updated Jul 14, 2026

UXI (ProShares Ultra Industrials) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds from ProShares - UXI tracks the Dow Jones U.S. Industrials Index (200%) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, UXI returned 19.05%/yr vs 42.27%/yr for TQQQ. A 0.69 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

UXI vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Industrials (UXI) 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, UXI achieves a 29.38% return, which is significantly lower than TQQQ's 38.33% return. Over the past 10 years, UXI has underperformed TQQQ with an annualized return of 19.05%, while TQQQ has yielded a comparatively higher 42.27% annualized return.

UXI

• 1D: -2.22%
• 1M: 4.49%
• 6M: 17.45%
• YTD: 29.38%
• 1Y: 35.35%
• 3Y*: 31.49%
• 5Y*: 13.00%
• 10Y*: 19.05%

TQQQ

• 1D: -5.70%
• 1M: -6.08%
• 6M: 30.48%
• YTD: 38.33%
• 1Y: 74.65%
• 3Y*: 50.58%
• 5Y*: 18.33%
• 10Y*: 42.27%

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

UXI vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UXI ProShares Ultra Industrials	29.38%	28.84%	26.48%	27.34%	-32.90%	34.64%	16.37%	67.44%	-28.13%	51.81%
TQQQ ProShares UltraPro QQQ	38.33%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%

Correlation

The correlation between UXI and TQQQ is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	0.69

The correlation between UXI and TQQQ shifts across timeframes, from 0.56 (1 year) to 0.70 (5 years), reflecting how their relationship changes across market environments.

UXI vs. TQQQ - Sectors Allocation Comparison

Sectors	UXI	TQQQ
Industrials	53.6%	2.8%
Utilities	3.2%	1.4%
Technology	2.2%	53.8%
Basic Materials	1.0%	1.1%
Consumer Cyclical	0.3%	12.3%
Communication Services	-	15.8%
Consumer Defensive	-	7.7%
Energy	-	0.6%
Financial Services	-	0.2%
Healthcare	-	4.2%
Real Estate	-	0.1%

Return for Risk

UXI vs. TQQQ — Risk / Return Rank

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

UXI

UXI Risk / Return Rank: 38
UXI Sharpe Ratio Rank: 37
UXI Sortino Ratio Rank: 38
UXI Omega Ratio Rank: 34
UXI Calmar Ratio Rank: 37
UXI Martin Ratio Rank: 42

TQQQ

TQQQ Risk / Return Rank: 48
TQQQ Sharpe Ratio Rank: 49
TQQQ Sortino Ratio Rank: 45
TQQQ Omega Ratio Rank: 46
TQQQ Calmar Ratio Rank: 51
TQQQ Martin Ratio Rank: 47

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.

UXI vs. TQQQ - Risk-Adjusted Trends Comparison

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

	UXI	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.07	1.36	-0.29
Sortino ratio: Return per unit of downside risk	1.62	1.85	-0.22
Omega ratio: Gain probability vs. loss probability	1.19	1.24	-0.05
Calmar ratio: Return relative to maximum drawdown	1.51	2.03	-0.52
Martin ratio: Return relative to average drawdown	5.28	6.23	-0.95

UXI vs. TQQQ - Sharpe Ratio Comparison

The current UXI Sharpe Ratio is 1.07, which is comparable to the TQQQ Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of UXI 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.

Drawdowns

UXI vs. TQQQ - Drawdown Comparison

The maximum UXI drawdown since its inception was -89.01%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for UXI and TQQQ.

Drawdown Indicators

	UXI	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-89.01%	-81.66%	-7.35%
Max Drawdown (1Y) Largest decline over 1 year	-23.59%	-36.97%	+13.38%
Max Drawdown (3Y) Largest decline over 3 years	-36.42%	-58.04%	+21.62%
Max Drawdown (5Y) Largest decline over 5 years	-48.25%	-81.66%	+33.41%
Max Drawdown (10Y) Largest decline over 10 years	-66.48%	-81.66%	+15.18%
Current Drawdown Current decline from peak	-5.82%	-16.52%	+10.70%
Average Drawdown Average peak-to-trough decline	-22.51%	-18.48%	-4.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.71%	12.02%	-5.31%

Volatility

UXI vs. TQQQ - Volatility Comparison

The current volatility for ProShares Ultra Industrials (UXI) is 11.55%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 25.43%. This indicates that UXI 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

	UXI	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.55%	25.43%	-13.88%
Volatility (6M) Calculated over the trailing 6-month period	27.49%	45.80%	-18.31%
Volatility (1Y) Calculated over the trailing 1-year period	33.25%	55.32%	-22.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.22%	67.74%	-31.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.45%	66.40%	-26.95%

UXI vs. TQQQ - Expense Ratio Comparison

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

Dividends

UXI vs. TQQQ - Dividend Comparison

UXI's dividend yield for the trailing twelve months is around 0.50%, less than TQQQ's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TQQQ ProShares UltraPro QQQ	0.52%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%
UXI ProShares Ultra Industrials	0.50%	0.90%	0.18%	0.21%	0.24%	0.03%	0.29%	0.58%	0.37%	0.24%	0.38%	0.41%

Frequently Asked Questions

Can I hold both UXI and TQQQ in my portfolio?

UXI and TQQQ have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UXI or TQQQ?

TQQQ has higher volatility (25.43%) compared to UXI (11.55%). In terms of maximum drawdown, UXI dropped -89.01% vs TQQQ's -81.66%.

Which ETF is better, UXI or TQQQ?

On 10-year performance, TQQQ leads with 42.27% vs 19.05% for UXI. Both ETFs have the same 0.95% expense ratio. On volatility, UXI has been the lower-risk option at 11.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UXI or TQQQ?

Over the 10-year period, TQQQ has performed better with a 42.27% return vs 19.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UXI or TQQQ?

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

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

TQQQ has the higher dividend yield at 0.52%, compared with 0.50% for UXI.

What is the main difference between UXI and TQQQ?

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

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (1.36 vs 1.07), 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.