UYG vs. TQQQ

Last updated Jun 5, 2026

UYG (ProShares Ultra Financials) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds from ProShares - UYG tracks the Dow Jones U.S. Financials Index (200%) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, UYG returned 16.31%/yr vs 44.95%/yr for TQQQ. A 0.64 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

UYG vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Financials (UYG) 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, UYG achieves a -11.64% return, which is significantly lower than TQQQ's 61.91% return. Over the past 10 years, UYG has underperformed TQQQ with an annualized return of 16.31%, while TQQQ has yielded a comparatively higher 44.95% annualized return.

UYG

• 1D: 5.26%
• 1M: 1.69%
• YTD: -11.64%
• 6M: -7.39%
• 1Y: 0.42%
• 3Y*: 28.93%
• 5Y*: 9.24%
• 10Y*: 16.31%

TQQQ

• 1D: -1.55%
• 1M: 26.46%
• YTD: 61.91%
• 6M: 54.01%
• 1Y: 132.34%
• 3Y*: 68.49%
• 5Y*: 27.97%
• 10Y*: 44.95%

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

UYG vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UYG ProShares Ultra Financials	-11.64%	19.77%	55.71%	22.14%	-32.11%	76.26%	-20.32%	66.15%	-22.61%	39.28%
TQQQ ProShares UltraPro QQQ	61.91%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%

Correlation

The correlation between UYG and TQQQ is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010	0.64

Over the past year, the correlation between UYG and TQQQ has dropped to 0.43 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

UYG vs. TQQQ - Sectors Allocation Comparison

Sectors	UYG	TQQQ
Financial Services	98.0%	0.2%
Technology	1.7%	53.8%
Industrials	0.2%	2.8%
Basic Materials	-	1.1%
Communication Services	-	15.8%
Consumer Cyclical	-	12.3%
Consumer Defensive	-	7.7%
Energy	-	0.6%
Healthcare	-	4.2%
Real Estate	-	0.1%
Utilities	-	1.4%

Return for Risk

UYG vs. TQQQ — Risk / Return Rank

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

UYG

UYG Risk / Return Rank: 10
UYG Sharpe Ratio Rank: 9
UYG Sortino Ratio Rank: 10
UYG Omega Ratio Rank: 10
UYG Calmar Ratio Rank: 9
UYG Martin Ratio Rank: 9

TQQQ

TQQQ Risk / Return Rank: 71
TQQQ Sharpe Ratio Rank: 86
TQQQ Sortino Ratio Rank: 67
TQQQ Omega Ratio Rank: 66
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.

UYG vs. TQQQ - Risk-Adjusted Trends Comparison

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

	UYG	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.01	2.80	-2.78
Sortino ratio: Return per unit of downside risk	0.22	3.01	-2.79
Omega ratio: Gain probability vs. loss probability	1.03	1.39	-0.36
Calmar ratio: Return relative to maximum drawdown	0.01	3.60	-3.59
Martin ratio: Return relative to average drawdown	0.04	11.77	-11.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UYG vs. TQQQ - Sharpe Ratio Comparison

The current UYG Sharpe Ratio is 0.01, which is lower than the TQQQ Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of UYG 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

	UYG	TQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.01	2.80	-2.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.42	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.68	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	0.74	-0.74

Drawdowns

UYG vs. TQQQ - Drawdown Comparison

The maximum UYG drawdown since its inception was -97.90%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for UYG and TQQQ.

Drawdown Indicators

	UYG	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-97.90%	-81.66%	-16.24%
Max Drawdown (1Y) Largest decline over 1 year	-28.91%	-36.97%	+8.06%
Max Drawdown (3Y) Largest decline over 3 years	-30.35%	-58.04%	+27.69%
Max Drawdown (5Y) Largest decline over 5 years	-47.77%	-81.66%	+33.89%
Max Drawdown (10Y) Largest decline over 10 years	-69.98%	-81.66%	+11.68%
Current Drawdown Current decline from peak	-16.55%	-2.29%	-14.26%
Average Drawdown Average peak-to-trough decline	-63.36%	-18.52%	-44.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.92%	11.28%	+0.64%

Volatility

UYG vs. TQQQ - Volatility Comparison

The current volatility for ProShares Ultra Financials (UYG) is 8.39%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 13.35%. This indicates that UYG 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

	UYG	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.39%	13.35%	-4.96%
Volatility (6M) Calculated over the trailing 6-month period	22.49%	36.04%	-13.55%
Volatility (1Y) Calculated over the trailing 1-year period	29.32%	47.60%	-18.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.21%	66.50%	-30.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.06%	65.95%	-24.89%

UYG vs. TQQQ - Expense Ratio Comparison

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

Dividends

UYG vs. TQQQ - Dividend Comparison

UYG's dividend yield for the trailing twelve months is around 13.22%, more than TQQQ's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TQQQ ProShares UltraPro QQQ	0.37%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%
UYG ProShares Ultra Financials	13.22%	11.72%	0.51%	0.79%	0.77%	9.39%	0.66%	0.90%	1.28%	0.56%	0.76%	0.72%

Frequently Asked Questions

Can I hold both UYG and TQQQ in my portfolio?

UYG and TQQQ have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UYG or TQQQ?

TQQQ has higher volatility (13.35%) compared to UYG (8.39%). In terms of maximum drawdown, UYG dropped -97.90% vs TQQQ's -81.66%.

Which ETF is better, UYG or TQQQ?

On 10-year performance, TQQQ leads with 44.95% vs 16.31% for UYG. Both ETFs have the same 0.95% expense ratio. On volatility, UYG has been the lower-risk option at 8.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UYG or TQQQ?

Over the 10-year period, TQQQ has performed better with a 44.95% return vs 16.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UYG or TQQQ?

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

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

UYG has the higher dividend yield at 13.22%, compared with 0.37% for TQQQ.

What is the main difference between UYG and TQQQ?

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

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (2.80 vs 0.01), 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.