XMMO vs. TQQQ

Last updated Jun 24, 2026

XMMO (Invesco S&P MidCap Momentum ETF) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - XMMO is a Momentum fund tracking the S&P MidCap 400 Momentum Index, while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, XMMO returned 20.13%/yr vs 45.48%/yr for TQQQ. A 0.75 correlation means they provide meaningful diversification when combined. XMMO charges 0.35%/yr vs 0.95%/yr for TQQQ.

Performance

XMMO vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap Momentum ETF (XMMO) 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, XMMO achieves a 22.90% return, which is significantly lower than TQQQ's 41.43% return. Over the past 10 years, XMMO has underperformed TQQQ with an annualized return of 20.13%, while TQQQ has yielded a comparatively higher 45.48% annualized return.

XMMO

• 1D: -2.42%
• 1M: 3.07%
• YTD: 22.90%
• 6M: 20.25%
• 1Y: 35.75%
• 3Y*: 31.04%
• 5Y*: 15.91%
• 10Y*: 20.13%

TQQQ

• 1D: -9.86%
• 1M: -4.37%
• YTD: 41.43%
• 6M: 35.75%
• 1Y: 100.69%
• 3Y*: 58.02%
• 5Y*: 21.47%
• 10Y*: 45.48%

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

XMMO vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMMO Invesco S&P MidCap Momentum ETF	22.90%	13.04%	38.03%	20.39%	-16.02%	16.69%	29.17%	36.78%	6.12%	37.18%
TQQQ ProShares UltraPro QQQ	41.43%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%

Correlation

The correlation between XMMO and TQQQ is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	0.75

The correlation between XMMO and TQQQ has been stable across timeframes, ranging from 0.67 to 0.75 - a consistent structural relationship.

XMMO vs. TQQQ - Sectors Allocation Comparison

Sectors	XMMO	TQQQ
Industrials	41.5%	2.8%
Technology	19.2%	53.8%
Basic Materials	6.9%	1.1%
Energy	6.5%	0.6%
Healthcare	6.3%	4.2%
Utilities	5.6%	1.4%
Real Estate	5.4%	0.1%
Consumer Defensive	2.7%	7.7%
Financial Services	2.5%	0.2%
Consumer Cyclical	2.2%	12.3%
Communication Services	1.3%	15.8%

Return for Risk

XMMO vs. TQQQ — Risk / Return Rank

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

XMMO

XMMO Risk / Return Rank: 66
XMMO Sharpe Ratio Rank: 55
XMMO Sortino Ratio Rank: 53
XMMO Omega Ratio Rank: 53
XMMO Calmar Ratio Rank: 83
XMMO Martin Ratio Rank: 85

TQQQ

TQQQ Risk / Return Rank: 53
TQQQ Sharpe Ratio Rank: 58
TQQQ Sortino Ratio Rank: 47
TQQQ Omega Ratio Rank: 49
TQQQ Calmar Ratio Rank: 57
TQQQ Martin Ratio Rank: 52

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.

XMMO vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Momentum ETF (XMMO) 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.

	XMMO	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.90	-0.10
Sortino ratio: Return per unit of downside risk	2.50	2.27	+0.22
Omega ratio: Gain probability vs. loss probability	1.32	1.30	+0.01
Calmar ratio: Return relative to maximum drawdown	4.31	2.74	+1.57
Martin ratio: Return relative to average drawdown	17.07	8.72	+8.35

XMMO vs. TQQQ - Sharpe Ratio Comparison

The current XMMO Sharpe Ratio is 1.80, which is comparable to the TQQQ Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of XMMO 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

XMMO vs. TQQQ - Drawdown Comparison

The maximum XMMO drawdown since its inception was -55.37%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for XMMO and TQQQ.

Drawdown Indicators

	XMMO	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-55.37%	-81.66%	+26.29%
Max Drawdown (1Y) Largest decline over 1 year	-8.34%	-36.97%	+28.63%
Max Drawdown (3Y) Largest decline over 3 years	-24.93%	-58.04%	+33.11%
Max Drawdown (5Y) Largest decline over 5 years	-27.91%	-81.66%	+53.75%
Max Drawdown (10Y) Largest decline over 10 years	-36.74%	-81.66%	+44.92%
Current Drawdown Current decline from peak	-2.42%	-14.65%	+12.23%
Average Drawdown Average peak-to-trough decline	-9.43%	-18.49%	+9.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	11.59%	-9.49%

Volatility

XMMO vs. TQQQ - Volatility Comparison

The current volatility for Invesco S&P MidCap Momentum ETF (XMMO) is 8.50%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 27.27%. This indicates that XMMO 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

	XMMO	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.50%	27.27%	-18.77%
Volatility (6M) Calculated over the trailing 6-month period	16.79%	43.35%	-26.56%
Volatility (1Y) Calculated over the trailing 1-year period	19.94%	53.39%	-33.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.65%	67.41%	-45.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.33%	66.32%	-43.99%

XMMO vs. TQQQ - Expense Ratio Comparison

XMMO has a 0.35% expense ratio, which is lower than TQQQ's 0.95% expense ratio.

Dividends

XMMO vs. TQQQ - Dividend Comparison

XMMO's dividend yield for the trailing twelve months is around 0.57%, more than TQQQ's 0.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TQQQ ProShares UltraPro QQQ	0.42%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%
XMMO Invesco S&P MidCap Momentum ETF	0.57%	0.78%	0.34%	0.80%	1.43%	0.41%	0.61%	0.60%	0.19%	0.21%	0.22%	0.64%

Frequently Asked Questions

Can I hold both XMMO and TQQQ in my portfolio?

XMMO and TQQQ have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XMMO or TQQQ?

TQQQ has higher volatility (27.27%) compared to XMMO (8.50%). In terms of maximum drawdown, XMMO dropped -55.37% vs TQQQ's -81.66%.

Which ETF is better, XMMO or TQQQ?

On 10-year performance, TQQQ leads with 45.48% vs 20.13% for XMMO. On fees, XMMO is cheaper at 0.35% per year. On volatility, XMMO has been the lower-risk option at 8.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XMMO or TQQQ?

Over the 10-year period, TQQQ has performed better with a 45.48% return vs 20.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XMMO or TQQQ?

XMMO is cheaper with a 0.35% expense ratio, compared with 0.95% for TQQQ.

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

XMMO has the higher dividend yield at 0.57%, compared with 0.42% for TQQQ.

What is the main difference between XMMO and TQQQ?

XMMO is categorized as Momentum, while TQQQ is Leveraged Equities. XMMO tracks S&P MidCap 400 Momentum Index, while TQQQ tracks NASDAQ-100 Index (300%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.35% for XMMO and 0.95% for TQQQ.

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (1.90 vs 1.80), 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.