XPP vs. TQQQ

Last updated Aug 4, 2026

XPP (ProShares Ultra FTSE China 50) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - XPP is a China Equities fund tracking the FTSE/Xinhua China 25 Index (200%), while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, XPP returned -6.07%/yr vs 39.51%/yr for TQQQ. Their 0.53 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.

Performance

XPP vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra FTSE China 50 (XPP) 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, XPP achieves a -13.54% return, which is significantly lower than TQQQ's 29.42% return. Over the past 10 years, XPP has underperformed TQQQ with an annualized return of -6.07%, while TQQQ has yielded a comparatively higher 39.51% annualized return.

XPP

• 1D: -0.33%
• 1M: 29.56%
• 6M: -16.46%
• YTD: -13.54%
• 1Y: -8.21%
• 3Y*: 5.24%
• 5Y*: -15.11%
• 10Y*: -6.07%
• ALL TIME*: -4.69%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TQQQ ProShares UltraPro QQQ	$4.46B	$4.47B	$5.36B
XPP ProShares Ultra FTSE China 50	$93.17K	$75.54K	$134.28K

XPP vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XPP ProShares Ultra FTSE China 50	-13.54%	45.84%	38.18%	-34.77%	-50.06%	-40.45%	7.07%	24.88%	-31.36%	80.21%
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 XPP and TQQQ is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (3Y) Balances recent behavior with more history.	0.34
Correlation (5Y) Shows whether the relationship held over a longer period.	0.39
Correlation (10Y) Provides a long-term view across more market conditions.	0.48
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	0.53

The correlation between XPP and TQQQ shifts across timeframes, from 0.34 (3 years) to 0.53 (all time), reflecting how their relationship changes across market environments.

XPP vs. TQQQ - Sectors Allocation Comparison

Sectors	XPP	TQQQ
Financial Services	48.4%	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

XPP vs. TQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XPP

XPP Risk / Return Rank: 9
XPP Sharpe Ratio Rank: 8
XPP Sortino Ratio Rank: 9
XPP Omega Ratio Rank: 9
XPP Calmar Ratio Rank: 9
XPP Martin Ratio Rank: 8

TQQQ

TQQQ Risk / Return Rank: 45
TQQQ Sharpe Ratio Rank: 45
TQQQ Sortino Ratio Rank: 45
TQQQ Omega Ratio Rank: 44
TQQQ Calmar Ratio Rank: 48
TQQQ Martin Ratio Rank: 44

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XPP vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) 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.

	XPP	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.20	1.14	-1.34
Sortino ratio: Return per unit of downside risk	-0.02	1.68	-1.69
Omega ratio: Gain probability vs. loss probability	1.00	1.21	-0.21
Calmar ratio: Return relative to maximum drawdown	-0.18	1.77	-1.95
Martin ratio: Return relative to average drawdown	-0.38	4.90	-5.28

XPP vs. TQQQ - Sharpe Ratio Comparison

The current XPP Sharpe Ratio is -0.20, which is lower than the TQQQ Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of XPP 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

XPP vs. TQQQ - Drawdown Comparison

The maximum XPP drawdown since its inception was -89.90%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for XPP and TQQQ.

Drawdown Indicators

	XPP	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-89.90%	-81.66%	-8.24%
Max Drawdown (1Y) Largest decline over 1 year	-44.78%	-36.97%	-7.81%
Max Drawdown (3Y) Largest decline over 3 years	-48.56%	-58.04%	+9.48%
Max Drawdown (5Y) Largest decline over 5 years	-81.38%	-81.66%	+0.28%
Max Drawdown (10Y) Largest decline over 10 years	-89.90%	-81.66%	-8.24%
Current Drawdown Current decline from peak	-77.12%	-21.90%	-55.22%
Average Drawdown Average peak-to-trough decline	-48.11%	-18.50%	-29.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.62%	13.31%	+8.31%

Volatility

XPP vs. TQQQ - Volatility Comparison

The current volatility for ProShares Ultra FTSE China 50 (XPP) is 10.61%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 20.63%. This indicates that XPP 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

	XPP	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.61%	20.63%	-10.02%
Volatility (6M) Calculated over the trailing 6-month period	29.08%	47.88%	-18.80%
Volatility (1Y) Calculated over the trailing 1-year period	40.30%	57.57%	-17.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.34%	68.10%	-5.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.82%	66.61%	-11.79%

XPP vs. TQQQ - Expense Ratio Comparison

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

Dividends

XPP vs. TQQQ - Dividend Comparison

XPP's dividend yield for the trailing twelve months is around 2.42%, 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%
XPP ProShares Ultra FTSE China 50	2.42%	2.32%	2.96%	2.87%	0.00%	0.00%	0.00%	3.81%	1.47%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XPP and TQQQ in my portfolio?

XPP and TQQQ have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XPP or TQQQ?

TQQQ has higher volatility (20.63%) compared to XPP (10.61%). In terms of maximum drawdown, XPP dropped -89.90% vs TQQQ's -81.66%.

Which ETF is better, XPP or TQQQ?

On 10-year performance, TQQQ leads with 39.51% vs -6.07% for XPP. Both ETFs have the same 0.95% expense ratio. On volatility, XPP has been the lower-risk option at 10.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XPP or TQQQ?

Over the 10-year period, TQQQ has performed better with a 39.51% return vs -6.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XPP or TQQQ?

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

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

XPP has the higher dividend yield at 2.42%, compared with 0.56% for TQQQ.

What is the main difference between XPP and TQQQ?

XPP is categorized as China Equities, while TQQQ is Leveraged Equities. XPP tracks FTSE/Xinhua China 25 Index (200%), while TQQQ tracks NASDAQ-100 Index (300%).

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (1.14 vs -0.20), 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.