XXXX vs. TQQQ

Last updated Jun 24, 2026

XXXX (MAX S&P 500 4X Leveraged ETN) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds - XXXX tracks the S&P 500 Index (400%) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past year, XXXX returned 61.35% vs 100.69% for TQQQ. Their correlation of 0.94 suggests significant overlap in exposure. XXXX charges 2.95%/yr vs 0.95%/yr for TQQQ.

Performance

XXXX vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MAX S&P 500 4X Leveraged ETN (XXXX) 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, XXXX achieves a 13.89% return, which is significantly lower than TQQQ's 41.43% return.

XXXX

• 1D: -5.65%
• 1M: -8.58%
• YTD: 13.89%
• 6M: 9.18%
• 1Y: 61.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

XXXX vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XXXX MAX S&P 500 4X Leveraged ETN	13.89%	17.36%	61.36%	16.77%
TQQQ ProShares UltraPro QQQ	41.43%	34.35%	58.27%	18.48%

Correlation

The correlation between XXXX and TQQQ is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (All Time) Calculated using the full available price history since Dec 5, 2023	0.94

The correlation between XXXX and TQQQ has been stable across timeframes, ranging from 0.94 to 0.94 - a consistent structural relationship.

Return for Risk

XXXX vs. TQQQ — Risk / Return Rank

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

XXXX

XXXX Risk / Return Rank: 36
XXXX Sharpe Ratio Rank: 36
XXXX Sortino Ratio Rank: 34
XXXX Omega Ratio Rank: 35
XXXX Calmar Ratio Rank: 34
XXXX Martin Ratio Rank: 40

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.

XXXX vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAX S&P 500 4X Leveraged ETN (XXXX) 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.

	XXXX	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.90	-0.65
Sortino ratio: Return per unit of downside risk	1.74	2.27	-0.53
Omega ratio: Gain probability vs. loss probability	1.23	1.30	-0.08
Calmar ratio: Return relative to maximum drawdown	1.66	2.74	-1.08
Martin ratio: Return relative to average drawdown	6.14	8.72	-2.57

XXXX vs. TQQQ - Sharpe Ratio Comparison

The current XXXX Sharpe Ratio is 1.25, which is lower than the TQQQ Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of XXXX 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

XXXX vs. TQQQ - Drawdown Comparison

The maximum XXXX drawdown since its inception was -62.27%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for XXXX and TQQQ.

Drawdown Indicators

	XXXX	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-62.27%	-81.66%	+19.39%
Max Drawdown (1Y) Largest decline over 1 year	-37.25%	-36.97%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	—	-58.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-81.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-81.66%	—
Current Drawdown Current decline from peak	-14.46%	-14.65%	+0.19%
Average Drawdown Average peak-to-trough decline	-11.55%	-18.49%	+6.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.02%	11.59%	-1.57%

Volatility

XXXX vs. TQQQ - Volatility Comparison

The current volatility for MAX S&P 500 4X Leveraged ETN (XXXX) is 19.57%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 27.27%. This indicates that XXXX 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

	XXXX	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.57%	27.27%	-7.70%
Volatility (6M) Calculated over the trailing 6-month period	39.25%	43.35%	-4.10%
Volatility (1Y) Calculated over the trailing 1-year period	49.48%	53.39%	-3.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.18%	67.41%	-6.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.18%	66.32%	-5.14%

XXXX vs. TQQQ - Expense Ratio Comparison

XXXX has a 2.95% expense ratio, which is higher than TQQQ's 0.95% expense ratio.

Dividends

XXXX vs. TQQQ - Dividend Comparison

XXXX has not paid dividends to shareholders, while TQQQ's dividend yield for the trailing twelve months is around 0.42%.

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%
XXXX MAX S&P 500 4X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XXXX and TQQQ in my portfolio?

With a correlation of 0.94, XXXX and TQQQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, XXXX or TQQQ?

TQQQ has higher volatility (27.27%) compared to XXXX (19.57%). In terms of maximum drawdown, XXXX dropped -62.27% vs TQQQ's -81.66%.

Which ETF is better, XXXX or TQQQ?

On 1-year performance, TQQQ leads with 100.69% vs 61.35% for XXXX. On fees, TQQQ is cheaper at 0.95% per year. On volatility, XXXX has been the lower-risk option at 19.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XXXX or TQQQ?

Over the 1-year period, TQQQ has performed better with a 100.69% return vs 61.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XXXX or TQQQ?

TQQQ is cheaper with a 0.95% expense ratio, compared with 2.95% for XXXX.

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

TQQQ has the higher dividend yield at 0.42%, compared with 0.00% for XXXX.

What is the main difference between XXXX and TQQQ?

XXXX tracks S&P 500 Index (400%), while TQQQ tracks NASDAQ-100 Index (300%). They also come from different issuers: Max and ProShares. Their fees differ too: 2.95% for XXXX and 0.95% for TQQQ.

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (1.90 vs 1.25), 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.