QQQ vs TQQQ: fees, holdings and returns
QQQ holds the 100 companies in the Nasdaq-100. TQQQ uses borrowed money and swaps to try to return 3 times the Nasdaq-100’s move each day. Over longer periods, TQQQ’s results can be very different from 3 times QQQ, and its drops have been far deeper. Over the same dates since February 2010, QQQ returned about 19.2% a year and TQQQ returned about 41.6% a year.
Written by the Tactfolio research team. Fund facts checked October 16, 2026. Prices through October 16, 2026.
Key points
- QQQ costs less: 0.18% a year against 0.78%.
- QQQ started trading in March 1999. TQQQ started in February 2010.
- Worst drops since 2010: QQQ −35.1%, TQQQ −81.7%.
- Daily correlation: 1.00 (1 means they always move together).
What is the difference between QQQ and TQQQ?#
TQQQ resets every day. If the index rises 1% today, TQQQ aims to rise about 3%. But over weeks and years, ups and downs compound in a way that can eat into the result, most of all when prices jump around. In a sharp fall, TQQQ can lose most of its value. In 2022, when QQQ fell about a third, TQQQ fell much further. TQQQ also charges a much higher fee.
| Fact | QQQ | TQQQ |
|---|---|---|
| Full name | Invesco QQQ Trust, Series 1 | ProShares UltraPro QQQ |
| Issuer | Invesco | ProShares |
| Expense ratio | 0.18% a year | 0.78% a year |
| Started trading | March 10, 1999 | February 9, 2010 |
| Tracks | Nasdaq-100 Index | Nasdaq-100 Index |
| Holdings | n/a | n/a |
| Type | US stocks, ETF | Leveraged, ETF |
Fund facts checked on the Invesco QQQ page and the ProShares TQQQ page.
Is QQQ or TQQQ cheaper?#
QQQ costs less: 0.18% a year against 0.78%. On $10,000, that is about $18 a year for QQQ and $78 for TQQQ. The fund takes its fee out of its own value a little each day, so you never get a bill.
QQQ vs TQQQ performance over the same dates#
Both funds are measured from February 2010 to October 2026, the dates both traded. QQQ returned about 19.2% a year and TQQQ returned about 41.6% a year. TQQQ came out ahead over this period, which does not mean it will again.
| Measure | QQQ | TQQQ |
|---|---|---|
| $10,000 grew to | $187,664 | $3,324,315 |
| Total return | 1,777% | 33,143% |
| Return per year (CAGR) | 19.2% | 41.6% |
| Worst drop from a high | −35.1% | −81.7% |
| Volatility (how much it swings) | 20.6% | 61.1% |
| Last 12 months | 18.9% | 34.7% |
| Last 3 years, per year | 25.0% | 53.9% |
| Last 5 years, per year | 14.7% | 16.2% |
| Last 10 years, per year | 20.5% | 39.5% |
Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.
QQQ and TQQQ returns by year#
| Year | QQQ | TQQQ |
|---|---|---|
| 2026 (part of the year) | 15.9% | 30.1% |
| 2025 | 20.8% | 34.4% |
| 2024 | 25.6% | 58.3% |
| 2023 | 54.9% | 198.0% |
| 2022 | −32.6% | −79.1% |
| 2021 | 27.4% | 83.0% |
| 2020 | 48.4% | 110.0% |
| 2019 | 39.0% | 133.8% |
| 2018 | −0.1% | −19.8% |
| 2017 | 32.7% | 118.1% |
| 2016 | 7.1% | 11.4% |
| 2015 | 9.4% | 17.2% |
| 2014 | 19.2% | 57.1% |
| 2013 | 36.6% | 139.7% |
| 2012 | 18.1% | 52.3% |
| 2011 | 3.5% | −8.1% |
| 2010 (part of the year) | 25.9% | 78.1% |
Which fell further in bad times?#
A drawdown is how far a fund falls from its last high point. QQQ’s worst fall was −35.1%, from December 27, 2021 to November 3, 2022. It got back to that high on December 13, 2023.
TQQQ’s worst fall was −81.7%, from November 19, 2021 to December 28, 2022. It got back to that high on December 4, 2024.
Their daily moves had a correlation of 1.00. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So holding both adds little variety.
Why people choose QQQ or TQQQ#
QQQ. People who want the Nasdaq-100 without borrowed money tend to pick QQQ.
TQQQ. Short-term traders who accept very large swings and can watch daily use TQQQ. ProShares, its issuer, says it is meant for daily use by people who understand leverage.
Strategies that hold QQQ or TQQQ#
These classic strategies hold one or both at least some of the time. Each is a set of written rules you can open, test and copy.
- Bold Asset Allocation (BAA), by Wouter Keller, 2022 (holds QQQ)
- Defensive Asset Allocation (DAA), by Wouter Keller and JW Keuning, 2018 (holds QQQ)
- Protective Asset Allocation (PAA), by Wouter Keller and JW Keuning, 2016 (holds QQQ)
- Vigilant Asset Allocation G12 (VAA-G12), by Wouter Keller and JW Keuning, 2017 (holds QQQ)
- Bold Asset Allocation G4 (BAA aggressive), by Wouter Keller, 2022 (holds QQQ)
- Quint Switching Filtered (Lewis Glenn’s QSF), by Lewis A. Glenn, 2018 (holds QQQ)
- Lethargic Asset Allocation (Keller’s LAA), by Wouter J. Keller, 2019 (holds QQQ)
- Resilient Asset Allocation (Keller’s RAA), by Wouter J. Keller, 2020 (holds QQQ)
- Pragmatic Asset Allocation (Quantpedia’s PAA), by Radovan Vojtko and Juliána Javorská (Quantpedia), 2024 (holds QQQ)
Other funds like QQQ and TQQQ#
QQQ has more funds that hold the same kind of investments, ranked by how closely they move with it: QQQ alternatives.
Test a mix of QQQ and TQQQ#
Open the builder, add QQQ and TQQQ, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for QQQ and TQQQ, or see more ETF comparisons.
The details#
Both funds use Tactfolio’s stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund’s first day, so neither gets a head start. Correlation uses daily returns over the same days. Read what a backtest simulates for more on these measures.
Common questions#
Is TQQQ 3 times QQQ over a year?#
Not usually. TQQQ aims for 3 times the daily move only. Over a year, its return can be much more or much less than 3 times QQQ’s, because daily gains and losses compound.
Can TQQQ lose almost everything?#
It can lose most of its value. If the Nasdaq-100 fell by about a third in one day, a 3 times daily fund would be wiped out. Large multi-day falls have already cut TQQQ by most of its value in the past.
Which is cheaper, QQQ or TQQQ?#
QQQ costs less: 0.18% a year against 0.78%. Fees come from each issuer and were checked on October 16, 2026.
Which did better, QQQ or TQQQ?#
From February 2010 to October 2026, QQQ returned about 19.2% a year and TQQQ returned about 41.6% a year, with dividends reinvested. Their worst drops were −35.1% and −81.7%. Past returns do not tell you what comes next.