Data as of Oct 27, 2026.
QQQP vs TQQQ: Leverage, Returns & Decay
Over the three months to Oct 27, 2026, QQQP returned 13.1% and TQQQ 15.6%.
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Net assets on Oct 27, 2026: $13m for Tradr 2X Long Innovation 100 Quarterly ETF and $36.9bn for ProShares UltraPro QQQ.
Pair scorecard
TQQQ costs 0.22 points a year less; their one-year returns differ by 4.6 points; TQQQ is far larger, $36.9bn against $13m.
Points (pts) are percentage points.
| Measure | QQQP | TQQQ |
|---|---|---|
| Return | ||
| Total return, 1 year | +18.3% | +22.9% |
| What its daily multiple gave, 3 months | 18.9% | |
| What the underlying did, 3 months | QQQ 6.9% | QQQ 6.9% |
| What the underlying did, 3 months | QQQ 6.9% | QQQ 6.9% |
| Against its benchmark | ||
| What it tracks | Nasdaq-100 | Nasdaq-100 |
| Against its daily multiple, 3 months | 3.3 points short | |
| Against the whole-window multiple | 5.1 points short | |
| Cost and size | ||
| Expense ratio | 1.00% | 0.78% |
| Net assets | $13m | $36.9bn |
| Holdings | ||
| Holdings in common | not published | |
Side by side
As of Oct 27, 2026. Source: ETFIQ.
Window by window
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | QQQP | TQQQ | QQQP | TQQQ | QQQP | TQQQ |
| 1 month | −6.8% | −10.8% | not meaningful | −9.3% | not meaningful | −1.5 pts |
| 3 months | +13.1% | +15.6% | not meaningful | +20.7% | not meaningful | −5.1 pts |
| 6 months | +13.3% | +17.5% | not meaningful | +29.7% | not meaningful | −12.2 pts |
| 1 year | +18.3% | +22.9% | not meaningful | +46.2% | not meaningful | −23.3 pts |
| 3 years | – | +369.0% | – | not meaningful | – | not meaningful |
| Since launchNot the same days: QQQP Oct 2024 · TQQQ Feb 2010 | +80.5% | +34,551.6% | not meaningful | not meaningful | not meaningful | not meaningful |
Source: ETFIQ. – means no data for this window. Open this comparison in the app →
Over the quarter to Sep 30, 2026, QQQP lost 0.5%, against 1.2% for twice QQQ's return. Across its 7 completed quarters (Q1 2025 to Q3 2026), the gap to +2 times QQQ ran from −2.3 pts to −1.6 pts.
Of that 5.1, daily compounding is −1.8 points, which any 3 times fund would show over the same path, and the fund itself is −3.3 points against 3 times each day's move, compounded.
Over the three months to Oct 27, 2026, TQQQ returned 15.6%, against 18.9% for three times QQQ's daily moves. Read the multiple against the whole window instead and 3 times QQQ's 6.9% implies +20.7%, which makes TQQQ look 5.1 points short. That is not the fund's objective, which is daily. TQQQ aims to return +3 times QQQ's move each day, then resets. Over one day it does that. Over longer periods the daily results compound, so the total is not +3 times the period's move: it is lower after a fall and recovery, and can be higher in a steady run. QQQ moved at 19% annualized over that window. The more it moves, the further the two numbers separate.
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How this is computed
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, QQQP against TQQQ, data as of Oct 27, 2026. https://etfiq.com/compare/leverage/qqqp-vs-tqqq
ETFIQ. (Oct 27, 2026). QQQP against TQQQ. Retrieved from https://etfiq.com/compare/leverage/qqqp-vs-tqqq
[QQQP against TQQQ (ETFIQ, Oct 27, 2026)](https://etfiq.com/compare/leverage/qqqp-vs-tqqq)
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