NEW YORK, July 23, 2026, 12:15 EDT – TQQQ declined three times as much as QQQ, while over the past five years its annualized performance exceeded QQQ by about 3.9 points.
At midday on Thursday, U.S. regular trading was active. Early delayed data at noon indicated a 5.9% decline for ProShares UltraPro QQQ NASDAQ:TQQQ, while Invesco QQQ Trust NASDAQ:QQQ dropped 1.9%. The ratio stood near 3.03.
Over five years, differences were less pronounced. On July 16, TQQQ showed a total return of 142%, while QQQ delivered 105%.
Those approximate numbers suggest yearly returns of roughly 19.3% and 15.4%. The projected difference stood at 3.9 percentage points.
According to the same source, $10,000 was allocated to TQQQ at $24,200 and $20,500 was placed in QQQ. TQQQ ended up $3,700 ahead, providing an 18% advantage over QQQ’s final amount.
ProShares UltraPro Short QQQ NASDAQ:SQQQ rose 5.9% on Thursday, following a decline of 96% over the past five years.
| Fund | Daily mandate | July 23 move* | Five-year total return | $10,000 became |
|---|---|---|---|---|
| QQQ | Nasdaq-100 | -1.9% | +105% | $20,500 |
| TQQQ | 3x Nasdaq-100 | -5.9% | +142% | $24,200 |
| SQQQ | -3x Nasdaq-100 | +5.9% | -96% | Roughly $500 |
July 23 figures reflect preliminary, delayed pricing as of noon EDT. Data covering five years was released on July 16. According to the source, the figures are gross, pre-tax, and rounded to the nearest dollar.
ProShares states that TQQQ aims for triple the daily performance of the Nasdaq-100. SQQQ seeks to deliver three times the opposite of the index’s daily movement. These goals apply to a single day.
Compounding alters the outcome over a longer period. After a 10% decline, an 11.1% increase is required to recover to the starting point. Excluding fees, a 3x daily leveraged product would remain down 6.7% over those two sessions.
The latest decline confirmed the short-term target’s effectiveness. Alphabet NASDAQ:GOOGL dropped 6.5% after posting its initial $5.9 billion cash outflow. The company increased its 2026 capital spending outlook to a range of $195 billion-$205 billion.
“Following a quarter with negative cash flow, Alphabet’s increased capital expenditures are concerning,” said Thomas Monteiro, senior analyst at Investing.com. Reuters
Tesla NASDAQ:TSLA dropped 13.2% after posting a negative free cash flow of $1.1 billion, following quarterly capital expenditures totaling $5.8 billion.
Fees increase the disparity over holding periods. QQQ has a 0.18% expense ratio, while TQQQ’s is 0.82% and SQQQ’s is 0.95%.
QQQ maintained robust performance over the past decade without leverage, delivering a 558% total return through July 21 and growing $10,000 to nearly $66,000. Over that period, the S&P 500 posted a 305% return.
The figures suggest annualized returns of roughly 20.7% for QQQ and 15.0% for the S&P 500.
Risks move in both directions. TQQQ may accelerate gains in sustained upward trends, but can lose those gains rapidly in sudden downturns. SQQQ tends to lose value quickly when the Nasdaq-100 moves higher.
The daily multiplier worked as expected on Thursday, but the five-year holding period fell short. For those invested in leveraged ETFs, the sequence and volatility had a significant impact on returns.
