SPY vs TQQQ
State Street SPDR S&P 500 ETF Trust vs ProShares UltraPro QQQ
Which is better, SPY or TQQQ?
Large Cap Blend against Multi Alternative.
SPY has a lower expense ratio. SPY led over 1Y and 5Y, TQQQ over 3Y and the full window. The two have moved almost in lockstep, correlation 0.91.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SPY | TQQQ |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.78% |
| AUM | $777.9B | $29.1B |
| Dividend Yield | 1.00% | 0.78% |
| Holdings | 1,011 | 378 |
| YTD Return | +10.63%Best | +8.68% |
| 1Y Return | +11.24%Best | +1.11% |
| 3Y Return (annualized) | +20.94% | +42.61%Best |
| 5Y Return (annualized) | +11.58%Best | +8.38% |
| Volatility (annualized) | 14.4%Best | 55.2% |
| Max Drawdown | -34.1%Best | -81.7% |
| $10,000 over 5 years | $17,295Best | $14,954 |
| Fund Family | State Street Investment Management | ProShares |
| Category | Equity | Alternative |
| Style | Large Cap Blend | Multi Alternative |
| Inception | Jan 22, 1993 | Feb 9, 2010 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Feb 11, 2010 to Nov 10, 2026 (16.7 years).
SPY vs TQQQ growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SPY vs TQQQ Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and ProShares UltraPro QQQ (TQQQ) is an ETF from ProShares. Over the past year SPY returned +11.24% while TQQQ returned +1.11%. Year to date, SPY is up 10.63% versus a gain of 8.68% for TQQQ.
Over three years, SPY compounded at +20.94% per year against +42.61% for TQQQ; over five years the annualized figures are +11.58% and +8.38% respectively. Across the full 17-year window we track, TQQQ has the edge at +39.87% annualized vs +12.78%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TQQQ has been the more volatile fund, with annualized monthly volatility of 55.2% compared with 14.4% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -34.1% for SPY and -81.7% for TQQQ. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPY charges 0.09% per year while TQQQ charges 0.78%. On a $10,000 position that is $9 vs $78 annually, a gap of $69 per year that compounds over a long holding period. On income, SPY currently yields 1.00% against 0.78% for TQQQ.
Holdings Overlap
At least 55.0% of SPY's money is in holdings TQQQ also owns.
Stated as a floor: for TQQQ, our book for it covers 58.0% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
The two portfolios partly overlap.
85 positions in common, counted across the 504 positions we hold weights for in SPY and 101 in TQQQ, against full books of 1,011 and 378.
Top Shared Holdings
| Stock | Weight in SPY | Weight in TQQQ | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.05% | 3.33% | 4.72% |
| AAPLApple Inc | 7.53% | 3.18% | 4.35% |
| MSFTMicrosoft Corp | 5.96% | 2.52% | 3.44% |
| AMZNAmazon.Com Inc | 3.75% | 1.80% | 1.95% |
| GOOGLAlphabet Inc | 3.07% | 1.28% | 1.79% |
| METAMeta Platforms Inc | 2.45% | 1.33% | 1.12% |
| GOOGAlphabet Inc. C | 2.46% | 1.19% | 1.27% |
| AVGOBroadcom Inc | 2.48% | 1.01% | 1.47% |
| MUMicron Technology, Inc. | 1.55% | 1.79% | 0.24% |
| AMDAdvanced Micro Devices Inc | 1.40% | 1.54% | 0.14% |
55.0% of SPY is already inside TQQQ.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or TQQQ?
SPY has an expense ratio of 0.09% while TQQQ charges 0.78%. SPY is the cheaper option, by $69 a year on a $10,000 investment.
Which performed better, SPY or TQQQ?
Over the past year SPY returned +11.24% vs +1.11% for TQQQ, so SPY leads on 1-year performance. Over the longest common window we track (17 years), SPY annualized +12.78% vs +39.87% for TQQQ. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TQQQ?
TQQQ has been the more volatile fund at 55.2% annualized versus 14.4% for SPY. Worst drawdown: SPY -34.1% vs TQQQ -81.7%.
Should I hold both SPY and TQQQ?
SPY and TQQQ have a monthly-return correlation of 0.91, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between SPY and TQQQ?
At least 55.0% of SPY's money is in holdings TQQQ also owns. Our book for TQQQ is partial, so the real figure is this or higher. They hold 85 positions in common, counted across the 504 positions we hold weights for in SPY and 101 in TQQQ.
Which pays a higher dividend, SPY or TQQQ?
SPY yields 1.00% while TQQQ yields 0.78%, so SPY currently pays the higher dividend yield.
Is TQQQ better than SPY?
SPY has a lower expense ratio. SPY led over 1Y and 5Y, TQQQ over 3Y and the full window. The two have moved almost in lockstep, correlation 0.91. Which one suits a particular account depends on what it is for. This is information, not a recommendation.