QQQ
-35.12%Maximum drawdown2021-12-27 → 2022-11-03
Low to recovery 405 calendar days
TQQQ fell 81.66%—how long did recovery take? Compare TQQQ (3x), QLD (2x) and QQQ drawdowns, recovery times and yearly, monthly, weekly and daily returns.
Research & Analysis by Kamal Khondkar • Quantitative Researcher • TradingNInvestment
Compare Nasdaq-100 exposure through QQQ, QLD’s 2× daily objective and TQQQ’s 3× daily objective. The data covers 2010-02-11 through 2026-11-10 on 4,213 matching trading dates.
Selected chart and recovery period — 2010-02-11 through 2026-11-10.
How deep did losses become, and how long did each fund take to regain its previous peak?
2021-12-27 → 2022-11-03
Low to recovery 405 calendar days
2021-11-19 → 2022-12-28
Low to recovery 513 calendar days
2021-11-19 → 2022-12-28
Low to recovery 707 calendar days
Each line measures the decline from that fund’s own prior peak within the selected period.
| Metric | QQQ Nasdaq-100 | QLD 2× daily | TQQQ 3× daily |
|---|---|---|---|
| Maximum drawdown | -35.12% | -63.68% | -81.66% |
| Drawdown at latest close | -11.18% | -22.40% | -34.88% |
| Peak before deepest decline | 2021-12-27 | 2021-11-19 | 2021-11-19 |
| Deepest drawdown low | 2022-11-03 | 2022-12-28 | 2022-12-28 |
| Previous peak regained | 2023-12-13 | 2024-05-24 | 2024-12-04 |
| Peak to low · calendar days | 311 | 404 | 404 |
| Low to recovery · calendar days | 405 | 513 | 707 |
| Peak to recovery · calendar days | 716 | 917 | 1,111 |
| Gain required from deepest low | +54.13% | +175.36% | +445.25% |
Recovery is the first subsequent adjusted close at or above the prior peak. Calendar days include weekends and holidays. Changing the period resets each running peak at the selected starting close. Total return uses adjusted closes as a distribution-reinvested return proxy. YTD is unannualized.
Each fund starts with $10,000 at the selected starting close. QLD and TQQQ reset their leverage daily. Compounding, volatility, fund expenses and financing affect longer-period results.
Logarithmic price scale. Equal vertical distances represent equal proportional changes.
| Metric | QQQ | QLD | TQQQ |
|---|---|---|---|
| Total return | +1684.00% | +9430.11% | +27465.37% |
| Annualized return | +18.78% | +31.28% | +39.87% |
| Ending value of $10,000 | $178,400 | $953,011 | $2,756,537 |
| Period ending | QQQ | QLD | TQQQ | Period |
|---|---|---|---|---|
| 2026-11-10 | +10.21% | +11.19% | +7.92% | In progress |
| 2025-12-31 | +20.77% | +30.36% | +34.35% | Complete |
| 2024-12-31 | +25.58% | +42.81% | +58.27% | Complete |
| 2023-12-29 | +54.86% | +117.72% | +198.05% | Complete |
| 2022-12-30 | -32.58% | -60.52% | -79.09% | Complete |
| 2021-12-31 | +27.42% | +54.67% | +82.98% | Complete |
| 2020-12-31 | +48.41% | +88.90% | +110.05% | Complete |
| 2019-12-31 | +38.96% | +81.69% | +133.83% | Complete |
| 2018-12-31 | -0.13% | -8.31% | -19.79% | Complete |
| 2017-12-29 | +32.66% | +70.34% | +118.06% | Complete |
| 2016-12-30 | +7.10% | +10.04% | +11.38% | Complete |
| 2015-12-31 | +9.44% | +14.74% | +17.23% | Complete |
| 2014-12-31 | +19.18% | +37.59% | +57.09% | Complete |
| 2013-12-31 | +36.63% | +82.11% | +139.73% | Complete |
| 2012-12-31 | +18.11% | +34.77% | +52.29% | Complete |
| 2011-12-30 | +3.48% | +0.04% | -8.05% | Complete |
Daily returns compare consecutive closes. Other frequencies compare the last available closes of adjacent calendar years, months or Friday-ending weeks. The first bucket is used as the return baseline. The current unfinished period is labeled “In progress”.
Source — Yahoo Finance adjusted daily closes. QQQ and TQQQ use the article’s saved snapshot. QLD is matched to exactly those dates. Data through 2026-11-10. Historical results depend on the selected period.
Fund objectives and documents — Invesco QQQ, ProShares QLD, ProShares TQQQ.
Historical ProShares UltraPro QQQ annual price-return statistics from 2011 to present, with the current year reported separately as year-to-date. (Market data through Nov 10, 2026)
Period returns are compounded from the latest completed calendar-year ProShares UltraPro QQQ price returns. Multi-year cards also show the annualized return for the same completed-year period.
TQQQ is a 3× long ETF with a daily investment objective. Because the objective resets daily, returns over a week, month, year, or longer period should not be assumed to equal the stated leverage multiple applied to the corresponding long-term return of QQQ.
Daily compounding, market volatility, financing costs, fund expenses, and the path of returns can materially affect the outcome.
This TNI research therefore examines TQQQ across the historical periods supported by the available data. The analysis includes annual returns, drawdowns, and synchronized comparisons with QQQ, together with longer-horizon rolling performance.
The objective is to show how TQQQ has behaved across different market periods and holding horizons—not to imply that historical performance predicts future results.
Leveraged ETF results should be interpreted in the context of the fund's stated daily objective, underlying exposure, implementation structure, costs, and available operating history. TNI calculates its historical return comparisons independently from market-price data.
| Return Component | Ending Value | CAGR | Contribution |
|---|---|---|---|
| Price Return | $1,368,979 | 38.8% | 95.4% |
| Dividend + Reinvestment | +$65,535 | — | 4.6% |
| Total Return | $1,434,513 | 39.2% | 100.0% |
| Year | Price Wealth | Total Wealth | Dividend + Reinvestment | Contribution |
|---|---|---|---|---|
| 2011 | $9,195 | $9,195 | +$0 | 0.0% |
| 2012 | $14,003 | $14,003 | +-$0 | -0.0% |
| 2013 | $33,570 | $33,570 | +-$0 | -0.0% |
| ···2023 | $658,263 | $674,621 | +$16,359 | 2.4% |
| 2024 | $1,027,383 | $1,067,708 | +$40,325 | 3.8% |
| 2025 | $1,368,979 | $1,434,513 | +$65,535 | 4.6% |
Contribution % represents the share of ending total-return wealth associated with the difference between the dividend-reinvested total-return path and the price-only path. It is not the historical dividend yield.
Annual price-return comparison across overlapping completed calendar years from 2011 through 2025. Excess return is ProShares UltraPro QQQ return minus QQQ return.
| Year | ProShares UltraPro QQQ | QQQ | Difference | Result |
|---|---|---|---|---|
| 2025 | +33.25% | +20.16% | +13.09% | Outperformed |
| 2024 | +56.07% | +24.84% | +31.24% | Outperformed |
| 2023 | +193.06% | +53.79% | +139.27% | Outperformed |
| 2022 | -79.20% | -33.07% | -46.13% | Underperformed |
| 2021 | +82.98% | +26.81% | +56.17% | Outperformed |
| 2020 | +110.05% | +47.57% | +62.49% | Outperformed |
| 2019 | +133.67% | +37.83% | +95.84% | Outperformed |
| 2018 | -19.90% | -0.96% | -18.93% | Underperformed |
| 2017 | +118.06% | +31.47% | +86.60% | Outperformed |
| 2016 | +11.38% | +5.92% | +5.46% | Outperformed |
Comparison uses calendar-year price returns over the common historical period. Current-year YTD performance is shown separately and is excluded from completed-year statistics.
Rolling 10-Year Annualized Returns
Each point shows the annualized price return over the trailing 10 completed calendar years. Select a year to compare the long-term return for TQQQ and QQQ.
Price-return comparison. Rolling results are calculated from annual calendar-year returns and exclude the current incomplete year. Hover or tap a year to inspect the values.
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Showing 15 annual price-return observations for 2011–2025.
| Year | TQQQ Price Return | Return Category |
|---|---|---|
| 2025 | +33.25% | ≥10% |
| 2024 | +56.07% | ≥10% |
| 2023 | +193.06% | ≥10% |
| 2022 | -79.20% | Negative |
| 2021 | +82.98% | ≥10% |
| 2020 | +110.05% | ≥10% |
| 2019 | +133.67% | ≥10% |
| 2018 | -19.90% | Negative |
| 2017 | +118.06% | ≥10% |
| 2016 | +11.38% | ≥10% |
| 2015 | +17.22% | ≥10% |
| 2014 | +57.04% | ≥10% |
| 2013 | +139.73% | ≥10% |
| 2012 | +52.29% | ≥10% |
| 2011 | -8.05% | Negative |
Statistics below update with the selected filters. Average, median, best and worst annual returns use completed calendar years only, so the current YTD period does not distort historical annual statistics.
The history of ProShares UltraPro QQQ returns shows how annual performance has varied across the available historical record.
This ProShares UltraPro QQQ yearly returns database contains 15 completed calendar years from 2011 through 2025, plus the current 2026 year-to-date observation.
Across those 15 completed years, the average annual ProShares UltraPro QQQ price return was +59.84%.
The median annual return was +56.07%.
Those summary statistics are useful, but the complete ProShares UltraPro QQQ annual-return history provides more detail about how yearly performance has varied across the available record.
Looking at individual annual observations makes it possible to compare yearly outcomes using the same verified historical dataset.
One of the strongest findings in the historical ProShares UltraPro QQQ returns dataset is the frequency of non-negative calendar years.
Of the 15 completed calendar years, 12 were non-negative.
That represents 80.00% of all completed years in the historical dataset.
Across those 12 non-negative years, the average annual ProShares UltraPro QQQ price return was +83.73%.
The median return among those non-negative years was +70.01%.
That median is useful because it shows that the positive-year average was not driven solely by a small number of extraordinary market gains.
The strongest completed year in the entire dataset was 2023, when the ProShares UltraPro QQQ price return reached +193.06%.
For this research, a zero return is included in the non-negative group.
Negative years tell the other side of ProShares UltraPro QQQ performance history.
Across the same 15 completed calendar years, 3 years were negative.
That represents 20.00% of completed years.
Looking only at those 3 negative years, the average annual ProShares UltraPro QQQ price return was -35.71%.
The median negative-year return was -19.90%.
These figures show that a negative calendar year historically meant considerably more than simply finishing slightly below zero.
The worst calendar year in the dataset was 2022, when the ProShares UltraPro QQQprice return fell -79.20%.
Negative calendar years occurred less frequently than non-negative calendar years, but several historical losses were substantial.
Putting both groups together reveals one of the most important characteristics of historical ProShares UltraPro QQQ returns.
There were 12 non-negative completed years compared with 3 negative completed years.
The average return during the 12 non-negative years was +83.73%.
The average return during the 3 negative years was -35.71%.
Across all 15 completed years together, the average annual ProShares UltraPro QQQ price return was +59.84%.
The median annual return across the full historical period was +56.07%.
An investor rarely experiences the long-term historical average in any particular calendar year.
Instead, individual ProShares UltraPro QQQ annual returns can vary substantially around that average.
That is one reason the complete ProShares UltraPro QQQ historical returns by year table can be more informative than relying on a single long-term number.
Across the 15 completed calendar years in this dataset, the arithmetic ProShares UltraPro QQQ average return was +59.84% per completed calendar year.
This is the arithmetic average of the individual annual price returns in the historical dataset.
It does not mean the market gained exactly 59.84% in a typical year.
Individual ProShares UltraPro QQQ yearly returns frequently differed substantially from that number.
The median annual return of +56.07% provides a second way to evaluate the distribution.
Looking at both the average and median gives readers more information about historical ProShares UltraPro QQQ returns than either statistic provides by itself.
These figures represent ProShares UltraPro QQQ price returns, not total returns.
The current ProShares UltraPro QQQ 3-year return view covers 2024 through 2026 YTD.
Within that window, there are 2 completed calendar years.
The average annual price return across those completed years was +44.66%.
The median annual return was +44.66%.
2 of the 2 completed years were non-negative, representing 100.00% of completed observations.
0 completed years were negative, representing 0.00%.
The strongest completed year in the period was 2024 at +56.07%.
The weakest completed year was 2025 at +33.25%.
The current 2026 YTD return of +7.28% remains separate from those completed-year statistics.
The +44.66% figure is the arithmetic average of the completed annual price returns in this display window. It should not be described as a 3-year cumulative return or compound annual growth rate.
A true 3-year cumulative return or CAGR requires a different calculation.
This completed-year sample can be compared with the full 15-year historical record when interpreting recent-period results.
The current ProShares UltraPro QQQ 5-year return view covers 2022 through 2026 YTD.
Within that window, there are 4 completed calendar years.
The average annual price return across those completed years was +50.80%.
The median annual return was +44.66%.
3 of the 4 completed years were non-negative, representing 75.00% of completed observations.
1 completed year was negative, representing 25.00%.
The strongest completed year in the period was 2023 at +193.06%.
The weakest completed year was 2022 at -79.20%.
The current 2026 YTD return of +7.28% remains separate from those completed-year statistics.
The +50.80% figure is the arithmetic average of the completed annual price returns in this display window. It should not be described as a 5-year cumulative return or compound annual growth rate.
A true 5-year cumulative return or CAGR requires a different calculation.
This completed-year sample can be compared with the full 15-year historical record when interpreting recent-period results.
The current ProShares UltraPro QQQ 10-year return view covers 2017 through 2026 YTD.
Within that window, there are 9 completed calendar years.
The average annual price return across those completed years was +69.78%.
The median annual return was +82.98%.
7 of the 9 completed years were non-negative, representing 77.78% of completed observations.
2 completed years were negative, representing 22.22%.
The strongest completed year in the period was 2023 at +193.06%.
The weakest completed year was 2022 at -79.20%.
The current 2026 YTD return of +7.28% remains separate from those completed-year statistics.
The +69.78% figure is the arithmetic average of the completed annual price returns in this display window. It should not be described as a 10-year cumulative return or compound annual growth rate.
A true 10-year cumulative return or CAGR requires a different calculation.
This completed-year sample can be compared with the full 15-year historical record when interpreting recent-period results.
The strongest calendar-year price return in the dataset occurred in 2023 at +193.06%.
The worst annual price return occurred in 2022 at -79.20%.
These extremes are far removed from the full-dataset ProShares UltraPro QQQ average return of +59.84%.
Understanding the type of return used on this page is essential.
The annual price-return chart, historical annual table and annual summary statistics measure changes in TQQQ’s closing price. Dividends are excluded from those figures.
The growth explorer’s total-return view and the TQQQ–QLD–QQQ comparison use adjusted closing prices as a proxy for reinvested distributions. Their returns, drawdowns and recovery dates follow that adjusted-close basis.
The current dataset shows the ProShares UltraPro QQQ return for 2026 at +7.28% YTD through Nov 10, 2026.
Unlike the completed historical calendar-year observations, 2026 is still in progress.
TradingNInvestment therefore displays the 2026 YTD return separately.
It is excluded from calculations such as the historical average, median, best completed year, and worst completed year.
This prevents a partial-year observation from being treated as though it were directly comparable with a completed calendar year.
The 2026 YTD result can change when the underlying verified market data is updated.
Average return is one of the most commonly quoted historical stock market statistics.
But the median provides useful additional information.
Across the 15 completed years, the median annual ProShares UltraPro QQQ price return was +56.07%, compared with an average of +59.84%.
The difference indicates that the distribution of historical annual returns is not perfectly symmetrical.
Large negative years can pull the arithmetic average downward.
Average, median, positive-year frequency, negative-year frequency, best year, and worst year together provide a more complete view of historical ProShares UltraPro QQQ returns.
No single statistic captures the entire history.
The dataset contains 12 non-negative years out of 15 completed years.
That corresponds to 80.00% of completed calendar years.
This is a historical frequency, not a probability forecast.
It would be incorrect to say that ProShares UltraPro QQQ has a 80.00% probability of rising next year simply because 80.00% of these historical observations were non-negative.
Future market conditions can differ substantially from historical conditions.
The statistic describes what occurred across the observed period, not what must happen in the future.
Historical ProShares UltraPro QQQ returns provide context that recent performance alone cannot provide.
A large gain or decline can appear unusual when viewed only against the most recent observations.
Comparing the current period with the available historical distribution helps show how it relates to earlier outcomes.
Historical returns can help investors, researchers, students, and analysts examine how annual performance has varied through the available record.
They can also reduce the tendency to use only recent performance as the reference point for evaluating the current year.
The TradingNInvestment Return Explorer is designed to make historicalProShares UltraPro QQQ returns easier to investigate.
Instead of presenting only a static chart, the tool allows readers to filter the same verified annual-return dataset.
Readers can examine all available years, non-negative years, negative years, and available historical periods.
The chart, annual-returns table, and summary statistics update from the same selected data.
Readers interested in downside history can examine the 3 negative calendar years in the completed-year dataset.
Readers studying non-negative historical performance can examine the 12 non-negative calendar years in the completed-year dataset.
When sufficient history is available, readers can also use the available period views to focus on more recent performance.
The purpose is not to predict the next ProShares UltraPro QQQ return, but to make the available historical observations easier to explore and understand.
One of the biggest risks when studying historical returns is selecting a period that confirms an existing belief.
A short period can appear exceptionally strong or exceptionally weak depending on its starting and ending years.
Using the broader available ProShares UltraPro QQQ history provides additional context for interpreting shorter periods.
Different historical windows can produce different average returns, frequencies of positive and negative years, and extreme outcomes.
None of those periods is inherently the single correct measure of historical performance. They answer different questions about different parts of the available record.
This is why TradingNInvestment provides both the available historical series and interactive period filters.
The dataset contains 15 completed calendar years of ProShares UltraPro QQQ price-return observations.
Of those completed years, 12 were non-negative and 3 were negative.
When completed years were non-negative, the average annual return was +83.73%.
When completed years were negative, the average annual return was -35.71%.
The strongest completed calendar year in the dataset was 2023 at +193.06%, while the weakest was 2022 at -79.20%.
The overall average annual ProShares UltraPro QQQ price return across the 15 completed calendar years was +59.84%.
Together, these statistics provide a broader view of the historical return distribution than the average alone.
The complete ProShares UltraPro QQQ annual-return dataset allows readers to examine the individual yearly observations behind the summary statistics.
TradingNInvestment aims to make market history simple to read, easy to understand, and rigorous enough to support serious market research.
This TNI research page examines ProShares UltraPro QQQ annual price returns by calendar year. The published dataset covers 2011–2025and separates completed historical years from current-year performance.
Annual price return is calculated from the final available closing price of each calendar year relative to the final available closing price of the prior calendar year. The page provides the year-by-year dataset, historical statistics, interactive visualization, and research methodology.
TQQQ should be evaluated as a leveraged instrument with a daily investment objective. Returns over holding periods longer than one day can differ substantially from the fund's stated daily leverage multiple applied to QQQ.
Daily compounding, volatility, derivatives, financing costs and fund expenses can materially affect longer-period results and the potential for loss.
Important: Historical returns and drawdowns are observations from the available dataset. They are not forecasts or guarantees of future performance. For broader historical context across major market cycles, explore TNI's stock market historical returns.
Investors should review the fund's current prospectus, financial statements, and other official fund documents before making an investment decision.
TNI uses Yahoo Finance historical price and adjusted-close data for the independent return calculations and visualizations on this page. Official issuer information, fund objectives, portfolio composition and fund documents are presented separately in the fund-facts section below.
Seeks daily investment results, before fees and expenses, corresponding to three times (3×) the daily performance of the Nasdaq-100 Index.
Because the investment objective is daily, the fund's return over periods longer than one trading day should not be assumed to equal its stated leverage multiple applied to the longer-period return of QQQ.
TQQQ uses derivatives and other financial instruments to pursue leveraged daily exposure to the Nasdaq-100.
Official fund information: ProShares — TQQQ. TNI uses Yahoo Finance historical price and adjusted-close data for independent return, growth and drawdown calculations.
Frequently asked questions about historical returns, total return, leverage, compounding, benchmark performance and drawdown risk.
TQQQ is ProShares UltraPro QQQ, a leveraged ETF from ProShares. Seeks daily investment results, before fees and expenses, corresponding to three times (3×) the daily performance of the Nasdaq-100 Index.
Its objective applies to a single trading day, so returns over longer periods can differ materially from the stated daily leverage multiple.
TQQQ is a leveraged ETF and can experience substantially larger gains and losses than QQQ. Whether it is appropriate depends on an investor's objectives, holding period and ability to tolerate large drawdowns. The fund's daily reset, leverage, compounding and volatility can make longer-period results materially different from the underlying asset.
QQQ is the underlying exposure used for comparison on this page, while TQQQ is a leveraged ETF seeking 3× long daily exposure linked to QQQ. TQQQ resets its leverage daily, so owning TQQQ is not economically identical to simply owning QQQ at a fixed multiple for a long period.
TQQQ uses derivatives and other financial instruments to pursue leveraged daily exposure to the Nasdaq-100. The exact instruments, counterparties, collateral and portfolio weights can change over time, so current composition should be checked against the latest official ProShares fund information.
TQQQ's holdings and derivative exposures can change over time. TNI therefore distinguishes the fund's structural investment approach from dated portfolio holdings published by the issuer.
Distribution payments can vary over time. For performance analysis, TNI separates price return from total return: the total-return analysis uses adjusted-close history to incorporate distributions and their reinvestment effect, while the annual price-return series uses historical closing prices.
Across 15 completed calendar years in this dataset, TQQQ's average annual tqqq price return was +59.84%. The current partial year is excluded from this historical average.
Over the latest five completed calendar years (2021–2025), TQQQ produced a cumulative price return of +131.99%, equivalent to an annualized return of +18.33%.
Over the latest ten completed calendar years (2016–2025), TQQQ produced a cumulative price return of +2115.32%, equivalent to an annualized return of +36.31%.
TQQQ's strongest completed calendar year in this dataset was 2023, with a price return of +193.06%. Its weakest was 2022, with a price return of -79.20%.
TNI compares TQQQ with QQQ using synchronized historical periods, including year-by-year annual returns, rolling 10-year annualized returns, period returns and daily adjusted-close drawdowns.
TQQQ targets leveraged performance on a daily basis rather than promising a fixed multiple over longer holding periods. Daily resetting and compounding mean that the sequence of returns, volatility, fees and financing effects can cause longer-period performance to differ substantially from simply multiplying QQQ's longer-period return.
TQQQ seeks 3× long daily exposure linked to QQQ. A decline in QQQ can therefore produce a magnified daily decline in TQQQ, before considering fees, expenses, tracking differences and market effects.
Volatility drag describes a compounding effect that can occur when returns fluctuate from day to day. Because percentage losses and gains compound from different portfolio values, repeated market swings can reduce longer-period compounded performance even when the underlying later returns near an earlier level.
The drawdown analysis measures TQQQ and QQQ from synchronized daily adjusted-close data. It reports each series' maximum decline from a running peak, peak and trough dates, recovery timing, and the gain required to recover from the deepest observed loss in the available dataset.
Annual price return is calculated using the final available close of each calendar year relative to the final available close of the prior calendar year. The current calendar year is shown as YTD and is excluded from completed-year summary statistics.
Data Source: Yahoo Finance — ProShares UltraPro QQQ (TQQQ). Return Type: TQQQ Price Return.
Historical ProShares UltraPro QQQ returns provide context for long-term market performance, strong years, drawdowns, and changing market conditions. TNI Intelligence tracks current market-moving news and live market intelligence as conditions change.
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