TQQQ (3x leveraged QQQ) is up less than the QQQ over the passed 5 years. Can someone explain how that works?

I was just looking at the long-term charts and found this interesting. TQQQ up 67%, QQQ up 77% over the passed 5 years. At the top, QQQ was up 152% and TQQQ was up 682%. How does this work? I'm an idiot, I know nothing about how rebalancing works on leveraged ETFs. But perhaps is there an argument to be made that TQQQ is a smarter long-term buy than QQQ after the Nasdaq has had a sharp decline like it has this year?

Interested in your thoughts