IQMM vs. UVXY

Last updated Jun 24, 2026

IQMM (ProShares GENIUS Money Market ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - IQMM is a Money Market fund actively managed by ProShares, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). IQMM is actively managed, while UVXY is passively managed. At a 0.25 correlation, their price movements are largely independent. IQMM charges 0.15%/yr vs 0.95%/yr for UVXY.

Performance

IQMM vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares GENIUS Money Market ETF (IQMM) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IQMM

• 1D: -0.04%
• 1M: 0.22%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

UVXY

• 1D: 8.28%
• 1M: -14.92%
• YTD: -22.07%
• 6M: -24.28%
• 1Y: -74.07%
• 3Y*: -61.96%
• 5Y*: -66.90%
• 10Y*: -73.85%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IQMM vs. UVXY - Yearly Performance Comparison

	2026 (YTD)
IQMM ProShares GENIUS Money Market ETF	1.16%
UVXY ProShares Ultra VIX Short-Term Futures ETF	-27.22%

Correlation

The correlation between IQMM and UVXY is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 19, 2026	0.25

Return for Risk

IQMM vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IQMM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

UVXY

UVXY Risk / Return Rank: 1
UVXY Sharpe Ratio Rank: 2
UVXY Sortino Ratio Rank: 1
UVXY Omega Ratio Rank: 1
UVXY Calmar Ratio Rank: 0
UVXY Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IQMM vs. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares GENIUS Money Market ETF (IQMM) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	IQMM	UVXY	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.87	—
Sortino ratio: Return per unit of downside risk	—	-1.64	—
Omega ratio: Gain probability vs. loss probability	—	0.81	—
Calmar ratio: Return relative to maximum drawdown	—	-1.01	—
Martin ratio: Return relative to average drawdown	—	-1.45	—

Drawdowns

IQMM vs. UVXY - Drawdown Comparison

The maximum IQMM drawdown since its inception was -0.04%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for IQMM and UVXY.

Drawdown Indicators

	IQMM	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-0.04%	-100.00%	+99.96%
Max Drawdown (1Y) Largest decline over 1 year	—	-73.51%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-94.93%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-99.71%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-100.00%	—
Current Drawdown Current decline from peak	-0.04%	-100.00%	+99.96%
Average Drawdown Average peak-to-trough decline	-0.00%	-98.75%	+98.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	55.34%	—

Volatility

Volatility by Period

	IQMM	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	25.85%	—
Volatility (6M) Calculated over the trailing 6-month period	—	66.46%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.23%	85.46%	-85.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.23%	103.96%	-103.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.23%	112.39%	-112.16%

IQMM vs. UVXY - Expense Ratio Comparison

IQMM has a 0.15% expense ratio, which is lower than UVXY's 0.95% expense ratio.

Dividends

IQMM vs. UVXY - Dividend Comparison

IQMM's dividend yield for the trailing twelve months is around 1.08%, while UVXY has not paid dividends to shareholders.

Position	TTM
IQMM ProShares GENIUS Money Market ETF	1.08%
UVXY ProShares Ultra VIX Short-Term Futures ETF	0.00%

Frequently Asked Questions

Can I hold both IQMM and UVXY in my portfolio?

IQMM and UVXY have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IQMM or UVXY?

On fees, IQMM is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IQMM or UVXY?

IQMM is cheaper with a 0.15% expense ratio, compared with 0.95% for UVXY.

Which ETF pays a higher dividend yield, IQMM or UVXY?

IQMM has the higher dividend yield at 1.08%, compared with 0.00% for UVXY.

What is the main difference between IQMM and UVXY?

IQMM is categorized as Money Market, while UVXY is Volatility. Their fees differ too: 0.15% for IQMM and 0.95% for UVXY.