IQQQ vs. UVXY

Last updated Jun 5, 2026

IQQQ (ProShares Nasdaq-100 High Income ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past year, IQQQ returned 37.81% vs -74.10% for UVXY. At a correlation of -0.71, they often move in opposite directions. IQQQ charges 0.55%/yr vs 0.95%/yr for UVXY.

Performance

IQQQ vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Nasdaq-100 High Income ETF (IQQQ) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IQQQ achieves a 18.26% return, which is significantly higher than UVXY's -23.07% return.

IQQQ

• 1D: -0.39%
• 1M: 8.01%
• YTD: 18.26%
• 6M: 16.96%
• 1Y: 37.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UVXY

• 1D: -4.95%
• 1M: -26.21%
• YTD: -23.07%
• 6M: -39.47%
• 1Y: -74.10%
• 3Y*: -64.78%
• 5Y*: -68.23%
• 10Y*: -72.73%

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

IQQQ vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IQQQ ProShares Nasdaq-100 High Income ETF	18.26%	17.11%	13.39%
UVXY ProShares Ultra VIX Short-Term Futures ETF	-23.07%	-65.32%	-35.45%

Correlation

The correlation between IQQQ and UVXY is -0.65, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.65
Correlation (All Time) Calculated using the full available price history since Mar 21, 2024	-0.71

The correlation between IQQQ and UVXY has been stable across timeframes, ranging from -0.71 to -0.65 - a consistent structural relationship.

Return for Risk

IQQQ vs. UVXY — Risk / Return Rank

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

IQQQ

IQQQ Risk / Return Rank: 71
IQQQ Sharpe Ratio Rank: 77
IQQQ Sortino Ratio Rank: 72
IQQQ Omega Ratio Rank: 71
IQQQ Calmar Ratio Rank: 69
IQQQ Martin Ratio Rank: 67

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: 2

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.

IQQQ vs. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Nasdaq-100 High Income ETF (IQQQ) 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.

	IQQQ	UVXY	Difference
Sharpe ratio: Return per unit of total volatility	2.47	-0.88	+3.35
Sortino ratio: Return per unit of downside risk	3.21	-1.67	+4.88
Omega ratio: Gain probability vs. loss probability	1.42	0.81	+0.61
Calmar ratio: Return relative to maximum drawdown	3.41	-0.97	+4.39
Martin ratio: Return relative to average drawdown	12.12	-1.33	+13.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IQQQ vs. UVXY - Sharpe Ratio Comparison

The current IQQQ Sharpe Ratio is 2.47, which is higher than the UVXY Sharpe Ratio of -0.88. The chart below compares the historical Sharpe Ratios of IQQQ and UVXY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IQQQ	UVXY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	-0.88	+3.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.64	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.23	-0.68	+1.91

Drawdowns

IQQQ vs. UVXY - Drawdown Comparison

The maximum IQQQ drawdown since its inception was -20.41%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for IQQQ and UVXY.

Drawdown Indicators

	IQQQ	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-20.41%	-100.00%	+79.59%
Max Drawdown (1Y) Largest decline over 1 year	-11.13%	-76.19%	+65.06%
Max Drawdown (3Y) Largest decline over 3 years	—	-95.25%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-99.69%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-100.00%	—
Current Drawdown Current decline from peak	-0.69%	-100.00%	+99.31%
Average Drawdown Average peak-to-trough decline	-3.63%	-98.55%	+94.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	55.83%	-52.70%

Volatility

IQQQ vs. UVXY - Volatility Comparison

The current volatility for ProShares Nasdaq-100 High Income ETF (IQQQ) is 3.97%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 12.26%. This indicates that IQQQ experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IQQQ	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.97%	12.26%	-8.29%
Volatility (6M) Calculated over the trailing 6-month period	11.52%	62.79%	-51.27%
Volatility (1Y) Calculated over the trailing 1-year period	15.39%	84.51%	-69.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.55%	103.82%	-85.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.55%	113.81%	-95.26%

IQQQ vs. UVXY - Expense Ratio Comparison

IQQQ has a 0.55% expense ratio, which is lower than UVXY's 0.95% expense ratio.

Dividends

IQQQ vs. UVXY - Dividend Comparison

IQQQ's dividend yield for the trailing twelve months is around 4.44%, while UVXY has not paid dividends to shareholders.

Position	TTM	2025	2024
IQQQ ProShares Nasdaq-100 High Income ETF	4.44%	10.34%	7.27%
UVXY ProShares Ultra VIX Short-Term Futures ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IQQQ and UVXY in my portfolio?

IQQQ and UVXY have a correlation of -0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IQQQ or UVXY?

UVXY has higher volatility (12.26%) compared to IQQQ (3.97%). In terms of maximum drawdown, IQQQ dropped -20.41% vs UVXY's -100.00%.

Which ETF is better, IQQQ or UVXY?

On 1-year performance, IQQQ leads with 37.81% vs -74.10% for UVXY. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 3.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IQQQ or UVXY?

Over the 1-year period, IQQQ has performed better with a 37.81% return vs -74.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IQQQ or UVXY?

IQQQ is cheaper with a 0.55% expense ratio, compared with 0.95% for UVXY.

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

IQQQ has the higher dividend yield at 4.44%, compared with 0.00% for UVXY.

What is the main difference between IQQQ and UVXY?

IQQQ is categorized as Nasdaq-100, while UVXY is Volatility. IQQQ tracks Nasdaq-100 Daily Covered Call Index, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.55% for IQQQ and 0.95% for UVXY.

Which has better risk-adjusted returns?

IQQQ currently has the higher Sharpe Ratio (2.47 vs -0.88), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.