QID vs. UVXY
QID (ProShares UltraShort QQQ) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - QID is a Leveraged Equities fund tracking the NASDAQ-100 Index (-200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, QID returned -37.34%/yr vs -71.03%/yr for UVXY. Their 0.70 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.
Performance
QID vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, QID achieves a -23.79% return, which is significantly higher than UVXY's -36.18% return. Over the past 10 years, QID has outperformed UVXY with an annualized return of -37.34%, while UVXY has yielded a comparatively lower -71.03% annualized return.
QID
- 1D
- -3.50%
- 1M
- 3.12%
- 6M
- -21.05%
- YTD
- -23.79%
- 1Y
- -37.34%
- 3Y*
- -35.09%
- 5Y*
- -28.25%
- 10Y*
- -37.34%
- ALL TIME*
- -34.64%
UVXY
- 1D
- -1.46%
- 1M
- -7.54%
- 6M
- -33.79%
- YTD
- -36.18%
- 1Y
- -73.63%
- 3Y*
- -63.76%
- 5Y*
- -68.11%
- 10Y*
- -71.03%
- ALL TIME*
- -80.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $256.97M | $224.54M | $302.82M | |
| $186.30M | $190.88M | $236.21M |
QID vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QID ProShares UltraShort QQQ | -23.79% | -34.97% | -34.06% | -57.19% | 66.30% | -44.93% | -69.71% | -49.57% | -9.90% | -44.00% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -36.18% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between QID and UVXY is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.68 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.69 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.69 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.70 |
The correlation between QID and UVXY has been stable across timeframes, ranging from 0.68 to 0.70 - a consistent structural relationship.
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Return for Risk
QID vs. UVXY — Risk / Return Rank
QID
UVXY
QID vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort QQQ (QID) 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.
| QID | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.82 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | -1.03 | +0.19 |
| Martin ratioReturn relative to average drawdown | -1.59 | -1.54 | -0.05 |
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Drawdowns
QID vs. UVXY - Drawdown Comparison
The maximum QID drawdown since its inception was -99.99%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for QID and UVXY.
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Drawdown Indicators
| QID | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -100.00% | +0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -44.38% | -71.36% | +26.98% |
Max Drawdown (3Y)Largest decline over 3 years | -79.50% | -95.42% | +15.92% |
Max Drawdown (5Y)Largest decline over 5 years | -88.72% | -99.68% | +10.96% |
Max Drawdown (10Y)Largest decline over 10 years | -99.21% | -100.00% | +0.79% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -87.09% | -98.76% | +11.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.31% | 51.81% | -27.50% |
Volatility
QID vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraShort QQQ (QID) is 14.10%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.30%. This indicates that QID 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.
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Volatility by Period
| QID | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.10% | 22.30% | -8.20% |
Volatility (6M)Calculated over the trailing 6-month period | 32.23% | 65.53% | -33.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.77% | 86.48% | -47.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.84% | 103.34% | -57.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.99% | 112.09% | -67.10% |
QID vs. UVXY - Expense Ratio Comparison
Both QID and UVXY have an expense ratio of 0.95%.
Dividends
QID vs. UVXY - Dividend Comparison
QID's dividend yield for the trailing twelve months is around 7.73%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
QID ProShares UltraShort QQQ | 7.73% | 6.25% | 7.99% | 5.63% | 0.15% | 0.00% | 0.92% | 2.54% | 1.38% | 0.08% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QID and UVXY have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.30%) compared to QID (14.10%). In terms of maximum drawdown, QID dropped -99.99% vs UVXY's -100.00%.
On 10-year performance, QID leads with -37.34% vs -71.03% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, QID has been the lower-risk option at 14.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QID has performed better with a -37.34% return vs -71.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QID and UVXY have the same expense ratio: 0.95% per year.
QID has the higher dividend yield at 7.73%, compared with 0.00% for UVXY.
QID is categorized as Leveraged Equities, while UVXY is Volatility. QID tracks NASDAQ-100 Index (-200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UVXY currently has the higher Sharpe Ratio (-0.85 vs -0.97), 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.
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