QLD vs. UVXY
QLD (ProShares Ultra QQQ) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - QLD 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, QLD returned 33.87%/yr vs -72.05%/yr for UVXY. At a correlation of -0.70, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
QLD vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, QLD achieves a 25.90% return, which is significantly higher than UVXY's -34.93% return. Over the past 10 years, QLD has outperformed UVXY with an annualized return of 33.87%, while UVXY has yielded a comparatively lower -72.05% annualized return.
QLD
- 1D
- -3.32%
- 1M
- -7.16%
- 6M
- 23.22%
- YTD
- 25.90%
- 1Y
- 48.13%
- 3Y*
- 37.48%
- 5Y*
- 19.69%
- 10Y*
- 33.87%
UVXY
- 1D
- 2.95%
- 1M
- -9.52%
- 6M
- -33.79%
- YTD
- -34.93%
- 1Y
- -73.19%
- 3Y*
- -62.17%
- 5Y*
- -68.33%
- 10Y*
- -72.05%
QLD vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 25.90% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -34.93% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between QLD and UVXY is -0.67, 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 | -0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.69 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.70 |
The correlation between QLD and UVXY has been stable across timeframes, ranging from -0.70 to -0.67 - a consistent structural relationship.
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Return for Risk
QLD vs. UVXY — Risk / Return Rank
QLD
UVXY
QLD vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ (QLD) 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.
| QLD | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.16 | ||
| Sortino ratioReturn per unit of downside risk | +3.37 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.82 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 1.92 | -0.99 | +2.92 |
| Martin ratioReturn relative to average drawdown | 6.24 | -1.48 | +7.72 |
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Drawdowns
QLD vs. UVXY - Drawdown Comparison
The maximum QLD drawdown since its inception was -83.13%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for QLD and UVXY.
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Drawdown Indicators
| QLD | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.13% | -100.00% | +16.87% |
Max Drawdown (1Y)Largest decline over 1 year | -25.13% | -73.88% | +48.75% |
Max Drawdown (3Y)Largest decline over 3 years | -42.29% | -95.42% | +53.13% |
Max Drawdown (5Y)Largest decline over 5 years | -63.68% | -99.75% | +36.07% |
Max Drawdown (10Y)Largest decline over 10 years | -63.68% | -100.00% | +36.32% |
Current DrawdownCurrent decline from peak | -11.84% | -100.00% | +88.16% |
Average DrawdownAverage peak-to-trough decline | -18.11% | -98.76% | +80.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.73% | 49.56% | -41.83% |
Volatility
QLD vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra QQQ (QLD) is 14.98%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 17.16%. This indicates that QLD 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
| QLD | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.98% | 17.16% | -2.18% |
Volatility (6M)Calculated over the trailing 6-month period | 30.86% | 66.78% | -35.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.22% | 85.47% | -48.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.59% | 103.82% | -58.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.86% | 112.00% | -67.14% |
QLD vs. UVXY - Expense Ratio Comparison
Both QLD and UVXY have an expense ratio of 0.95%.
Dividends
QLD vs. UVXY - Dividend Comparison
QLD's dividend yield for the trailing twelve months is around 0.13%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 0.13% | 0.17% | 0.25% | 0.33% | 0.31% | 0.00% | 0.00% | 0.13% | 0.06% | 0.02% | 0.21% | 0.11% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
QLD and UVXY have a correlation of -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (17.16%) compared to QLD (14.98%). In terms of maximum drawdown, QLD dropped -83.13% vs UVXY's -100.00%.
On 10-year performance, QLD leads with 33.87% vs -72.05% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, QLD has been the lower-risk option at 14.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QLD has performed better with a 33.87% return vs -72.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QLD and UVXY have the same expense ratio: 0.95% per year.
QLD has the higher dividend yield at 0.13%, compared with 0.00% for UVXY.
QLD is categorized as Leveraged Equities, while UVXY is Volatility. QLD tracks NASDAQ-100 Index (200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
QLD currently has the higher Sharpe Ratio (1.30 vs -0.86), 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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