QQQA vs. UVXY
QQQA (ProShares Nasdaq-100 Dorsey Wright Momentum ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - QQQA is a Nasdaq-100 fund tracking the NASDAQ-100 Dorsey Wright Momentum Index - Benchmark TR Gross, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 5 years, QQQA returned 14.43%/yr vs -66.99%/yr for UVXY. At a correlation of -0.63, they often move in opposite directions. QQQA charges 0.58%/yr vs 0.95%/yr for UVXY.
Performance
QQQA vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, QQQA achieves a 65.39% return, which is significantly higher than UVXY's -24.94% return.
QQQA
- 1D
- 1.95%
- 1M
- 7.50%
- YTD
- 65.39%
- 6M
- 61.39%
- 1Y
- 87.84%
- 3Y*
- 34.29%
- 5Y*
- 14.43%
- 10Y*
- —
UVXY
- 1D
- -2.46%
- 1M
- -14.14%
- YTD
- -24.94%
- 6M
- -26.89%
- 1Y
- -71.73%
- 3Y*
- -62.37%
- 5Y*
- -66.99%
- 10Y*
- -73.90%
QQQA vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF | 65.39% | 9.87% | 16.17% | 24.98% | -29.08% | 9.84% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -24.94% | -65.32% | -50.90% | -87.70% | -44.81% | -74.58% |
Correlation
The correlation between QQQA and UVXY is -0.55, 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 | -0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.63 |
Correlation (All Time) Calculated using the full available price history since May 20, 2021 | -0.63 |
The correlation between QQQA and UVXY has been stable across timeframes, ranging from -0.63 to -0.55 - a consistent structural relationship.
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Return for Risk
QQQA vs. UVXY — Risk / Return Rank
QQQA
UVXY
QQQA vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA) 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.
| QQQA | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.77 | ||
| Sortino ratioReturn per unit of downside risk | +4.88 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 0.83 | +0.65 |
| Calmar ratioReturn relative to maximum drawdown | 6.07 | -0.99 | +7.06 |
| Martin ratioReturn relative to average drawdown | 21.55 | -1.43 | +22.98 |
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Drawdowns
QQQA vs. UVXY - Drawdown Comparison
The maximum QQQA drawdown since its inception was -38.44%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for QQQA and UVXY.
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Drawdown Indicators
| QQQA | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.44% | -100.00% | +61.56% |
Max Drawdown (1Y)Largest decline over 1 year | -14.54% | -72.74% | +58.20% |
Max Drawdown (3Y)Largest decline over 3 years | -30.84% | -94.91% | +64.07% |
Max Drawdown (5Y)Largest decline over 5 years | -38.44% | -99.71% | +61.27% |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -5.47% | -100.00% | +94.53% |
Average DrawdownAverage peak-to-trough decline | -15.53% | -98.75% | +83.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.09% | 50.54% | -46.45% |
Volatility
QQQA vs. UVXY - Volatility Comparison
The current volatility for ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA) is 16.88%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.55%. This indicates that QQQA 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
| QQQA | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.88% | 25.55% | -8.67% |
Volatility (6M)Calculated over the trailing 6-month period | 26.73% | 66.08% | -39.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.28% | 84.93% | -54.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.74% | 103.95% | -77.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.54% | 112.35% | -85.81% |
QQQA vs. UVXY - Expense Ratio Comparison
QQQA has a 0.58% expense ratio, which is lower than UVXY's 0.95% expense ratio.
Dividends
QQQA vs. UVXY - Dividend Comparison
QQQA's dividend yield for the trailing twelve months is around 0.02%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF | 0.02% | 0.10% | 0.09% | 0.34% | 0.28% | 0.10% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QQQA and UVXY have a correlation of -0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.55%) compared to QQQA (16.88%). In terms of maximum drawdown, QQQA dropped -38.44% vs UVXY's -100.00%.
On 5-year performance, QQQA leads with 14.43% vs -66.99% for UVXY. On fees, QQQA is cheaper at 0.58% per year. On volatility, QQQA has been the lower-risk option at 16.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QQQA has performed better with a 14.43% return vs -66.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQA is cheaper with a 0.58% expense ratio, compared with 0.95% for UVXY.
QQQA has the higher dividend yield at 0.02%, compared with 0.00% for UVXY.
QQQA is categorized as Nasdaq-100, while UVXY is Volatility. QQQA tracks NASDAQ-100 Dorsey Wright Momentum Index - Benchmark TR Gross, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.58% for QQQA and 0.95% for UVXY.
QQQA currently has the higher Sharpe Ratio (2.92 vs -0.85), 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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