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 14.57%/yr vs -68.23%/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 64.12% return, which is significantly higher than UVXY's -23.07% return.
QQQA
- 1D
- -0.76%
- 1M
- 19.04%
- YTD
- 64.12%
- 6M
- 67.24%
- 1Y
- 86.88%
- 3Y*
- 34.14%
- 5Y*
- 14.57%
- 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%
QQQA vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF | 64.12% | 9.87% | 16.17% | 24.98% | -29.08% | 8.43% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -23.07% | -65.32% | -50.90% | -87.70% | -44.81% | -72.32% |
Correlation
The correlation between QQQA and UVXY is -0.53, 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 | -0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.63 |
Correlation (All Time) Calculated using the full available price history since May 21, 2021 | -0.63 |
The correlation between QQQA and UVXY shifts across timeframes, from -0.63 (5 years) to -0.53 (1 year), reflecting how their relationship changes across market environments.
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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.
| QQQA | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.23 | ||
| Sortino ratioReturn per unit of downside risk | +5.61 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 0.81 | +0.72 |
| Calmar ratioReturn relative to maximum drawdown | 6.01 | -0.97 | +6.98 |
| Martin ratioReturn relative to average drawdown | 22.45 | -1.33 | +23.78 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| QQQA | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.35 | -0.88 | +4.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.57 | -0.66 | +1.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | -0.68 | +1.26 |
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% | -76.19% | +61.65% |
Max Drawdown (3Y)Largest decline over 3 years | -30.84% | -95.25% | +64.41% |
Max Drawdown (5Y)Largest decline over 5 years | -38.44% | -99.69% | +61.25% |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -0.76% | -100.00% | +99.24% |
Average DrawdownAverage peak-to-trough decline | -15.66% | -98.55% | +82.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.88% | 55.83% | -51.95% |
Volatility
QQQA vs. UVXY - Volatility Comparison
The current volatility for ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA) is 10.13%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 12.26%. 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 | 10.13% | 12.26% | -2.13% |
Volatility (6M)Calculated over the trailing 6-month period | 22.18% | 62.79% | -40.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.07% | 84.51% | -58.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.82% | 103.82% | -78.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.76% | 113.81% | -88.05% |
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 0.06%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF | 0.06% | 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 -0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (12.26%) compared to QQQA (10.13%). In terms of maximum drawdown, QQQA dropped -38.44% vs UVXY's -100.00%.
On 5-year performance, QQQA leads with 14.57% vs -68.23% for UVXY. On fees, QQQA is cheaper at 0.58% per year. On volatility, QQQA has been the lower-risk option at 10.13%. 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 14.57% return vs -68.23%. 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 0.06%, 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 (3.35 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.
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