SPXV vs. IQQQ

Last updated Jul 15, 2026

SPXV (ProShares S&P 500 Ex-Health Care ETF) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - SPXV is a S&P 500 fund tracking the S&P 500 Ex-Health Care Index, while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, SPXV returned 21.98% vs 26.85% for IQQQ. Their correlation of 0.94 suggests significant overlap in exposure. SPXV charges 0.09%/yr vs 0.55%/yr for IQQQ.

Performance

SPXV vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Health Care ETF (SPXV) and ProShares Nasdaq-100 High Income ETF (IQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXV achieves a 11.50% return, which is significantly lower than IQQQ's 14.90% return.

SPXV

• 1D: 0.62%
• 1M: 1.51%
• 6M: 9.77%
• YTD: 11.50%
• 1Y: 21.98%
• 3Y*: 21.83%
• 5Y*: 13.99%
• 10Y*: 16.29%

IQQQ

• 1D: 1.08%
• 1M: -0.58%
• 6M: 12.88%
• YTD: 14.90%
• 1Y: 26.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXV vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPXV ProShares S&P 500 Ex-Health Care ETF	11.50%	18.40%	17.28%
IQQQ ProShares Nasdaq-100 High Income ETF	14.90%	17.11%	14.82%

Correlation

The correlation between SPXV and IQQQ is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024	0.94

The correlation between SPXV and IQQQ has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

Return for Risk

SPXV vs. IQQQ — Risk / Return Rank

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

SPXV

SPXV Risk / Return Rank: 62
SPXV Sharpe Ratio Rank: 63
SPXV Sortino Ratio Rank: 60
SPXV Omega Ratio Rank: 60
SPXV Calmar Ratio Rank: 61
SPXV Martin Ratio Rank: 68

IQQQ

IQQQ Risk / Return Rank: 56
IQQQ Sharpe Ratio Rank: 56
IQQQ Sortino Ratio Rank: 52
IQQQ Omega Ratio Rank: 52
IQQQ Calmar Ratio Rank: 61
IQQQ Martin Ratio Rank: 58

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.

SPXV vs. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Health Care ETF (SPXV) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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.

	SPXV	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.53	+0.12
Sortino ratio: Return per unit of downside risk	2.28	2.04	+0.24
Omega ratio: Gain probability vs. loss probability	1.29	1.26	+0.03
Calmar ratio: Return relative to maximum drawdown	2.41	2.42	-0.01
Martin ratio: Return relative to average drawdown	9.70	7.99	+1.71

SPXV vs. IQQQ - Sharpe Ratio Comparison

The current SPXV Sharpe Ratio is 1.65, which is comparable to the IQQQ Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of SPXV and IQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPXV vs. IQQQ - Drawdown Comparison

The maximum SPXV drawdown since its inception was -34.34%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for SPXV and IQQQ.

Drawdown Indicators

	SPXV	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-34.34%	-20.41%	-13.93%
Max Drawdown (1Y) Largest decline over 1 year	-9.15%	-11.13%	+1.98%
Max Drawdown (3Y) Largest decline over 3 years	-19.89%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.34%	—	—
Current Drawdown Current decline from peak	-1.52%	-3.51%	+1.99%
Average Drawdown Average peak-to-trough decline	-4.50%	-3.63%	-0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	3.37%	-1.10%

Volatility

SPXV vs. IQQQ - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Health Care ETF (SPXV) is 4.10%, while ProShares Nasdaq-100 High Income ETF (IQQQ) has a volatility of 7.33%. This indicates that SPXV experiences smaller price fluctuations and is considered to be less risky than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXV	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	7.33%	-3.23%
Volatility (6M) Calculated over the trailing 6-month period	10.67%	14.35%	-3.68%
Volatility (1Y) Calculated over the trailing 1-year period	13.37%	17.61%	-4.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.90%	19.15%	-1.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.09%	19.15%	-1.06%

SPXV vs. IQQQ - Expense Ratio Comparison

SPXV has a 0.09% expense ratio, which is lower than IQQQ's 0.55% expense ratio.

Dividends

SPXV vs. IQQQ - Dividend Comparison

SPXV's dividend yield for the trailing twelve months is around 0.93%, less than IQQQ's 5.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IQQQ ProShares Nasdaq-100 High Income ETF	5.20%	10.34%	7.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXV ProShares S&P 500 Ex-Health Care ETF	0.93%	0.97%	1.12%	1.27%	1.67%	1.11%	1.45%	1.58%	1.89%	1.57%	2.66%	0.56%

Frequently Asked Questions

Can I hold both SPXV and IQQQ in my portfolio?

With a correlation of 0.93, SPXV and IQQQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPXV or IQQQ?

IQQQ has higher volatility (7.33%) compared to SPXV (4.10%). In terms of maximum drawdown, SPXV dropped -34.34% vs IQQQ's -20.41%.

Which ETF is better, SPXV or IQQQ?

On 1-year performance, IQQQ leads with 26.85% vs 21.98% for SPXV. On fees, SPXV is cheaper at 0.09% per year. On volatility, SPXV has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXV or IQQQ?

Over the 1-year period, IQQQ has performed better with a 26.85% return vs 21.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXV or IQQQ?

SPXV is cheaper with a 0.09% expense ratio, compared with 0.55% for IQQQ.

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

IQQQ has the higher dividend yield at 5.20%, compared with 0.93% for SPXV.

What is the main difference between SPXV and IQQQ?

SPXV is categorized as S&P 500, while IQQQ is Nasdaq-100. SPXV tracks S&P 500 Ex-Health Care Index, while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.09% for SPXV and 0.55% for IQQQ.

Which has better risk-adjusted returns?

SPXV currently has the higher Sharpe Ratio (1.65 vs 1.53), 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.