SPXV vs. IQQQ
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 23.58% vs 24.98% for IQQQ. Their correlation of 0.94 means they have usually moved in the same direction. SPXV charges 0.09%/yr vs 0.55%/yr for IQQQ.
Performance
SPXV vs. IQQQ - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with SPXV having a 14.38% return and IQQQ slightly lower at 14.23%.
SPXV
- 1D
- 2.17%
- 1M
- 4.02%
- 6M
- 13.32%
- YTD
- 14.38%
- 1Y
- 23.58%
- 3Y*
- 23.14%
- 5Y*
- 14.29%
- 10Y*
- 16.08%
- ALL TIME*
- 16.18%
IQQQ
- 1D
- 2.08%
- 1M
- 0.46%
- 6M
- 13.66%
- YTD
- 14.23%
- 1Y
- 24.98%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 19.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.05M | $2.37M | $2.95M | |
| $33.61K | $57.87K | $76.34K |
SPXV vs. IQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPXV ProShares S&P 500 Ex-Health Care ETF | 14.38% | 18.40% | 17.28% |
IQQQ ProShares Nasdaq-100 High Income ETF | 14.23% | 17.11% | 14.82% |
Correlation
The correlation between SPXV and IQQQ is 0.93, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 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.
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Return for Risk
SPXV vs. IQQQ — Risk / Return Rank
SPXV
IQQQ
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 ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.23 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | 2.23 | +0.36 |
| Martin ratioReturn relative to average drawdown | 9.93 | 6.61 | +3.33 |
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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.
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Drawdown Indicators
| SPXV | IQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.34% | -20.41% | -13.93% |
Max Drawdown (1Y)Largest decline over 1 year | -9.15% | -11.25% | +2.10% |
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 DrawdownCurrent decline from peak | 0.00% | -4.08% | +4.08% |
Average DrawdownAverage peak-to-trough decline | -4.49% | -3.71% | -0.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.38% | 3.79% | -1.41% |
Volatility
SPXV vs. IQQQ - Volatility Comparison
The current volatility for ProShares S&P 500 Ex-Health Care ETF (SPXV) is 4.67%, while ProShares Nasdaq-100 High Income ETF (IQQQ) has a volatility of 7.11%. 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.
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Volatility by Period
| SPXV | IQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.67% | 7.11% | -2.44% |
Volatility (6M)Calculated over the trailing 6-month period | 11.10% | 15.26% | -4.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.90% | 18.54% | -4.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.95% | 19.34% | -1.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.09% | 19.34% | -1.25% |
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 0.90%, less than IQQQ's 5.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IQQQ ProShares Nasdaq-100 High Income ETF | 5.69% | 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 | 0.90% | 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
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.
IQQQ has higher volatility (7.11%) compared to SPXV (4.67%). In terms of maximum drawdown, SPXV dropped -34.34% vs IQQQ's -20.41%.
On 1-year performance, IQQQ leads with 24.98% vs 23.58% for SPXV. On fees, SPXV is cheaper at 0.09% per year. On volatility, SPXV has been the lower-risk option at 4.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IQQQ has performed better with a 24.98% return vs 23.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXV is cheaper with a 0.09% expense ratio, compared with 0.55% for IQQQ.
IQQQ has the higher dividend yield at 5.69%, compared with 0.90% for SPXV.
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.
SPXV currently has the higher Sharpe Ratio (1.71 vs 1.36), 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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