SQQQ vs. UVIX

Last updated Jul 12, 2026

SQQQ (ProShares UltraPro Short QQQ) and UVIX (2x Long VIX Futures ETF) are both exchange-traded funds - SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%), while UVIX is a Volatility fund tracking the Long VIX Futures Index (200% Daily). Both are passively managed. Over the past 3 years, SQQQ returned -54.03%/yr vs -81.75%/yr for UVIX. A 0.68 correlation means they provide meaningful diversification when combined. SQQQ charges 0.95%/yr vs 2.78%/yr for UVIX.

Performance

SQQQ vs. UVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short QQQ (SQQQ) and 2x Long VIX Futures ETF (UVIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SQQQ achieves a -43.51% return, which is significantly higher than UVIX's -50.60% return.

SQQQ

• 1D: -0.84%
• 1M: -5.99%
• 6M: -40.16%
• YTD: -43.51%
• 1Y: -58.48%
• 3Y*: -54.03%
• 5Y*: -46.44%
• 10Y*: -55.56%

UVIX

• 1D: -4.24%
• 1M: -32.36%
• 6M: -47.18%
• YTD: -50.60%
• 1Y: -85.68%
• 3Y*: -81.75%
• 5Y*: —
• 10Y*: —

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

SQQQ vs. UVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SQQQ ProShares UltraPro Short QQQ	-43.51%	-53.05%	-49.79%	-73.61%	72.69%
UVIX 2x Long VIX Futures ETF	-50.60%	-83.21%	-75.24%	-95.28%	-61.86%

Correlation

The correlation between SQQQ and UVIX is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022	0.68

The correlation between SQQQ and UVIX has been stable across timeframes, ranging from 0.67 to 0.69 - a consistent structural relationship.

Return for Risk

SQQQ vs. UVIX — Risk / Return Rank

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

SQQQ

SQQQ Risk / Return Rank: 1
SQQQ Sharpe Ratio Rank: 1
SQQQ Sortino Ratio Rank: 1
SQQQ Omega Ratio Rank: 1
SQQQ Calmar Ratio Rank: 1
SQQQ Martin Ratio Rank: 0

UVIX

UVIX Risk / Return Rank: 1
UVIX Sharpe Ratio Rank: 3
UVIX Sortino Ratio Rank: 1
UVIX Omega Ratio Rank: 1
UVIX Calmar Ratio Rank: 0
UVIX Martin Ratio Rank: 2

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.

SQQQ vs. UVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and 2x Long VIX Futures ETF (UVIX). 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.

	SQQQ	UVIX	Difference
Sharpe ratio: Return per unit of total volatility	-1.06	-0.76	-0.29
Sortino ratio: Return per unit of downside risk	-1.81	-1.65	-0.16
Omega ratio: Gain probability vs. loss probability	0.80	0.81	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.99	+0.04
Martin ratio: Return relative to average drawdown	-1.78	-1.39	-0.39

SQQQ vs. UVIX - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -1.06, which is lower than the UVIX Sharpe Ratio of -0.76. The chart below compares the historical Sharpe Ratios of SQQQ and UVIX, 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

SQQQ vs. UVIX - Drawdown Comparison

The maximum SQQQ drawdown since its inception was -100.00%, roughly equal to the maximum UVIX drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for SQQQ and UVIX.

Drawdown Indicators

	SQQQ	UVIX	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-99.98%	-0.02%
Max Drawdown (1Y) Largest decline over 1 year	-61.03%	-86.11%	+25.08%
Max Drawdown (3Y) Largest decline over 3 years	-92.51%	-99.40%	+6.89%
Max Drawdown (5Y) Largest decline over 5 years	-97.27%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.97%	—	—
Current Drawdown Current decline from peak	-100.00%	-99.98%	-0.02%
Average Drawdown Average peak-to-trough decline	-92.75%	-88.71%	-4.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.59%	61.40%	-28.81%

Volatility

SQQQ vs. UVIX - Volatility Comparison

The current volatility for ProShares UltraPro Short QQQ (SQQQ) is 26.13%, while 2x Long VIX Futures ETF (UVIX) has a volatility of 29.96%. This indicates that SQQQ experiences smaller price fluctuations and is considered to be less risky than UVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SQQQ	UVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.13%	29.96%	-3.83%
Volatility (6M) Calculated over the trailing 6-month period	45.54%	87.43%	-41.89%
Volatility (1Y) Calculated over the trailing 1-year period	55.22%	112.34%	-57.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.80%	135.50%	-67.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.51%	135.50%	-68.99%

SQQQ vs. UVIX - Expense Ratio Comparison

SQQQ has a 0.95% expense ratio, which is lower than UVIX's 2.78% expense ratio.

Dividends

SQQQ vs. UVIX - Dividend Comparison

SQQQ's dividend yield for the trailing twelve months is around 10.57%, while UVIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SQQQ ProShares UltraPro Short QQQ	10.57%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%
UVIX 2x Long VIX Futures ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SQQQ and UVIX in my portfolio?

SQQQ and UVIX 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.

Which is riskier, SQQQ or UVIX?

UVIX has higher volatility (29.96%) compared to SQQQ (26.13%). In terms of maximum drawdown, SQQQ dropped -100.00% vs UVIX's -99.98%.

Which ETF is better, SQQQ or UVIX?

On 3-year performance, SQQQ leads with -54.03% vs -81.75% for UVIX. On fees, SQQQ is cheaper at 0.95% per year. On volatility, SQQQ has been the lower-risk option at 26.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SQQQ or UVIX?

Over the 3-year period, SQQQ has performed better with a -54.03% return vs -81.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SQQQ or UVIX?

SQQQ is cheaper with a 0.95% expense ratio, compared with 2.78% for UVIX.

Which ETF pays a higher dividend yield, SQQQ or UVIX?

SQQQ has the higher dividend yield at 10.57%, compared with 0.00% for UVIX.

What is the main difference between SQQQ and UVIX?

SQQQ is categorized as Leveraged Equities, while UVIX is Volatility. SQQQ tracks NASDAQ-100 Index (-300%), while UVIX tracks Long VIX Futures Index (200% Daily). They also come from different issuers: ProShares and Volatility Shares. Their fees differ too: 0.95% for SQQQ and 2.78% for UVIX.

Which has better risk-adjusted returns?

UVIX currently has the higher Sharpe Ratio (-0.76 vs -1.06), 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.