SQQQ vs. UVIX
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 -49.83%/yr vs -80.36%/yr for UVIX. Their 0.68 correlation means they have sometimes moved together and sometimes differently. SQQQ charges 0.95%/yr vs 2.78%/yr for UVIX.
Performance
SQQQ vs. UVIX - Performance Comparison
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Returns By Period
In the year-to-date period, SQQQ achieves a -34.61% return, which is significantly higher than UVIX's -51.21% return.
SQQQ
- 1D
- -1.99%
- 1M
- 15.44%
- 6M
- -32.40%
- YTD
- -34.61%
- 1Y
- -49.47%
- 3Y*
- -49.83%
- 5Y*
- -44.46%
- 10Y*
- -54.48%
- ALL TIME*
- -52.68%
UVIX
- 1D
- -5.70%
- 1M
- -10.82%
- 6M
- -52.70%
- YTD
- -51.21%
- 1Y
- -83.80%
- 3Y*
- -80.36%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -83.88%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.40B | $2.29B | $2.66B | |
| $106.53M | $96.18M | $159.38M |
SQQQ vs. UVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | -34.61% | -53.05% | -49.79% | -73.61% | 72.69% |
UVIX 2x Long VIX Futures ETF | -51.21% | -83.21% | -75.24% | -95.28% | -61.86% |
Correlation
The correlation between SQQQ and UVIX is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.69 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
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 0.68 to 0.70 - a consistent structural relationship.
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Return for Risk
SQQQ vs. UVIX — Risk / Return Rank
SQQQ
UVIX
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 ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.84 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | -0.97 | +0.16 |
| Martin ratioReturn relative to average drawdown | -1.41 | -1.30 | -0.11 |
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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.
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Drawdown Indicators
| SQQQ | UVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.98% | -0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -61.03% | -86.37% | +25.34% |
Max Drawdown (3Y)Largest decline over 3 years | -92.51% | -99.42% | +6.91% |
Max Drawdown (5Y)Largest decline over 5 years | -97.27% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.97% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -99.98% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -92.78% | -88.86% | -3.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.08% | 64.40% | -29.32% |
Volatility
SQQQ vs. UVIX - Volatility Comparison
The current volatility for ProShares UltraPro Short QQQ (SQQQ) is 20.82%, while 2x Long VIX Futures ETF (UVIX) has a volatility of 28.39%. 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.
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Volatility by Period
| SQQQ | UVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.82% | 28.39% | -7.57% |
Volatility (6M)Calculated over the trailing 6-month period | 48.09% | 85.91% | -37.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.98% | 114.84% | -56.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.18% | 135.16% | -66.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.74% | 135.16% | -68.42% |
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 9.14%, while UVIX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 9.14% | 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
SQQQ and UVIX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVIX has higher volatility (28.39%) compared to SQQQ (20.82%). In terms of maximum drawdown, SQQQ dropped -100.00% vs UVIX's -99.98%.
On 3-year performance, SQQQ leads with -49.83% vs -80.36% for UVIX. On fees, SQQQ is cheaper at 0.95% per year. On volatility, SQQQ has been the lower-risk option at 20.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SQQQ has performed better with a -49.83% return vs -80.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SQQQ is cheaper with a 0.95% expense ratio, compared with 2.78% for UVIX.
SQQQ has the higher dividend yield at 9.14%, compared with 0.00% for 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.
UVIX currently has the higher Sharpe Ratio (-0.73 vs -0.86), 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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