SQQQ vs. UVXY
SQQQ (ProShares UltraPro Short QQQ) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, SQQQ returned -54.51%/yr vs -71.62%/yr for UVXY. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
SQQQ vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, SQQQ achieves a -33.03% return, which is significantly lower than UVXY's -30.17% return. Over the past 10 years, SQQQ has outperformed UVXY with an annualized return of -54.51%, while UVXY has yielded a comparatively lower -71.62% annualized return.
SQQQ
- 1D
- 3.51%
- 1M
- 10.73%
- 6M
- -30.40%
- YTD
- -33.03%
- 1Y
- -48.05%
- 3Y*
- -49.93%
- 5Y*
- -43.89%
- 10Y*
- -54.51%
- ALL TIME*
- -52.66%
UVXY
- 1D
- -2.18%
- 1M
- -9.26%
- 6M
- -29.14%
- YTD
- -30.17%
- 1Y
- -67.87%
- 3Y*
- -60.77%
- 5Y*
- -67.73%
- 10Y*
- -71.62%
- ALL TIME*
- -80.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.09B | $2.23B | $2.65B | |
| $197.57M | $175.42M | $241.08M |
SQQQ vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | -33.03% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -30.17% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between SQQQ and UVXY is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.70 |
The correlation between SQQQ and UVXY 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. UVXY — Risk / Return Rank
SQQQ
UVXY
SQQQ vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) 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.
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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.86 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | -0.92 | +0.13 |
| Martin ratioReturn relative to average drawdown | -1.40 | -1.34 | -0.06 |
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Drawdowns
SQQQ vs. UVXY - Drawdown Comparison
The maximum SQQQ drawdown since its inception was -100.00%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SQQQ and UVXY.
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Drawdown Indicators
| SQQQ | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -61.03% | -73.88% | +12.85% |
Max Drawdown (3Y)Largest decline over 3 years | -92.51% | -95.42% | +2.91% |
Max Drawdown (5Y)Largest decline over 5 years | -97.27% | -99.70% | +2.43% |
Max Drawdown (10Y)Largest decline over 10 years | -99.97% | -100.00% | +0.03% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -92.77% | -98.76% | +5.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.36% | 50.61% | -16.25% |
Volatility
SQQQ vs. UVXY - Volatility Comparison
ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 20.36% compared to ProShares Ultra VIX Short-Term Futures ETF (UVXY) at 18.33%. This indicates that SQQQ's price experiences larger fluctuations and is considered to be riskier 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
| SQQQ | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.36% | 18.33% | +2.03% |
Volatility (6M)Calculated over the trailing 6-month period | 46.57% | 64.16% | -17.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.70% | 86.32% | -29.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.98% | 103.26% | -35.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.63% | 112.05% | -45.42% |
SQQQ vs. UVXY - Expense Ratio Comparison
Both SQQQ and UVXY have an expense ratio of 0.95%.
Dividends
SQQQ vs. UVXY - Dividend Comparison
SQQQ's dividend yield for the trailing twelve months is around 8.92%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 8.92% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
UVXY ProShares Ultra VIX Short-Term 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 UVXY have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (20.36%) compared to UVXY (18.33%). In terms of maximum drawdown, SQQQ dropped -100.00% vs UVXY's -100.00%.
On 10-year performance, SQQQ leads with -54.51% vs -71.62% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UVXY has been the lower-risk option at 18.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SQQQ has performed better with a -54.51% return vs -71.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SQQQ and UVXY have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 8.92%, compared with 0.00% for UVXY.
SQQQ is categorized as Leveraged Equities, while UVXY is Volatility. SQQQ tracks NASDAQ-100 Index (-300%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UVXY currently has the higher Sharpe Ratio (-0.79 vs -0.85), 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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