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 -55.92%/yr vs -73.79%/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 -41.07% return, which is significantly lower than UVXY's -20.04% return. Over the past 10 years, SQQQ has outperformed UVXY with an annualized return of -55.92%, while UVXY has yielded a comparatively lower -73.79% annualized return.
SQQQ
- 1D
- -1.93%
- 1M
- -2.51%
- YTD
- -41.07%
- 6M
- -41.43%
- 1Y
- -62.69%
- 3Y*
- -54.00%
- 5Y*
- -47.88%
- 10Y*
- -55.92%
UVXY
- 1D
- -6.75%
- 1M
- -18.91%
- YTD
- -20.04%
- 6M
- -32.05%
- 1Y
- -75.25%
- 3Y*
- -62.95%
- 5Y*
- -67.15%
- 10Y*
- -73.79%
SQQQ vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | -41.07% | -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 | -20.04% | -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 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
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 0.66 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 | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.67 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 0.83 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | -0.95 | +0.02 |
| Martin ratioReturn relative to average drawdown | -1.67 | -1.27 | -0.40 |
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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 | -65.71% | -76.19% | +10.48% |
Max Drawdown (3Y)Largest decline over 3 years | -92.38% | -95.09% | +2.71% |
Max Drawdown (5Y)Largest decline over 5 years | -97.23% | -99.69% | +2.46% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | -100.00% | +0.02% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -92.72% | -98.75% | +6.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.79% | 56.97% | -20.18% |
Volatility
SQQQ vs. UVXY - Volatility Comparison
ProShares UltraPro Short QQQ (SQQQ) and ProShares Ultra VIX Short-Term Futures ETF (UVXY) have volatilities of 21.95% and 21.14%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 21.95% | 21.14% | +0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 41.13% | 64.85% | -23.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.45% | 86.10% | -34.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.13% | 103.97% | -36.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.37% | 113.39% | -47.02% |
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 11.59%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 11.59% | 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 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (21.95%) compared to UVXY (21.14%). In terms of maximum drawdown, SQQQ dropped -100.00% vs UVXY's -100.00%.
On 10-year performance, SQQQ leads with -55.92% vs -73.79% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UVXY has been the lower-risk option at 21.14%. 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 -55.92% return vs -73.79%. 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 11.59%, 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 (-0.84 vs -1.19), 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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