SVIX vs. TQQQ

Last updated Jun 21, 2026

SVIX (-1x Short VIX Futures ETF) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - SVIX is a Volatility fund tracking the Short VIX Futures Index, while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past 3 years, SVIX returned -3.40%/yr vs 61.43%/yr for TQQQ. A 0.68 correlation means they provide meaningful diversification when combined. SVIX charges 1.47%/yr vs 0.95%/yr for TQQQ.

Performance

SVIX vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in -1x Short VIX Futures ETF (SVIX) and ProShares UltraPro QQQ (TQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SVIX achieves a -4.25% return, which is significantly lower than TQQQ's 57.45% return.

SVIX

• 1D: 3.07%
• 1M: 12.68%
• YTD: -4.25%
• 6M: 0.39%
• 1Y: 65.24%
• 3Y*: -3.40%
• 5Y*: —
• 10Y*: —

TQQQ

• 1D: 6.87%
• 1M: 6.46%
• YTD: 57.45%
• 6M: 55.34%
• 1Y: 130.36%
• 3Y*: 61.43%
• 5Y*: 25.74%
• 10Y*: 45.79%

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

SVIX vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SVIX -1x Short VIX Futures ETF	-4.25%	-4.49%	-32.76%	157.37%	-1.48%
TQQQ ProShares UltraPro QQQ	57.45%	34.35%	58.27%	198.04%	-72.21%

Correlation

The correlation between SVIX and TQQQ 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	0.69
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022	0.68

The correlation between SVIX and TQQQ has been stable across timeframes, ranging from 0.66 to 0.69 - a consistent structural relationship.

Return for Risk

SVIX vs. TQQQ — Risk / Return Rank

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

SVIX

SVIX Risk / Return Rank: 33
SVIX Sharpe Ratio Rank: 34
SVIX Sortino Ratio Rank: 32
SVIX Omega Ratio Rank: 36
SVIX Calmar Ratio Rank: 31
SVIX Martin Ratio Rank: 31

TQQQ

TQQQ Risk / Return Rank: 68
TQQQ Sharpe Ratio Rank: 81
TQQQ Sortino Ratio Rank: 60
TQQQ Omega Ratio Rank: 62
TQQQ Calmar Ratio Rank: 72
TQQQ Martin Ratio Rank: 63

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.

SVIX vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for -1x Short VIX Futures ETF (SVIX) and ProShares UltraPro QQQ (TQQQ). 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.

	SVIX	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.16	2.44	-1.28
Sortino ratio: Return per unit of downside risk	1.65	2.69	-1.04
Omega ratio: Gain probability vs. loss probability	1.23	1.36	-0.13
Calmar ratio: Return relative to maximum drawdown	1.49	3.46	-1.97
Martin ratio: Return relative to average drawdown	4.26	11.05	-6.79

SVIX vs. TQQQ - Sharpe Ratio Comparison

The current SVIX Sharpe Ratio is 1.16, which is lower than the TQQQ Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of SVIX and TQQQ, 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

SVIX vs. TQQQ - Drawdown Comparison

The maximum SVIX drawdown since its inception was -79.30%, roughly equal to the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for SVIX and TQQQ.

Drawdown Indicators

	SVIX	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-79.30%	-81.66%	+2.36%
Max Drawdown (1Y) Largest decline over 1 year	-42.69%	-36.97%	-5.72%
Max Drawdown (3Y) Largest decline over 3 years	-79.30%	-58.04%	-21.26%
Max Drawdown (5Y) Largest decline over 5 years	—	-81.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-81.66%	—
Current Drawdown Current decline from peak	-54.27%	-4.99%	-49.28%
Average Drawdown Average peak-to-trough decline	-31.82%	-18.50%	-13.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.91%	11.55%	+3.36%

Volatility

SVIX vs. TQQQ - Volatility Comparison

The current volatility for -1x Short VIX Futures ETF (SVIX) is 15.95%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 25.44%. This indicates that SVIX experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SVIX	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.95%	25.44%	-9.49%
Volatility (6M) Calculated over the trailing 6-month period	43.32%	42.61%	+0.71%
Volatility (1Y) Calculated over the trailing 1-year period	55.15%	52.43%	+2.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.28%	67.25%	-0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.28%	66.33%	-0.05%

SVIX vs. TQQQ - Expense Ratio Comparison

SVIX has a 1.47% expense ratio, which is higher than TQQQ's 0.95% expense ratio.

Dividends

SVIX vs. TQQQ - Dividend Comparison

SVIX has not paid dividends to shareholders, while TQQQ's dividend yield for the trailing twelve months is around 0.38%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SVIX -1x Short VIX Futures ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TQQQ ProShares UltraPro QQQ	0.38%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%

Frequently Asked Questions

Can I hold both SVIX and TQQQ in my portfolio?

SVIX and TQQQ 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.

Which is riskier, SVIX or TQQQ?

TQQQ has higher volatility (25.44%) compared to SVIX (15.95%). In terms of maximum drawdown, SVIX dropped -79.30% vs TQQQ's -81.66%.

Which ETF is better, SVIX or TQQQ?

On 3-year performance, TQQQ leads with 61.43% vs -3.40% for SVIX. On fees, TQQQ is cheaper at 0.95% per year. On volatility, SVIX has been the lower-risk option at 15.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SVIX or TQQQ?

Over the 3-year period, TQQQ has performed better with a 61.43% return vs -3.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SVIX or TQQQ?

TQQQ is cheaper with a 0.95% expense ratio, compared with 1.47% for SVIX.

Which ETF pays a higher dividend yield, SVIX or TQQQ?

TQQQ has the higher dividend yield at 0.38%, compared with 0.00% for SVIX.

What is the main difference between SVIX and TQQQ?

SVIX is categorized as Volatility, while TQQQ is Leveraged Equities. SVIX tracks Short VIX Futures Index, while TQQQ tracks NASDAQ-100 Index (300%). They also come from different issuers: Volatility Shares and ProShares. Their fees differ too: 1.47% for SVIX and 0.95% for TQQQ.

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (2.44 vs 1.16), 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.