SVXY vs. QLD
SVXY (ProShares Short VIX Short-Term Futures ETF) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - SVXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index (-100%), while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, SVXY returned -1.59%/yr vs 36.10%/yr for QLD. A 0.69 correlation means they provide meaningful diversification when combined. SVXY charges 1.38%/yr vs 0.95%/yr for QLD.
Performance
SVXY vs. QLD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SVXY achieves a -0.92% return, which is significantly lower than QLD's 42.06% return. Over the past 10 years, SVXY has underperformed QLD with an annualized return of -1.59%, while QLD has yielded a comparatively higher 36.10% annualized return.
SVXY
- 1D
- -0.20%
- 1M
- 8.44%
- YTD
- -0.92%
- 6M
- 7.55%
- 1Y
- 33.37%
- 3Y*
- 13.21%
- 5Y*
- 15.76%
- 10Y*
- -1.59%
QLD
- 1D
- -0.53%
- 1M
- 21.54%
- YTD
- 42.06%
- 6M
- 37.45%
- 1Y
- 85.49%
- 3Y*
- 50.15%
- 5Y*
- 25.75%
- 10Y*
- 36.10%
SVXY vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SVXY ProShares Short VIX Short-Term Futures ETF | -0.92% | 10.63% | -3.17% | 76.21% | -4.66% | 48.53% | -36.47% | 54.21% | -91.75% | 181.84% |
QLD ProShares Ultra QQQ | 42.06% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
Correlation
The correlation between SVXY and QLD is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | 0.69 |
The correlation between SVXY and QLD has been stable across timeframes, ranging from 0.65 to 0.69 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SVXY vs. QLD — Risk / Return Rank
SVXY
QLD
SVXY vs. QLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short VIX Short-Term Futures ETF (SVXY) and ProShares Ultra QQQ (QLD). 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.
| SVXY | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.53 | ||
| Sortino ratioReturn per unit of downside risk | -1.52 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.41 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | 3.42 | -1.96 |
| Martin ratioReturn relative to average drawdown | 4.78 | 11.92 | -7.14 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SVXY | QLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.17 | 2.70 | -1.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | 0.58 | -0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.03 | 0.81 | -0.84 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 0.60 | -0.38 |
Drawdowns
SVXY vs. QLD - Drawdown Comparison
The maximum SVXY drawdown since its inception was -95.25%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for SVXY and QLD.
Loading charts...
Drawdown Indicators
| SVXY | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.25% | -83.13% | -12.12% |
Max Drawdown (1Y)Largest decline over 1 year | -22.94% | -25.13% | +2.19% |
Max Drawdown (3Y)Largest decline over 3 years | -46.45% | -42.29% | -4.16% |
Max Drawdown (5Y)Largest decline over 5 years | -46.45% | -63.68% | +17.23% |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | -63.68% | -31.57% |
Current DrawdownCurrent decline from peak | -80.15% | -0.53% | -79.62% |
Average DrawdownAverage peak-to-trough decline | -56.87% | -18.17% | -38.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.00% | 7.20% | -0.20% |
Volatility
SVXY vs. QLD - Volatility Comparison
The current volatility for ProShares Short VIX Short-Term Futures ETF (SVXY) is 3.76%, while ProShares Ultra QQQ (QLD) has a volatility of 8.90%. This indicates that SVXY experiences smaller price fluctuations and is considered to be less risky than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SVXY | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.76% | 8.90% | -5.14% |
Volatility (6M)Calculated over the trailing 6-month period | 21.42% | 24.08% | -2.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.62% | 31.85% | -3.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.38% | 44.74% | -9.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.75% | 44.56% | +6.19% |
SVXY vs. QLD - Expense Ratio Comparison
SVXY has a 1.38% expense ratio, which is higher than QLD's 0.95% expense ratio.
Dividends
SVXY vs. QLD - Dividend Comparison
SVXY has not paid dividends to shareholders, while QLD's dividend yield for the trailing twelve months is around 0.12%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 0.12% | 0.17% | 0.25% | 0.33% | 0.31% | 0.00% | 0.00% | 0.13% | 0.06% | 0.02% | 0.21% | 0.11% |
SVXY ProShares Short 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% | 0.00% | 0.00% |
Frequently Asked Questions
SVXY and QLD have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QLD has higher volatility (8.90%) compared to SVXY (3.76%). In terms of maximum drawdown, SVXY dropped -95.25% vs QLD's -83.13%.
On 10-year performance, QLD leads with 36.10% vs -1.59% for SVXY. On fees, QLD is cheaper at 0.95% per year. On volatility, SVXY has been the lower-risk option at 3.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QLD has performed better with a 36.10% return vs -1.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QLD is cheaper with a 0.95% expense ratio, compared with 1.38% for SVXY.
QLD has the higher dividend yield at 0.12%, compared with 0.00% for SVXY.
SVXY is categorized as Volatility, while QLD is Leveraged Equities. SVXY tracks S&P 500 VIX Short-Term Futures Index (-100%), while QLD tracks NASDAQ-100 Index (200%). Their fees differ too: 1.38% for SVXY and 0.95% for QLD.
QLD currently has the higher Sharpe Ratio (2.70 vs 1.17), 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.
Find the right allocation for SVXY and QLD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer