SVXY vs. QQQ
SVXY (ProShares Short VIX Short-Term Futures ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - SVXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index (-0.5x), while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, SVXY returned -1.01%/yr vs 20.44%/yr for QQQ. Their 0.69 correlation means they have sometimes moved together and sometimes differently. SVXY charges 0.95%/yr vs 0.18%/yr for QQQ.
Performance
SVXY vs. QQQ - Performance Comparison
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Returns By Period
In the year-to-date period, SVXY achieves a 4.84% return, which is significantly lower than QQQ's 12.26% return. Over the past 10 years, SVXY has underperformed QQQ with an annualized return of -1.01%, while QQQ has yielded a comparatively higher 20.44% annualized return.
SVXY
- 1D
- 1.47%
- 1M
- 1.31%
- 6M
- 7.32%
- YTD
- 4.84%
- 1Y
- 33.59%
- 3Y*
- 9.63%
- 5Y*
- 16.64%
- 10Y*
- -1.01%
- ALL TIME*
- 12.70%
QQQ
- 1D
- 0.65%
- 1M
- -3.45%
- 6M
- 10.89%
- YTD
- 12.26%
- 1Y
- 24.81%
- 3Y*
- 22.29%
- 5Y*
- 14.23%
- 10Y*
- 20.44%
- ALL TIME*
- 10.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.32B | $28.40B | $31.45B | |
| $95.64M | $79.87M | $82.81M |
SVXY vs. QQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SVXY ProShares Short VIX Short-Term Futures ETF | 4.84% | 10.63% | -3.17% | 76.21% | -4.66% | 48.53% | -36.47% | 54.21% | -91.75% | 181.84% |
QQQ Invesco QQQ ETF | 12.26% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 48.62% | 38.96% | -0.13% | 32.66% |
Correlation
The correlation between SVXY and QQQ 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 (5Y) Shows whether the relationship held over a longer period. | 0.69 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.68 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.69 |
The correlation between SVXY and QQQ has been stable across timeframes, ranging from 0.68 to 0.70 - a consistent structural relationship.
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Return for Risk
SVXY vs. QQQ — Risk / Return Rank
SVXY
QQQ
SVXY vs. QQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short VIX Short-Term Futures ETF (SVXY) and Invesco QQQ ETF (QQQ). 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.
| SVXY | QQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.21 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 1.88 | -0.65 |
| Martin ratioReturn relative to average drawdown | 4.00 | 6.00 | -2.00 |
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Drawdowns
SVXY vs. QQQ - Drawdown Comparison
The maximum SVXY drawdown since its inception was -95.25%, which is greater than QQQ's maximum drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for SVXY and QQQ.
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Drawdown Indicators
| SVXY | QQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.25% | -82.97% | -12.28% |
Max Drawdown (1Y)Largest decline over 1 year | -22.94% | -11.96% | -10.98% |
Max Drawdown (3Y)Largest decline over 3 years | -46.45% | -22.77% | -23.68% |
Max Drawdown (5Y)Largest decline over 5 years | -46.45% | -35.12% | -11.33% |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | -35.12% | -60.13% |
Current DrawdownCurrent decline from peak | -79.00% | -7.69% | -71.31% |
Average DrawdownAverage peak-to-trough decline | -57.10% | -32.62% | -24.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.05% | 3.74% | +3.31% |
Volatility
SVXY vs. QQQ - Volatility Comparison
ProShares Short VIX Short-Term Futures ETF (SVXY) has a higher volatility of 7.44% compared to Invesco QQQ ETF (QQQ) at 6.87%. This indicates that SVXY's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SVXY | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.44% | 6.87% | +0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 22.23% | 16.08% | +6.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.49% | 19.38% | +10.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.19% | 22.90% | +12.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.47% | 22.50% | +26.97% |
SVXY vs. QQQ - Expense Ratio Comparison
SVXY has a 0.95% expense ratio, which is higher than QQQ's 0.18% expense ratio.
Dividends
SVXY vs. QQQ - Dividend Comparison
SVXY has not paid dividends to shareholders, while QQQ's dividend yield for the trailing twelve months is around 0.44%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QQQ Invesco QQQ ETF | 0.44% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
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 QQQ 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.
SVXY has higher volatility (7.44%) compared to QQQ (6.87%). In terms of maximum drawdown, SVXY dropped -95.25% vs QQQ's -82.97%.
On 10-year performance, QQQ leads with 20.44% vs -1.01% for SVXY. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 6.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QQQ has performed better with a 20.44% return vs -1.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQ is cheaper with a 0.18% expense ratio, compared with 0.95% for SVXY.
QQQ has the higher dividend yield at 0.44%, compared with 0.00% for SVXY.
SVXY is categorized as Volatility, while QQQ is Nasdaq-100. SVXY tracks S&P 500 VIX Short-Term Futures Index (-0.5x), while QQQ tracks NASDAQ-100 Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for SVXY and 0.18% for QQQ.
QQQ currently has the higher Sharpe Ratio (1.16 vs 0.96), 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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