SVXY vs. SQQQ
SVXY (ProShares Short VIX Short-Term Futures ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - SVXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index (-0.5x), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, SVXY returned 2.87%/yr vs -56.54%/yr for SQQQ. At a correlation of -0.69, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SVXY vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, SVXY achieves a 0.42% return, which is significantly higher than SQQQ's -40.98% return. Over the past 10 years, SVXY has outperformed SQQQ with an annualized return of 2.87%, while SQQQ has yielded a comparatively lower -56.54% annualized return.
SVXY
- 1D
- 0.82%
- 1M
- 3.75%
- YTD
- 0.42%
- 6M
- 1.24%
- 1Y
- 31.47%
- 3Y*
- 10.62%
- 5Y*
- 14.73%
- 10Y*
- 2.87%
SQQQ
- 1D
- -2.42%
- 1M
- 2.09%
- YTD
- -40.98%
- 6M
- -38.01%
- 1Y
- -59.41%
- 3Y*
- -54.63%
- 5Y*
- -47.03%
- 10Y*
- -56.54%
SVXY vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SVXY ProShares Short VIX Short-Term Futures ETF | 0.42% | 10.63% | -3.17% | 76.21% | -4.66% | 48.53% | -36.47% | 54.21% | -91.75% | 181.84% |
SQQQ ProShares UltraPro Short QQQ | -40.98% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between SVXY and SQQQ is -0.66, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.68 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.69 |
The correlation between SVXY and SQQQ has been stable across timeframes, ranging from -0.69 to -0.66 - a consistent structural relationship.
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Return for Risk
SVXY vs. SQQQ — Risk / Return Rank
SVXY
SQQQ
SVXY vs. SQQQ - 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 UltraPro Short QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.21 | ||
| Sortino ratioReturn per unit of downside risk | +3.53 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.79 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | -0.96 | +2.34 |
| Martin ratioReturn relative to average drawdown | 4.49 | -1.84 | +6.34 |
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Drawdowns
SVXY vs. SQQQ - Drawdown Comparison
The maximum SVXY drawdown since its inception was -95.25%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SVXY and SQQQ.
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Drawdown Indicators
| SVXY | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.25% | -100.00% | +4.75% |
Max Drawdown (1Y)Largest decline over 1 year | -22.94% | -62.23% | +39.29% |
Max Drawdown (3Y)Largest decline over 3 years | -46.45% | -92.51% | +46.06% |
Max Drawdown (5Y)Largest decline over 5 years | -46.45% | -97.27% | +50.82% |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | -99.98% | +4.73% |
Current DrawdownCurrent decline from peak | -79.88% | -100.00% | +20.12% |
Average DrawdownAverage peak-to-trough decline | -56.95% | -92.73% | +35.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.02% | 33.76% | -26.74% |
Volatility
SVXY vs. SQQQ - Volatility Comparison
The current volatility for ProShares Short VIX Short-Term Futures ETF (SVXY) is 8.62%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.22%. This indicates that SVXY experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SVXY | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.62% | 26.22% | -17.60% |
Volatility (6M)Calculated over the trailing 6-month period | 22.61% | 43.25% | -20.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.73% | 53.47% | -24.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.40% | 67.54% | -32.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.65% | 66.45% | -16.80% |
SVXY vs. SQQQ - Expense Ratio Comparison
Both SVXY and SQQQ have an expense ratio of 0.95%.
Dividends
SVXY vs. SQQQ - Dividend Comparison
SVXY has not paid dividends to shareholders, while SQQQ's dividend yield for the trailing twelve months is around 10.12%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 10.12% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
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% |
Frequently Asked Questions
SVXY and SQQQ 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 (26.22%) compared to SVXY (8.62%). In terms of maximum drawdown, SVXY dropped -95.25% vs SQQQ's -100.00%.
On 10-year performance, SVXY leads with 2.87% vs -56.54% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SVXY has been the lower-risk option at 8.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SVXY has performed better with a 2.87% return vs -56.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SVXY and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 10.12%, compared with 0.00% for SVXY.
SVXY is categorized as Volatility, while SQQQ is Leveraged Equities. SVXY tracks S&P 500 VIX Short-Term Futures Index (-0.5x), while SQQQ tracks NASDAQ-100 Index (-300%).
SVXY currently has the higher Sharpe Ratio (1.10 vs -1.11), 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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