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SVXY vs. SQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SVXY vs. SQQQ

Last updated Jun 5, 2026

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 (-100%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, SVXY returned -1.53%/yr vs -55.90%/yr for SQQQ. At a correlation of -0.68, they often move in opposite directions. SVXY charges 1.38%/yr vs 0.95%/yr for SQQQ.

Performance

SVXY vs. SQQQ - Performance Comparison

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

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Returns By Period

In the year-to-date period, SVXY achieves a 0.85% return, which is significantly higher than SQQQ's -44.43% return. Over the past 10 years, SVXY has outperformed SQQQ with an annualized return of -1.53%, while SQQQ has yielded a comparatively lower -55.90% annualized return.

SVXY

1D
1.79%
1M
10.01%
YTD
0.85%
6M
8.91%
1Y
35.62%
3Y*
13.43%
5Y*
16.17%
10Y*
-1.53%

SQQQ

1D
1.53%
1M
-22.29%
YTD
-44.43%
6M
-42.11%
1Y
-64.38%
3Y*
-55.94%
5Y*
-49.01%
10Y*
-55.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SVXY vs. SQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SVXY
ProShares Short VIX Short-Term Futures ETF		0.85%10.63%-3.17%76.21%-4.66%48.53%-36.47%54.21%-91.75%181.84%
SQQQ
ProShares UltraPro Short QQQ		-44.43%-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 -0.65, 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

-0.65

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

-0.68

The correlation between SVXY and SQQQ has been stable across timeframes, ranging from -0.68 to -0.65 - 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.

ProShares Short VIX Short-Term Futures ETF

ProShares UltraPro Short QQQ

Often compared with SVXY:
SVXY vs. SVIXSVXY vs. UVXYSVXY vs. VXXSVXY vs. SVOLSVXY vs. VIXYSVXY vs. SPYSVXY vs. VIXM
Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. UVXYSQQQ vs. SPXUSQQQ vs. QID

Return for Risk

SVXY vs. SQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SVXY
SVXY Risk / Return Rank: 3434
Overall Rank
SVXY Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
SVXY Sortino Ratio Rank: 3333
Sortino Ratio Rank
SVXY Omega Ratio Rank: 3838
Omega Ratio Rank
SVXY Calmar Ratio Rank: 3232
Calmar Ratio Rank
SVXY Martin Ratio Rank: 3434
Martin Ratio Rank
SQQQ
SQQQ Risk / Return Rank: 00
Overall Rank
SQQQ Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 00
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 00
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 00
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 00
Martin Ratio Rank
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.

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.

SVXYSQQQDifference
Sharpe ratioReturn per unit of total volatility
1.25
-1.35

+2.60

Sortino ratioReturn per unit of downside risk
1.72
-2.57

+4.29

Omega ratioGain probability vs. loss probability

1.24

0.73

+0.51

Calmar ratioReturn relative to maximum drawdown

1.56

-0.98

+2.54

Martin ratioReturn relative to average drawdown

5.10

-1.79

+6.89

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SVXY vs. SQQQ - Sharpe Ratio Comparison

The current SVXY Sharpe Ratio is 1.25, which is higher than the SQQQ Sharpe Ratio of -1.35. The chart below compares the historical Sharpe Ratios of SVXY and SQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SVXYSQQQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.25

-1.35

+2.60

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.46

-0.74

+1.20

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.03

-0.85

+0.82

Sharpe Ratio (All Time)

Calculated using the full available price history

0.22

-0.88

+1.09

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

SVXYSQQQDifference

Max Drawdown

Largest peak-to-trough decline

-95.25%

-100.00%

+4.75%

Max Drawdown (1Y)

Largest decline over 1 year

-22.94%

-65.95%

+43.01%

Max Drawdown (3Y)

Largest decline over 3 years

-46.45%

-92.38%

+45.93%

Max Drawdown (5Y)

Largest decline over 5 years

-46.45%

-97.23%

+50.78%

Max Drawdown (10Y)

Largest decline over 10 years

-95.25%

-99.98%

+4.73%

Current Drawdown

Current decline from peak

-79.80%

-100.00%

+20.20%

Average Drawdown

Average peak-to-trough decline

-56.87%

-92.40%

+35.53%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.00%

35.96%

-28.96%

Volatility

SVXY vs. SQQQ - Volatility Comparison

The current volatility for ProShares Short VIX Short-Term Futures ETF (SVXY) is 4.01%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 13.81%. 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

SVXYSQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.01%

13.81%

-9.80%

Volatility (6M)

Calculated over the trailing 6-month period

21.48%

36.46%

-14.98%

Volatility (1Y)

Calculated over the trailing 1-year period

28.65%

47.79%

-19.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

35.37%

66.61%

-31.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

50.75%

66.10%

-15.35%

SVXY vs. SQQQ - Expense Ratio Comparison

SVXY has a 1.38% expense ratio, which is higher than SQQQ's 0.95% expense ratio.

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 12.29%.

PositionTTM202520242023202220212020201920182017
SQQQ
ProShares UltraPro Short QQQ		12.29%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 -0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SQQQ has higher volatility (13.81%) compared to SVXY (4.01%). In terms of maximum drawdown, SVXY dropped -95.25% vs SQQQ's -100.00%.

On 10-year performance, SVXY leads with -1.53% vs -55.90% for SQQQ. On fees, SQQQ is cheaper at 0.95% per year. On volatility, SVXY has been the lower-risk option at 4.01%. 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 -1.53% return vs -55.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SQQQ is cheaper with a 0.95% expense ratio, compared with 1.38% for SVXY.

SQQQ has the higher dividend yield at 12.29%, 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 (-100%), while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 1.38% for SVXY and 0.95% for SQQQ.

SVXY currently has the higher Sharpe Ratio (1.25 vs -1.35), 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.

Portfolio Optimizer

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