TQQQ vs. UVXY
TQQQ (ProShares UltraPro QQQ) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, TQQQ returned 45.33%/yr vs -72.67%/yr for UVXY. At a correlation of -0.70, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
TQQQ vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, TQQQ achieves a 64.46% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, TQQQ has outperformed UVXY with an annualized return of 45.33%, while UVXY has yielded a comparatively lower -72.67% annualized return.
TQQQ
- 1D
- -0.76%
- 1M
- 33.35%
- YTD
- 64.46%
- 6M
- 55.93%
- 1Y
- 137.89%
- 3Y*
- 69.49%
- 5Y*
- 28.37%
- 10Y*
- 45.33%
UVXY
- 1D
- -0.24%
- 1M
- -22.10%
- YTD
- -19.06%
- 6M
- -37.37%
- 1Y
- -72.91%
- 3Y*
- -64.55%
- 5Y*
- -67.90%
- 10Y*
- -72.67%
TQQQ vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TQQQ ProShares UltraPro QQQ | 64.46% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -19.06% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between TQQQ and UVXY 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 | -0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.69 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | -0.70 |
The correlation between TQQQ and UVXY has been stable across timeframes, ranging from -0.70 to -0.66 - a consistent structural relationship.
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Return for Risk
TQQQ vs. UVXY — Risk / Return Rank
TQQQ
UVXY
TQQQ vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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.
| TQQQ | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.78 | ||
| Sortino ratioReturn per unit of downside risk | +4.69 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 0.82 | +0.59 |
| Calmar ratioReturn relative to maximum drawdown | 3.75 | -0.97 | +4.72 |
| Martin ratioReturn relative to average drawdown | 12.27 | -1.31 | +13.58 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TQQQ | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.92 | -0.87 | +3.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.43 | -0.66 | +1.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.69 | -0.64 | +1.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.74 | -0.68 | +1.42 |
Drawdowns
TQQQ vs. UVXY - Drawdown Comparison
The maximum TQQQ drawdown since its inception was -81.66%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TQQQ and UVXY.
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Drawdown Indicators
| TQQQ | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.66% | -100.00% | +18.34% |
Max Drawdown (1Y)Largest decline over 1 year | -36.97% | -75.22% | +38.25% |
Max Drawdown (3Y)Largest decline over 3 years | -58.04% | -95.45% | +37.41% |
Max Drawdown (5Y)Largest decline over 5 years | -81.66% | -99.68% | +18.02% |
Max Drawdown (10Y)Largest decline over 10 years | -81.66% | -100.00% | +18.34% |
Current DrawdownCurrent decline from peak | -0.76% | -100.00% | +99.24% |
Average DrawdownAverage peak-to-trough decline | -18.52% | -98.55% | +80.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.28% | 55.63% | -44.35% |
Volatility
TQQQ vs. UVXY - Volatility Comparison
ProShares UltraPro QQQ (TQQQ) has a higher volatility of 13.29% compared to ProShares Ultra VIX Short-Term Futures ETF (UVXY) at 11.77%. This indicates that TQQQ's price experiences larger fluctuations and is considered to be riskier than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TQQQ | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.29% | 11.77% | +1.52% |
Volatility (6M)Calculated over the trailing 6-month period | 36.04% | 62.64% | -26.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.60% | 84.42% | -36.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 66.53% | 103.85% | -37.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.96% | 113.82% | -47.86% |
TQQQ vs. UVXY - Expense Ratio Comparison
Both TQQQ and UVXY have an expense ratio of 0.95%.
Dividends
TQQQ vs. UVXY - Dividend Comparison
TQQQ's dividend yield for the trailing twelve months is around 0.36%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TQQQ ProShares UltraPro QQQ | 0.36% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
UVXY ProShares Ultra 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
TQQQ and UVXY 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.
TQQQ has higher volatility (13.29%) compared to UVXY (11.77%). In terms of maximum drawdown, TQQQ dropped -81.66% vs UVXY's -100.00%.
On 10-year performance, TQQQ leads with 45.33% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UVXY has been the lower-risk option at 11.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TQQQ has performed better with a 45.33% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TQQQ and UVXY have the same expense ratio: 0.95% per year.
TQQQ has the higher dividend yield at 0.36%, compared with 0.00% for UVXY.
TQQQ is categorized as Leveraged Equities, while UVXY is Volatility. TQQQ tracks NASDAQ-100 Index (300%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
TQQQ currently has the higher Sharpe Ratio (2.92 vs -0.87), 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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