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 46.45%/yr vs -73.90%/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 42.40% return, which is significantly higher than UVXY's -24.94% return. Over the past 10 years, TQQQ has outperformed UVXY with an annualized return of 46.45%, while UVXY has yielded a comparatively lower -73.90% annualized return.
TQQQ
- 1D
- 2.25%
- 1M
- -8.54%
- YTD
- 42.40%
- 6M
- 35.61%
- 1Y
- 91.80%
- 3Y*
- 60.52%
- 5Y*
- 21.71%
- 10Y*
- 46.45%
UVXY
- 1D
- -2.46%
- 1M
- -14.14%
- YTD
- -24.94%
- 6M
- -26.89%
- 1Y
- -71.73%
- 3Y*
- -62.37%
- 5Y*
- -66.99%
- 10Y*
- -73.90%
TQQQ vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TQQQ ProShares UltraPro QQQ | 42.40% | 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 | -24.94% | -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 | -0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.69 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 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.
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.
| TQQQ | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.58 | ||
| Sortino ratioReturn per unit of downside risk | +3.67 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 0.83 | +0.46 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | -0.99 | +3.48 |
| Martin ratioReturn relative to average drawdown | 7.89 | -1.43 | +9.32 |
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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% | -72.74% | +35.77% |
Max Drawdown (3Y)Largest decline over 3 years | -58.04% | -94.91% | +36.87% |
Max Drawdown (5Y)Largest decline over 5 years | -81.66% | -99.71% | +18.05% |
Max Drawdown (10Y)Largest decline over 10 years | -81.66% | -100.00% | +18.34% |
Current DrawdownCurrent decline from peak | -14.07% | -100.00% | +85.93% |
Average DrawdownAverage peak-to-trough decline | -18.49% | -98.75% | +80.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.67% | 50.54% | -38.87% |
Volatility
TQQQ vs. UVXY - Volatility Comparison
ProShares UltraPro QQQ (TQQQ) and ProShares Ultra VIX Short-Term Futures ETF (UVXY) have volatilities of 26.81% and 25.55%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 26.81% | 25.55% | +1.26% |
Volatility (6M)Calculated over the trailing 6-month period | 43.27% | 66.08% | -22.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 53.22% | 84.93% | -31.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.42% | 103.95% | -36.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.30% | 112.35% | -46.05% |
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 0.27%, 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 | 0.27% | 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 (26.81%) compared to UVXY (25.55%). In terms of maximum drawdown, TQQQ dropped -81.66% vs UVXY's -100.00%.
On 10-year performance, TQQQ leads with 46.45% vs -73.90% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UVXY has been the lower-risk option at 25.55%. 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 46.45% return vs -73.90%. 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 0.27%, 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 (1.73 vs -0.85), 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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