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 41.62%/yr vs -72.05%/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 34.71% return, which is significantly higher than UVXY's -34.93% return. Over the past 10 years, TQQQ has outperformed UVXY with an annualized return of 41.62%, while UVXY has yielded a comparatively lower -72.05% annualized return.
TQQQ
- 1D
- -4.97%
- 1M
- -11.29%
- 6M
- 30.60%
- YTD
- 34.71%
- 1Y
- 67.39%
- 3Y*
- 47.91%
- 5Y*
- 18.79%
- 10Y*
- 41.62%
UVXY
- 1D
- 2.95%
- 1M
- -9.52%
- 6M
- -33.79%
- YTD
- -34.93%
- 1Y
- -73.19%
- 3Y*
- -62.17%
- 5Y*
- -68.33%
- 10Y*
- -72.05%
TQQQ vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TQQQ ProShares UltraPro QQQ | 34.71% | 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 | -34.93% | -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 -0.67, 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 | -0.67 |
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 -0.67 - 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 | +2.08 | ||
| Sortino ratioReturn per unit of downside risk | +3.32 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.82 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | -0.99 | +2.82 |
| Martin ratioReturn relative to average drawdown | 5.57 | -1.48 | +7.05 |
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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% | -73.88% | +36.91% |
Max Drawdown (3Y)Largest decline over 3 years | -58.04% | -95.42% | +37.38% |
Max Drawdown (5Y)Largest decline over 5 years | -81.66% | -99.75% | +18.09% |
Max Drawdown (10Y)Largest decline over 10 years | -81.66% | -100.00% | +18.34% |
Current DrawdownCurrent decline from peak | -18.71% | -100.00% | +81.29% |
Average DrawdownAverage peak-to-trough decline | -18.48% | -98.76% | +80.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.14% | 49.56% | -37.42% |
Volatility
TQQQ vs. UVXY - Volatility Comparison
ProShares UltraPro QQQ (TQQQ) has a higher volatility of 22.28% compared to ProShares Ultra VIX Short-Term Futures ETF (UVXY) at 17.16%. 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 | 22.28% | 17.16% | +5.12% |
Volatility (6M)Calculated over the trailing 6-month period | 46.14% | 66.78% | -20.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.54% | 85.47% | -29.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.78% | 103.82% | -36.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.40% | 112.00% | -45.60% |
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 0.53%, 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 | 0.53% | 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 -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (22.28%) compared to UVXY (17.16%). In terms of maximum drawdown, TQQQ dropped -81.66% vs UVXY's -100.00%.
On 10-year performance, TQQQ leads with 41.62% vs -72.05% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UVXY has been the lower-risk option at 17.16%. 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 41.62% return vs -72.05%. 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 0.53%, 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 (1.22 vs -0.86), 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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