UVIX vs. QQQ
UVIX (Volatility Shares 2x Long VIX Futures ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - UVIX is a Volatility fund tracking the Long VIX Futures Index – Benchmark TR Gross (200%), while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 3 years, UVIX returned -82.43%/yr vs 28.78%/yr for QQQ. At a correlation of -0.67, they often move in opposite directions. UVIX charges 2.78%/yr vs 0.18%/yr for QQQ.
Performance
UVIX vs. QQQ - Performance Comparison
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Returns By Period
In the year-to-date period, UVIX achieves a -31.87% return, which is significantly lower than QQQ's 21.30% return.
UVIX
- 1D
- -0.26%
- 1M
- -29.01%
- YTD
- -31.87%
- 6M
- -51.86%
- 1Y
- -85.80%
- 3Y*
- -82.43%
- 5Y*
- —
- 10Y*
- —
QQQ
- 1D
- -0.26%
- 1M
- 10.60%
- YTD
- 21.30%
- 6M
- 19.66%
- 1Y
- 41.82%
- 3Y*
- 28.78%
- 5Y*
- 17.97%
- 10Y*
- 21.94%
UVIX vs. QQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UVIX Volatility Shares 2x Long VIX Futures ETF | -31.87% | -83.21% | -75.24% | -95.28% | -62.08% |
QQQ Invesco QQQ ETF | 21.30% | 20.77% | 25.58% | 54.86% | -27.02% |
Correlation
The correlation between UVIX and QQQ 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 (All Time) Calculated using the full available price history since Mar 31, 2022 | -0.67 |
The correlation between UVIX and QQQ has been stable across timeframes, ranging from -0.67 to -0.66 - a consistent structural relationship.
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Return for Risk
UVIX vs. QQQ — Risk / Return Rank
UVIX
QQQ
UVIX vs. QQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 2x Long VIX Futures ETF (UVIX) and Invesco QQQ ETF (QQQ). 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.
| UVIX | QQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.41 | ||
| Sortino ratioReturn per unit of downside risk | -5.14 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.45 | -0.65 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 3.51 | -4.50 |
| Martin ratioReturn relative to average drawdown | -1.26 | 13.49 | -14.76 |
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
| UVIX | QQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.77 | 2.64 | -3.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.81 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.99 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.62 | 0.41 | -1.03 |
Drawdowns
UVIX vs. QQQ - Drawdown Comparison
The maximum UVIX drawdown since its inception was -99.97%, which is greater than QQQ's maximum drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for UVIX and QQQ.
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Drawdown Indicators
| UVIX | QQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.97% | -82.97% | -17.00% |
Max Drawdown (1Y)Largest decline over 1 year | -87.35% | -11.96% | -75.39% |
Max Drawdown (3Y)Largest decline over 3 years | -99.44% | -22.77% | -76.67% |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.12% | — |
Current DrawdownCurrent decline from peak | -99.97% | -0.26% | -99.71% |
Average DrawdownAverage peak-to-trough decline | -88.52% | -32.79% | -55.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 67.78% | 3.11% | +64.67% |
Volatility
UVIX vs. QQQ - Volatility Comparison
Volatility Shares 2x Long VIX Futures ETF (UVIX) has a higher volatility of 15.41% compared to Invesco QQQ ETF (QQQ) at 4.49%. This indicates that UVIX's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UVIX | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.41% | 4.49% | +10.92% |
Volatility (6M)Calculated over the trailing 6-month period | 82.35% | 12.10% | +70.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 111.51% | 15.94% | +95.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 136.15% | 22.38% | +113.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 136.15% | 22.29% | +113.86% |
UVIX vs. QQQ - Expense Ratio Comparison
UVIX has a 2.78% expense ratio, which is higher than QQQ's 0.18% expense ratio.
Dividends
UVIX vs. QQQ - Dividend Comparison
UVIX has not paid dividends to shareholders, while QQQ's dividend yield for the trailing twelve months is around 0.38%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QQQ Invesco QQQ ETF | 0.38% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
UVIX Volatility Shares 2x Long VIX 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
UVIX and QQQ 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.
UVIX has higher volatility (15.41%) compared to QQQ (4.49%). In terms of maximum drawdown, UVIX dropped -99.97% vs QQQ's -82.97%.
On 3-year performance, QQQ leads with 28.78% vs -82.43% for UVIX. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 4.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, QQQ has performed better with a 28.78% return vs -82.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQ is cheaper with a 0.18% expense ratio, compared with 2.78% for UVIX.
QQQ has the higher dividend yield at 0.38%, compared with 0.00% for UVIX.
UVIX is categorized as Volatility, while QQQ is Nasdaq-100. UVIX tracks Long VIX Futures Index – Benchmark TR Gross (200%), while QQQ tracks NASDAQ-100 Index. They also come from different issuers: Volatility Shares and Invesco. Their fees differ too: 2.78% for UVIX and 0.18% for QQQ.
QQQ currently has the higher Sharpe Ratio (2.64 vs -0.77), 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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