UVIX vs. QQQ
UVIX (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 (200% Daily), while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 3 years, UVIX returned -81.87%/yr vs 25.56%/yr for QQQ. Their -0.68 correlation means they have often moved in opposite directions in the past. 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 -52.21% return, which is significantly lower than QQQ's 18.11% return.
UVIX
- 1D
- -2.05%
- 1M
- -11.91%
- 6M
- -48.80%
- YTD
- -52.21%
- 1Y
- -86.41%
- 3Y*
- -81.87%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -83.90%
QQQ
- 1D
- 3.40%
- 1M
- 1.58%
- 6M
- 17.69%
- YTD
- 18.11%
- 1Y
- 28.94%
- 3Y*
- 25.56%
- 5Y*
- 15.07%
- 10Y*
- 20.86%
- ALL TIME*
- 10.84%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $33.34B | $28.86B | $31.95B | |
| $104.04M | $96.41M | $155.15M |
UVIX vs. QQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UVIX 2x Long VIX Futures ETF | -52.21% | -83.21% | -75.24% | -95.28% | -61.86% |
QQQ Invesco QQQ ETF | 18.11% | 20.77% | 25.58% | 54.86% | -27.82% |
Correlation
The correlation between UVIX and QQQ is -0.68, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.68 |
Correlation (3Y) Balances recent behavior with more history. | -0.69 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022 | -0.68 |
The correlation between UVIX and QQQ has been stable across timeframes, ranging from -0.69 to -0.68 - 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 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.
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.
| UVIX | QQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.25 | ||
| Sortino ratioReturn per unit of downside risk | -3.75 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.26 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | 2.43 | -3.45 |
| Martin ratioReturn relative to average drawdown | -1.43 | 7.72 | -9.15 |
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Drawdowns
UVIX vs. QQQ - Drawdown Comparison
The maximum UVIX drawdown since its inception was -99.98%, 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 | -99.98% | -82.97% | -17.01% |
Max Drawdown (1Y)Largest decline over 1 year | -84.53% | -11.96% | -72.57% |
Max Drawdown (3Y)Largest decline over 3 years | -99.42% | -22.77% | -76.65% |
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 | -99.98% | -2.88% | -97.10% |
Average DrawdownAverage peak-to-trough decline | -88.87% | -32.61% | -56.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 64.63% | 3.76% | +60.87% |
Volatility
UVIX vs. QQQ - Volatility Comparison
2x Long VIX Futures ETF (UVIX) has a higher volatility of 28.43% compared to Invesco QQQ ETF (QQQ) at 7.63%. 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 | 28.43% | 7.63% | +20.80% |
Volatility (6M)Calculated over the trailing 6-month period | 85.88% | 16.43% | +69.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.77% | 19.61% | +94.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 135.10% | 22.97% | +112.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 135.10% | 22.54% | +112.56% |
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 0.42%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QQQ Invesco QQQ ETF | 0.42% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
UVIX 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 -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVIX has higher volatility (28.43%) compared to QQQ (7.63%). In terms of maximum drawdown, UVIX dropped -99.98% vs QQQ's -82.97%.
On 3-year performance, QQQ leads with 25.56% vs -81.87% for UVIX. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 7.63%. 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 25.56% return vs -81.87%. 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 0.42%, compared with 0.00% for UVIX.
UVIX is categorized as Volatility, while QQQ is Nasdaq-100. UVIX tracks Long VIX Futures Index (200% Daily), 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 (1.49 vs -0.76), 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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