UVIX vs. TQQQ
UVIX (Volatility Shares 2x Long VIX Futures ETF) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - UVIX is a Volatility fund tracking the Long VIX Futures Index – Benchmark TR Gross (200%), while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past 3 years, UVIX returned -82.43%/yr vs 69.49%/yr for TQQQ. At a correlation of -0.67, they often move in opposite directions. UVIX charges 2.78%/yr vs 0.95%/yr for TQQQ.
Performance
UVIX vs. TQQQ - 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 TQQQ's 64.46% return.
UVIX
- 1D
- -0.26%
- 1M
- -29.01%
- YTD
- -31.87%
- 6M
- -51.86%
- 1Y
- -85.80%
- 3Y*
- -82.43%
- 5Y*
- —
- 10Y*
- —
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%
UVIX vs. TQQQ - 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% |
TQQQ ProShares UltraPro QQQ | 64.46% | 34.35% | 58.27% | 198.04% | -71.35% |
Correlation
The correlation between UVIX and TQQQ 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 TQQQ 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. TQQQ — Risk / Return Rank
UVIX
TQQQ
UVIX vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 2x Long VIX Futures ETF (UVIX) and ProShares UltraPro QQQ (TQQQ). 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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.69 | ||
| Sortino ratioReturn per unit of downside risk | -4.78 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.40 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 3.75 | -4.74 |
| Martin ratioReturn relative to average drawdown | -1.26 | 12.27 | -13.53 |
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 | TQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.77 | 2.92 | -3.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.43 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.69 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.62 | 0.74 | -1.35 |
Drawdowns
UVIX vs. TQQQ - Drawdown Comparison
The maximum UVIX drawdown since its inception was -99.97%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for UVIX and TQQQ.
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Drawdown Indicators
| UVIX | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.97% | -81.66% | -18.31% |
Max Drawdown (1Y)Largest decline over 1 year | -87.35% | -36.97% | -50.38% |
Max Drawdown (3Y)Largest decline over 3 years | -99.44% | -58.04% | -41.40% |
Max Drawdown (5Y)Largest decline over 5 years | — | -81.66% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -81.66% | — |
Current DrawdownCurrent decline from peak | -99.97% | -0.76% | -99.21% |
Average DrawdownAverage peak-to-trough decline | -88.52% | -18.52% | -70.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 67.78% | 11.28% | +56.50% |
Volatility
UVIX vs. TQQQ - Volatility Comparison
Volatility Shares 2x Long VIX Futures ETF (UVIX) has a higher volatility of 15.41% compared to ProShares UltraPro QQQ (TQQQ) at 13.29%. This indicates that UVIX's price experiences larger fluctuations and is considered to be riskier than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UVIX | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.41% | 13.29% | +2.12% |
Volatility (6M)Calculated over the trailing 6-month period | 82.35% | 36.04% | +46.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 111.51% | 47.60% | +63.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 136.15% | 66.53% | +69.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 136.15% | 65.96% | +70.19% |
UVIX vs. TQQQ - Expense Ratio Comparison
UVIX has a 2.78% expense ratio, which is higher than TQQQ's 0.95% expense ratio.
Dividends
UVIX vs. TQQQ - Dividend Comparison
UVIX has not paid dividends to shareholders, while TQQQ's dividend yield for the trailing twelve months is around 0.36%.
| 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% |
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 TQQQ 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 TQQQ (13.29%). In terms of maximum drawdown, UVIX dropped -99.97% vs TQQQ's -81.66%.
On 3-year performance, TQQQ leads with 69.49% vs -82.43% for UVIX. On fees, TQQQ is cheaper at 0.95% per year. On volatility, TQQQ has been the lower-risk option at 13.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TQQQ has performed better with a 69.49% return vs -82.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TQQQ is cheaper with a 0.95% expense ratio, compared with 2.78% for UVIX.
TQQQ has the higher dividend yield at 0.36%, compared with 0.00% for UVIX.
UVIX is categorized as Volatility, while TQQQ is Leveraged Equities. UVIX tracks Long VIX Futures Index – Benchmark TR Gross (200%), while TQQQ tracks NASDAQ-100 Index (300%). They also come from different issuers: Volatility Shares and ProShares. Their fees differ too: 2.78% for UVIX and 0.95% for TQQQ.
TQQQ currently has the higher Sharpe Ratio (2.92 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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