UVXY vs. IQQQ
UVXY (ProShares Ultra VIX Short-Term Futures ETF) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%), while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, UVXY returned -70.28% vs 24.98% for IQQQ. Their -0.71 correlation means they have often moved in opposite directions in the past. UVXY charges 0.95%/yr vs 0.55%/yr for IQQQ.
Performance
UVXY vs. IQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, UVXY achieves a -35.49% return, which is significantly lower than IQQQ's 14.23% return.
UVXY
- 1D
- 1.09%
- 1M
- -6.53%
- 6M
- -36.87%
- YTD
- -35.49%
- 1Y
- -70.28%
- 3Y*
- -63.63%
- 5Y*
- -67.81%
- 10Y*
- -71.00%
- ALL TIME*
- -80.16%
IQQQ
- 1D
- 2.08%
- 1M
- 0.46%
- 6M
- 13.66%
- YTD
- 14.23%
- 1Y
- 24.98%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 19.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.05M | $2.37M | $2.95M | |
| $189.58M | $189.56M | $234.35M |
UVXY vs. IQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.49% | -65.32% | -37.96% |
IQQQ ProShares Nasdaq-100 High Income ETF | 14.23% | 17.11% | 14.82% |
Correlation
The correlation between UVXY and IQQQ 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 (All Time) Calculated using the full available price history since Mar 20, 2024 | -0.71 |
The correlation between UVXY and IQQQ has been stable across timeframes, ranging from -0.71 to -0.68 - a consistent structural relationship.
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Return for Risk
UVXY vs. IQQQ — Risk / Return Rank
UVXY
IQQQ
UVXY vs. IQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra VIX Short-Term Futures ETF (UVXY) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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.
| UVXY | IQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.18 | ||
| Sortino ratioReturn per unit of downside risk | -3.29 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.23 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 2.23 | -3.22 |
| Martin ratioReturn relative to average drawdown | -1.47 | 6.61 | -8.07 |
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Drawdowns
UVXY vs. IQQQ - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for UVXY and IQQQ.
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Drawdown Indicators
| UVXY | IQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -20.41% | -79.59% |
Max Drawdown (1Y)Largest decline over 1 year | -71.36% | -11.25% | -60.11% |
Max Drawdown (3Y)Largest decline over 3 years | -95.42% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -99.68% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -4.08% | -95.92% |
Average DrawdownAverage peak-to-trough decline | -98.76% | -3.71% | -95.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.86% | 3.79% | +44.07% |
Volatility
UVXY vs. IQQQ - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 21.98% compared to ProShares Nasdaq-100 High Income ETF (IQQQ) at 7.11%. This indicates that UVXY's price experiences larger fluctuations and is considered to be riskier than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UVXY | IQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.98% | 7.11% | +14.87% |
Volatility (6M)Calculated over the trailing 6-month period | 65.18% | 15.26% | +49.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 86.32% | 18.54% | +67.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.35% | 19.34% | +84.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.07% | 19.34% | +92.73% |
UVXY vs. IQQQ - Expense Ratio Comparison
UVXY has a 0.95% expense ratio, which is higher than IQQQ's 0.55% expense ratio.
Dividends
UVXY vs. IQQQ - Dividend Comparison
UVXY has not paid dividends to shareholders, while IQQQ's dividend yield for the trailing twelve months is around 5.69%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IQQQ ProShares Nasdaq-100 High Income ETF | 5.69% | 10.34% | 7.27% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UVXY and IQQQ 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.
UVXY has higher volatility (21.98%) compared to IQQQ (7.11%). In terms of maximum drawdown, UVXY dropped -100.00% vs IQQQ's -20.41%.
On 1-year performance, IQQQ leads with 24.98% vs -70.28% for UVXY. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 7.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IQQQ has performed better with a 24.98% return vs -70.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IQQQ is cheaper with a 0.55% expense ratio, compared with 0.95% for UVXY.
IQQQ has the higher dividend yield at 5.69%, compared with 0.00% for UVXY.
UVXY is categorized as Volatility, while IQQQ is Nasdaq-100. UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.95% for UVXY and 0.55% for IQQQ.
IQQQ currently has the higher Sharpe Ratio (1.36 vs -0.82), 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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