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 -72.91% vs 38.70% for IQQQ. At a correlation of -0.71, they often move in opposite directions. UVXY charges 0.95%/yr vs 0.55%/yr for IQQQ.
Performance
UVXY vs. IQQQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UVXY achieves a -19.06% return, which is significantly lower than IQQQ's 18.72% return.
UVXY
- 1D
- -0.24%
- 1M
- -22.10%
- YTD
- -19.06%
- 6M
- -37.37%
- 1Y
- -72.91%
- 3Y*
- -64.55%
- 5Y*
- -67.90%
- 10Y*
- -72.67%
IQQQ
- 1D
- -0.30%
- 1M
- 9.88%
- YTD
- 18.72%
- 6M
- 17.39%
- 1Y
- 38.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
UVXY vs. IQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -19.06% | -65.32% | -35.45% |
IQQQ ProShares Nasdaq-100 High Income ETF | 18.72% | 17.11% | 13.39% |
Correlation
The correlation between UVXY and IQQQ 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 (All Time) Calculated using the full available price history since Mar 21, 2024 | -0.71 |
The correlation between UVXY and IQQQ has been stable across timeframes, ranging from -0.71 to -0.66 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
| UVXY | IQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.39 | ||
| Sortino ratioReturn per unit of downside risk | -4.87 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.43 | -0.61 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 3.49 | -4.47 |
| Martin ratioReturn relative to average drawdown | -1.31 | 12.41 | -13.72 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| UVXY | IQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.87 | 2.53 | -3.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | 1.25 | -1.92 |
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.
Loading charts...
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 | -75.22% | -11.13% | -64.09% |
Max Drawdown (3Y)Largest decline over 3 years | -95.45% | — | — |
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% | -0.30% | -99.70% |
Average DrawdownAverage peak-to-trough decline | -98.55% | -3.64% | -94.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.63% | 3.13% | +52.50% |
Volatility
UVXY vs. IQQQ - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 11.77% compared to ProShares Nasdaq-100 High Income ETF (IQQQ) at 3.99%. 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.
Loading charts...
Volatility by Period
| UVXY | IQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.77% | 3.99% | +7.78% |
Volatility (6M)Calculated over the trailing 6-month period | 62.64% | 11.54% | +51.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 84.42% | 15.40% | +69.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.85% | 18.57% | +85.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 113.82% | 18.57% | +95.25% |
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 4.42%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IQQQ ProShares Nasdaq-100 High Income ETF | 4.42% | 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 -0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (11.77%) compared to IQQQ (3.99%). In terms of maximum drawdown, UVXY dropped -100.00% vs IQQQ's -20.41%.
On 1-year performance, IQQQ leads with 38.70% vs -72.91% for UVXY. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 3.99%. 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 38.70% return vs -72.91%. 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 4.42%, 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 (2.53 vs -0.87), 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.
Find the right allocation for UVXY and IQQQ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer