UVXY vs. QID
UVXY (ProShares Ultra VIX Short-Term Futures ETF) and QID (ProShares UltraShort QQQ) are both exchange-traded funds - UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%), while QID is a Leveraged Equities fund tracking the NASDAQ-100 Index (-200%). Both are passively managed. Over the past 10 years, UVXY returned -72.24%/yr vs -38.18%/yr for QID. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
UVXY vs. QID - Performance Comparison
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Returns By Period
In the year-to-date period, UVXY achieves a -36.79% return, which is significantly lower than QID's -27.16% return. Over the past 10 years, UVXY has underperformed QID with an annualized return of -72.24%, while QID has yielded a comparatively higher -38.18% annualized return.
UVXY
- 1D
- -4.58%
- 1M
- -11.87%
- 6M
- -38.65%
- YTD
- -36.79%
- 1Y
- -73.68%
- 3Y*
- -62.59%
- 5Y*
- -68.51%
- 10Y*
- -72.24%
QID
- 1D
- 0.57%
- 1M
- 8.19%
- 6M
- -25.99%
- YTD
- -27.16%
- 1Y
- -39.25%
- 3Y*
- -35.20%
- 5Y*
- -29.70%
- 10Y*
- -38.18%
UVXY vs. QID - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -36.79% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
QID ProShares UltraShort QQQ | -27.16% | -34.97% | -34.06% | -57.19% | 66.30% | -44.93% | -69.71% | -49.57% | -9.90% | -44.00% |
Correlation
The correlation between UVXY and QID is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.70 |
The correlation between UVXY and QID has been stable across timeframes, ranging from 0.67 to 0.70 - a consistent structural relationship.
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Return for Risk
UVXY vs. QID — Risk / Return Rank
UVXY
QID
UVXY vs. QID - 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 UltraShort QQQ (QID). 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 | QID | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.83 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.88 | -0.12 |
| Martin ratioReturn relative to average drawdown | -1.49 | -1.71 | +0.22 |
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Drawdowns
UVXY vs. QID - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, roughly equal to the maximum QID drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for UVXY and QID.
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Drawdown Indicators
| UVXY | QID | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.99% | -0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -73.96% | -44.65% | -29.31% |
Max Drawdown (3Y)Largest decline over 3 years | -95.42% | -79.50% | -15.92% |
Max Drawdown (5Y)Largest decline over 5 years | -99.75% | -88.72% | -11.03% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -99.24% | -0.76% |
Current DrawdownCurrent decline from peak | -100.00% | -99.99% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -98.76% | -87.06% | -11.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 49.34% | 22.95% | +26.39% |
Volatility
UVXY vs. QID - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 19.67% compared to ProShares UltraShort QQQ (QID) at 16.19%. This indicates that UVXY's price experiences larger fluctuations and is considered to be riskier than QID based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UVXY | QID | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.67% | 16.19% | +3.48% |
Volatility (6M)Calculated over the trailing 6-month period | 66.82% | 30.71% | +36.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 85.40% | 37.21% | +48.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.84% | 45.60% | +58.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.02% | 44.84% | +67.18% |
UVXY vs. QID - Expense Ratio Comparison
Both UVXY and QID have an expense ratio of 0.95%.
Dividends
UVXY vs. QID - Dividend Comparison
UVXY has not paid dividends to shareholders, while QID's dividend yield for the trailing twelve months is around 8.09%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
QID ProShares UltraShort QQQ | 8.09% | 6.25% | 7.99% | 5.63% | 0.15% | 0.00% | 0.92% | 2.54% | 1.38% | 0.08% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UVXY and QID have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (19.67%) compared to QID (16.19%). In terms of maximum drawdown, UVXY dropped -100.00% vs QID's -99.99%.
On 10-year performance, QID leads with -38.18% vs -72.24% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, QID has been the lower-risk option at 16.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QID has performed better with a -38.18% return vs -72.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UVXY and QID have the same expense ratio: 0.95% per year.
QID has the higher dividend yield at 8.09%, compared with 0.00% for UVXY.
UVXY is categorized as Volatility, while QID is Leveraged Equities. UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while QID tracks NASDAQ-100 Index (-200%).
UVXY currently has the higher Sharpe Ratio (-0.86 vs -1.06), 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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