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 -71.00%/yr vs -37.77%/yr for QID. Their 0.70 correlation means they have sometimes moved together and sometimes differently. 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 -35.49% return, which is significantly lower than QID's -28.85% return. Over the past 10 years, UVXY has underperformed QID with an annualized return of -71.00%, while QID has yielded a comparatively higher -37.77% annualized 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%
QID
- 1D
- -6.65%
- 1M
- -3.74%
- 6M
- -28.60%
- YTD
- -28.85%
- 1Y
- -39.30%
- 3Y*
- -36.56%
- 5Y*
- -29.04%
- 10Y*
- -37.77%
- ALL TIME*
- -34.86%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $271.27M | $231.40M | $303.25M | |
| $189.58M | $189.56M | $234.35M |
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 | -35.49% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
QID ProShares UltraShort QQQ | -28.85% | -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 have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.67 |
Correlation (3Y) Balances recent behavior with more history. | 0.69 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.69 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.84 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.89 | -0.10 |
| Martin ratioReturn relative to average drawdown | -1.47 | -1.67 | +0.20 |
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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 | -71.36% | -44.38% | -26.98% |
Max Drawdown (3Y)Largest decline over 3 years | -95.42% | -79.50% | -15.92% |
Max Drawdown (5Y)Largest decline over 5 years | -99.68% | -88.72% | -10.96% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -99.21% | -0.79% |
Current DrawdownCurrent decline from peak | -100.00% | -99.99% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -98.76% | -87.09% | -11.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.86% | 23.59% | +24.27% |
Volatility
UVXY vs. QID - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 21.98% compared to ProShares UltraShort QQQ (QID) at 15.53%. 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 | 21.98% | 15.53% | +6.45% |
Volatility (6M)Calculated over the trailing 6-month period | 65.18% | 32.89% | +32.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 86.32% | 39.23% | +47.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.35% | 45.94% | +57.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.07% | 45.03% | +67.04% |
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 8.28%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
QID ProShares UltraShort QQQ | 8.28% | 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 (21.98%) compared to QID (15.53%). In terms of maximum drawdown, UVXY dropped -100.00% vs QID's -99.99%.
On 10-year performance, QID leads with -37.77% vs -71.00% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, QID has been the lower-risk option at 15.53%. 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 -37.77% return vs -71.00%. 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 8.28%, 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 (-0.82 vs -1.01), 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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