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 -72.67%/yr vs -38.90%/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 -19.06% return, which is significantly higher than QID's -32.03% return. Over the past 10 years, UVXY has underperformed QID with an annualized return of -72.67%, while QID has yielded a comparatively higher -38.90% annualized 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%
QID
- 1D
- 0.52%
- 1M
- -18.27%
- YTD
- -32.03%
- 6M
- -29.81%
- 1Y
- -48.76%
- 3Y*
- -39.36%
- 5Y*
- -32.49%
- 10Y*
- -38.90%
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 | -19.06% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
QID ProShares UltraShort QQQ | -32.03% | -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 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | 0.70 |
The correlation between UVXY and QID has been stable across timeframes, ranging from 0.66 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.
| UVXY | QID | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.67 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.73 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.99 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.31 | -1.96 | +0.65 |
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
| UVXY | QID | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.87 | -1.53 | +0.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | -0.73 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | -0.88 | +0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | -0.81 | +0.13 |
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 | -75.22% | -49.58% | -25.64% |
Max Drawdown (3Y)Largest decline over 3 years | -95.45% | -79.41% | -16.04% |
Max Drawdown (5Y)Largest decline over 5 years | -99.68% | -88.67% | -11.01% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -99.37% | -0.63% |
Current DrawdownCurrent decline from peak | -100.00% | -99.99% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -98.55% | -87.00% | -11.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.63% | 24.91% | +30.72% |
Volatility
UVXY vs. QID - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 11.77% compared to ProShares UltraShort QQQ (QID) at 8.98%. 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 | 11.77% | 8.98% | +2.79% |
Volatility (6M)Calculated over the trailing 6-month period | 62.64% | 24.28% | +38.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 84.42% | 31.91% | +52.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.85% | 44.77% | +59.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 113.82% | 44.54% | +69.28% |
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 7.64%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
QID ProShares UltraShort QQQ | 7.64% | 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 0.66, 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 QID (8.98%). In terms of maximum drawdown, UVXY dropped -100.00% vs QID's -99.99%.
On 10-year performance, QID leads with -38.90% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, QID has been the lower-risk option at 8.98%. 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 -38.90% return vs -72.67%. 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 7.64%, 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 (-0.87 vs -1.53), 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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