UVXY vs. QLD
UVXY (ProShares Ultra VIX Short-Term Futures ETF) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%), while QLD 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 34.50%/yr for QLD. At a correlation of -0.70, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UVXY vs. QLD - 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 QLD's 30.22% return. Over the past 10 years, UVXY has underperformed QLD with an annualized return of -72.24%, while QLD has yielded a comparatively higher 34.50% 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%
QLD
- 1D
- -0.56%
- 1M
- -7.57%
- 6M
- 28.26%
- YTD
- 30.22%
- 1Y
- 53.55%
- 3Y*
- 39.88%
- 5Y*
- 20.50%
- 10Y*
- 34.50%
UVXY vs. QLD - 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% |
QLD ProShares Ultra QQQ | 30.22% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
Correlation
The correlation between UVXY and QLD is -0.67, 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 | -0.67 |
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 QLD has been stable across timeframes, ranging from -0.70 to -0.67 - a consistent structural relationship.
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Return for Risk
UVXY vs. QLD — Risk / Return Rank
UVXY
QLD
UVXY vs. QLD - 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 Ultra QQQ (QLD). 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 | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.32 | ||
| Sortino ratioReturn per unit of downside risk | -3.56 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.25 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 2.14 | -3.14 |
| Martin ratioReturn relative to average drawdown | -1.49 | 6.98 | -8.47 |
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Drawdowns
UVXY vs. QLD - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for UVXY and QLD.
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Drawdown Indicators
| UVXY | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -83.13% | -16.87% |
Max Drawdown (1Y)Largest decline over 1 year | -73.96% | -25.13% | -48.83% |
Max Drawdown (3Y)Largest decline over 3 years | -95.42% | -42.29% | -53.13% |
Max Drawdown (5Y)Largest decline over 5 years | -99.75% | -63.68% | -36.07% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -63.68% | -36.32% |
Current DrawdownCurrent decline from peak | -100.00% | -8.81% | -91.19% |
Average DrawdownAverage peak-to-trough decline | -98.76% | -18.11% | -80.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 49.34% | 7.70% | +41.64% |
Volatility
UVXY vs. QLD - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 19.67% compared to ProShares Ultra QQQ (QLD) at 16.02%. This indicates that UVXY's price experiences larger fluctuations and is considered to be riskier than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UVXY | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.67% | 16.02% | +3.65% |
Volatility (6M)Calculated over the trailing 6-month period | 66.82% | 30.66% | +36.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 85.40% | 37.06% | +48.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.84% | 45.57% | +58.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.02% | 44.85% | +67.17% |
UVXY vs. QLD - Expense Ratio Comparison
Both UVXY and QLD have an expense ratio of 0.95%.
Dividends
UVXY vs. QLD - Dividend Comparison
UVXY has not paid dividends to shareholders, while QLD's dividend yield for the trailing twelve months is around 0.13%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 0.13% | 0.17% | 0.25% | 0.33% | 0.31% | 0.00% | 0.00% | 0.13% | 0.06% | 0.02% | 0.21% | 0.11% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
UVXY and QLD 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 QLD (16.02%). In terms of maximum drawdown, UVXY dropped -100.00% vs QLD's -83.13%.
On 10-year performance, QLD leads with 34.50% vs -72.24% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, QLD has been the lower-risk option at 16.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QLD has performed better with a 34.50% return vs -72.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UVXY and QLD have the same expense ratio: 0.95% per year.
QLD has the higher dividend yield at 0.13%, compared with 0.00% for UVXY.
UVXY is categorized as Volatility, while QLD is Leveraged Equities. UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while QLD tracks NASDAQ-100 Index (200%).
QLD currently has the higher Sharpe Ratio (1.45 vs -0.86), 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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