UVXY vs. QQQ
UVXY (ProShares Ultra VIX Short-Term Futures ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%), while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, UVXY returned -73.90%/yr vs 22.36%/yr for QQQ. At a correlation of -0.70, they often move in opposite directions. UVXY charges 0.95%/yr vs 0.18%/yr for QQQ.
Performance
UVXY vs. QQQ - Performance Comparison
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Returns By Period
In the year-to-date period, UVXY achieves a -24.94% return, which is significantly lower than QQQ's 16.89% return. Over the past 10 years, UVXY has underperformed QQQ with an annualized return of -73.90%, while QQQ has yielded a comparatively higher 22.36% annualized return.
UVXY
- 1D
- -2.46%
- 1M
- -14.14%
- YTD
- -24.94%
- 6M
- -26.89%
- 1Y
- -71.73%
- 3Y*
- -62.37%
- 5Y*
- -66.99%
- 10Y*
- -73.90%
QQQ
- 1D
- 0.81%
- 1M
- -1.80%
- YTD
- 16.89%
- 6M
- 15.09%
- 1Y
- 33.02%
- 3Y*
- 26.78%
- 5Y*
- 16.13%
- 10Y*
- 22.36%
UVXY vs. QQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -24.94% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
QQQ Invesco QQQ ETF | 16.89% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 48.62% | 38.96% | -0.13% | 32.66% |
Correlation
The correlation between UVXY and QQQ 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 (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 QQQ has been stable across timeframes, ranging from -0.70 to -0.66 - a consistent structural relationship.
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Return for Risk
UVXY vs. QQQ — Risk / Return Rank
UVXY
QQQ
UVXY vs. QQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra VIX Short-Term Futures ETF (UVXY) and Invesco QQQ ETF (QQQ). 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 | QQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.70 | ||
| Sortino ratioReturn per unit of downside risk | -3.97 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.33 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 2.77 | -3.76 |
| Martin ratioReturn relative to average drawdown | -1.43 | 10.21 | -11.64 |
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Drawdowns
UVXY vs. QQQ - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, which is greater than QQQ's maximum drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for UVXY and QQQ.
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Drawdown Indicators
| UVXY | QQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -82.97% | -17.03% |
Max Drawdown (1Y)Largest decline over 1 year | -72.74% | -11.96% | -60.78% |
Max Drawdown (3Y)Largest decline over 3 years | -94.91% | -22.77% | -72.14% |
Max Drawdown (5Y)Largest decline over 5 years | -99.71% | -35.12% | -64.59% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -35.12% | -64.88% |
Current DrawdownCurrent decline from peak | -100.00% | -3.89% | -96.11% |
Average DrawdownAverage peak-to-trough decline | -98.75% | -32.72% | -66.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.54% | 3.24% | +47.30% |
Volatility
UVXY vs. QQQ - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 25.55% compared to Invesco QQQ ETF (QQQ) at 9.02%. This indicates that UVXY's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UVXY | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.55% | 9.02% | +16.53% |
Volatility (6M)Calculated over the trailing 6-month period | 66.08% | 14.55% | +51.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 84.93% | 17.91% | +67.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.95% | 22.69% | +81.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.35% | 22.41% | +89.94% |
UVXY vs. QQQ - Expense Ratio Comparison
UVXY has a 0.95% expense ratio, which is higher than QQQ's 0.18% expense ratio.
Dividends
UVXY vs. QQQ - Dividend Comparison
UVXY has not paid dividends to shareholders, while QQQ's dividend yield for the trailing twelve months is around 0.42%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QQQ Invesco QQQ ETF | 0.42% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
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 QQQ 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 (25.55%) compared to QQQ (9.02%). In terms of maximum drawdown, UVXY dropped -100.00% vs QQQ's -82.97%.
On 10-year performance, QQQ leads with 22.36% vs -73.90% for UVXY. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 9.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QQQ has performed better with a 22.36% return vs -73.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQ is cheaper with a 0.18% expense ratio, compared with 0.95% for UVXY.
QQQ has the higher dividend yield at 0.42%, compared with 0.00% for UVXY.
UVXY is categorized as Volatility, while QQQ is Nasdaq-100. UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while QQQ tracks NASDAQ-100 Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for UVXY and 0.18% for QQQ.
QQQ currently has the higher Sharpe Ratio (1.85 vs -0.85), 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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