UVXY vs. SQQQ
UVXY (ProShares Ultra VIX Short-Term Futures ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, UVXY returned -73.85%/yr vs -56.24%/yr for SQQQ. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
UVXY vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, UVXY achieves a -22.07% return, which is significantly higher than SQQQ's -40.31% return. Over the past 10 years, UVXY has underperformed SQQQ with an annualized return of -73.85%, while SQQQ has yielded a comparatively higher -56.24% annualized return.
UVXY
- 1D
- 8.28%
- 1M
- -14.92%
- YTD
- -22.07%
- 6M
- -24.28%
- 1Y
- -74.07%
- 3Y*
- -61.96%
- 5Y*
- -66.90%
- 10Y*
- -73.85%
SQQQ
- 1D
- 9.83%
- 1M
- -2.27%
- YTD
- -40.31%
- 6M
- -37.80%
- 1Y
- -61.11%
- 3Y*
- -53.86%
- 5Y*
- -46.89%
- 10Y*
- -56.24%
UVXY vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -22.07% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
SQQQ ProShares UltraPro Short QQQ | -40.31% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between UVXY and SQQQ 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 SQQQ 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. SQQQ — Risk / Return Rank
UVXY
SQQQ
UVXY vs. SQQQ - 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 UltraPro Short QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.44 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.78 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -0.96 | -0.05 |
| Martin ratioReturn relative to average drawdown | -1.45 | -1.81 | +0.36 |
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Drawdowns
UVXY vs. SQQQ - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UVXY and SQQQ.
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Drawdown Indicators
| UVXY | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -73.51% | -63.52% | -9.99% |
Max Drawdown (3Y)Largest decline over 3 years | -94.93% | -92.51% | -2.42% |
Max Drawdown (5Y)Largest decline over 5 years | -99.71% | -97.27% | -2.44% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -99.98% | -0.02% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -98.75% | -92.73% | -6.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.34% | 36.37% | +18.97% |
Volatility
UVXY vs. SQQQ - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) and ProShares UltraPro Short QQQ (SQQQ) have volatilities of 25.85% and 26.69%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UVXY | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.85% | 26.69% | -0.84% |
Volatility (6M)Calculated over the trailing 6-month period | 66.46% | 43.33% | +23.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 85.46% | 53.65% | +31.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.96% | 67.53% | +36.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.39% | 66.47% | +45.92% |
UVXY vs. SQQQ - Expense Ratio Comparison
Both UVXY and SQQQ have an expense ratio of 0.95%.
Dividends
UVXY vs. SQQQ - Dividend Comparison
UVXY has not paid dividends to shareholders, while SQQQ's dividend yield for the trailing twelve months is around 11.44%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 11.44% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
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 SQQQ 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.
SQQQ has higher volatility (26.69%) compared to UVXY (25.85%). In terms of maximum drawdown, UVXY dropped -100.00% vs SQQQ's -100.00%.
On 10-year performance, SQQQ leads with -56.24% vs -73.85% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UVXY has been the lower-risk option at 25.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SQQQ has performed better with a -56.24% return vs -73.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UVXY and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 11.44%, compared with 0.00% for UVXY.
UVXY is categorized as Volatility, while SQQQ is Leveraged Equities. UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while SQQQ tracks NASDAQ-100 Index (-300%).
UVXY currently has the higher Sharpe Ratio (-0.87 vs -1.14), 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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