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 -71.50%/yr vs -54.48%/yr for SQQQ. Their 0.70 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.
Performance
UVXY vs. SQQQ - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with UVXY having a -35.24% return and SQQQ slightly higher at -34.61%. Over the past 10 years, UVXY has underperformed SQQQ with an annualized return of -71.50%, while SQQQ has yielded a comparatively higher -54.48% annualized return.
UVXY
- 1D
- -4.24%
- 1M
- -6.17%
- 6M
- -37.50%
- YTD
- -35.24%
- 1Y
- -73.24%
- 3Y*
- -61.42%
- 5Y*
- -68.18%
- 10Y*
- -71.50%
- ALL TIME*
- -80.18%
SQQQ
- 1D
- -1.99%
- 1M
- 9.46%
- 6M
- -32.40%
- YTD
- -34.61%
- 1Y
- -52.32%
- 3Y*
- -49.83%
- 5Y*
- -44.46%
- 10Y*
- -54.48%
- ALL TIME*
- -52.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.40B | $2.29B | $2.66B | |
| $190.03M | $191.90M | $239.87M |
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 | -35.24% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
SQQQ ProShares UltraPro Short QQQ | -34.61% | -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 0.69, 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. | 0.69 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
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 SQQQ has been stable across timeframes, ranging from 0.69 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 | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.10 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.86 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.81 | -0.13 |
| Martin ratioReturn relative to average drawdown | -1.35 | -1.41 | +0.06 |
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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 | -73.88% | -61.03% | -12.85% |
Max Drawdown (3Y)Largest decline over 3 years | -95.42% | -92.51% | -2.91% |
Max Drawdown (5Y)Largest decline over 5 years | -99.68% | -97.27% | -2.41% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -99.97% | -0.03% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -98.76% | -92.78% | -5.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 51.60% | 35.08% | +16.52% |
Volatility
UVXY vs. SQQQ - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 22.30% compared to ProShares UltraPro Short QQQ (SQQQ) at 20.82%. This indicates that UVXY's price experiences larger fluctuations and is considered to be riskier than SQQQ based on this measure. 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 | 22.30% | 20.82% | +1.48% |
Volatility (6M)Calculated over the trailing 6-month period | 65.55% | 48.09% | +17.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 87.28% | 57.98% | +29.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.39% | 68.18% | +35.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.09% | 66.74% | +45.35% |
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 9.14%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 9.14% | 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 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.30%) compared to SQQQ (20.82%). In terms of maximum drawdown, UVXY dropped -100.00% vs SQQQ's -100.00%.
On 10-year performance, SQQQ leads with -54.48% vs -71.50% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, SQQQ has been the lower-risk option at 20.82%. 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 -54.48% return vs -71.50%. 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 9.14%, 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 (-0.80 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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