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UVXY vs. SQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UVXY vs. SQQQ

Last updated Jun 4, 2026

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 -72.67%/yr vs -56.01%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra VIX Short-Term Futures ETF (UVXY) and ProShares UltraPro Short QQQ (SQQQ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UVXY achieves a -19.06% return, which is significantly higher than SQQQ's -45.27% return. Over the past 10 years, UVXY has underperformed SQQQ with an annualized return of -72.67%, while SQQQ has yielded a comparatively higher -56.01% 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%

SQQQ

1D
0.76%
1M
-26.37%
YTD
-45.27%
6M
-42.79%
1Y
-65.16%
3Y*
-56.19%
5Y*
-49.17%
10Y*
-56.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UVXY vs. SQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SQQQ
ProShares UltraPro Short QQQ		-45.27%-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 0.66, 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 SQQQ has been stable across timeframes, ranging from 0.66 to 0.70 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra VIX Short-Term Futures ETF

ProShares UltraPro Short QQQ

Often compared with UVXY:
UVXY vs. UVIXUVXY vs. VXXUVXY vs. VIXYUVXY vs. SVXYUVXY vs. SPYUVXY vs. SPXSUVXY vs. TQQQ
Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. QIDSQQQ vs. SPXUSQQQ vs. UVIX

Return for Risk

UVXY vs. SQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UVXY
UVXY Risk / Return Rank: 11
Overall Rank
UVXY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
UVXY Sortino Ratio Rank: 11
Sortino Ratio Rank
UVXY Omega Ratio Rank: 11
Omega Ratio Rank
UVXY Calmar Ratio Rank: 11
Calmar Ratio Rank
UVXY Martin Ratio Rank: 22
Martin Ratio Rank
SQQQ
SQQQ Risk / Return Rank: 00
Overall Rank
SQQQ Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 00
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 00
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 00
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 00
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

UVXYSQQQDifference

Sharpe ratio

Return per unit of total volatility

-0.87

-1.37

+0.50

Sortino ratio

Return per unit of downside risk

-1.60

-2.63

+1.03

Omega ratio

Gain probability vs. loss probability

0.82

0.72

+0.09

Calmar ratio

Return relative to maximum drawdown

-0.97

-0.99

+0.02

Martin ratio

Return relative to average drawdown

-1.31

-1.82

+0.51

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UVXY vs. SQQQ - Sharpe Ratio Comparison

The current UVXY Sharpe Ratio is -0.87, which is higher than the SQQQ Sharpe Ratio of -1.37. The chart below compares the historical Sharpe Ratios of UVXY and SQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

UVXYSQQQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.87

-1.37

+0.50

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.66

-0.74

+0.08

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.64

-0.85

+0.21

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.68

-0.88

+0.20

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

UVXYSQQQDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-100.00%

0.00%

Max Drawdown (1Y)

Largest decline over 1 year

-75.22%

-65.95%

-9.27%

Max Drawdown (3Y)

Largest decline over 3 years

-95.45%

-92.38%

-3.07%

Max Drawdown (5Y)

Largest decline over 5 years

-99.68%

-97.23%

-2.45%

Max Drawdown (10Y)

Largest decline over 10 years

-100.00%

-99.98%

-0.02%

Current Drawdown

Current decline from peak

-100.00%

-100.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-98.55%

-92.40%

-6.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

55.63%

35.73%

+19.90%

Volatility

UVXY vs. SQQQ - Volatility Comparison

The current volatility for ProShares Ultra VIX Short-Term Futures ETF (UVXY) is 11.77%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 13.75%. This indicates that UVXY experiences smaller price fluctuations and is considered to be less risky 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

UVXYSQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.77%

13.75%

-1.98%

Volatility (6M)

Calculated over the trailing 6-month period

62.64%

36.45%

+26.19%

Volatility (1Y)

Calculated over the trailing 1-year period

84.42%

47.79%

+36.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

103.85%

66.64%

+37.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

113.82%

66.11%

+47.71%

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 12.48%.

PositionTTM202520242023202220212020201920182017
SQQQ
ProShares UltraPro Short QQQ		12.48%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 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SQQQ has higher volatility (13.75%) compared to UVXY (11.77%). In terms of maximum drawdown, UVXY dropped -100.00% vs SQQQ's -100.00%.

On 10-year performance, SQQQ leads with -56.01% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UVXY has been the lower-risk option at 11.77%. 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 -56.01% return vs -72.67%. 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 12.48%, 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 -1.37), 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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