UVXY vs. TQQQ
UVXY (ProShares Ultra VIX Short-Term Futures ETF) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%), while TQQQ 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 45.48%/yr for TQQQ. At a correlation of -0.70, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UVXY vs. TQQQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UVXY achieves a -22.07% return, which is significantly lower than TQQQ's 41.43% return. Over the past 10 years, UVXY has underperformed TQQQ with an annualized return of -73.85%, while TQQQ has yielded a comparatively higher 45.48% 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%
TQQQ
- 1D
- -9.86%
- 1M
- -4.37%
- YTD
- 41.43%
- 6M
- 35.75%
- 1Y
- 100.69%
- 3Y*
- 58.02%
- 5Y*
- 21.47%
- 10Y*
- 45.48%
UVXY vs. TQQQ - 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% |
TQQQ ProShares UltraPro QQQ | 41.43% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between UVXY and TQQQ 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 TQQQ has been stable across timeframes, ranging from -0.70 to -0.66 - 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.
Return for Risk
UVXY vs. TQQQ — Risk / Return Rank
UVXY
TQQQ
UVXY vs. TQQQ - 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 QQQ (TQQQ). 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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.77 | ||
| Sortino ratioReturn per unit of downside risk | -3.91 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.30 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | 2.74 | -3.75 |
| Martin ratioReturn relative to average drawdown | -1.45 | 8.72 | -10.17 |
Loading charts...
Drawdowns
UVXY vs. TQQQ - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for UVXY and TQQQ.
Loading charts...
Drawdown Indicators
| UVXY | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -81.66% | -18.34% |
Max Drawdown (1Y)Largest decline over 1 year | -73.51% | -36.97% | -36.54% |
Max Drawdown (3Y)Largest decline over 3 years | -94.93% | -58.04% | -36.89% |
Max Drawdown (5Y)Largest decline over 5 years | -99.71% | -81.66% | -18.05% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -81.66% | -18.34% |
Current DrawdownCurrent decline from peak | -100.00% | -14.65% | -85.35% |
Average DrawdownAverage peak-to-trough decline | -98.75% | -18.49% | -80.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.34% | 11.59% | +43.75% |
Volatility
UVXY vs. TQQQ - Volatility Comparison
The current volatility for ProShares Ultra VIX Short-Term Futures ETF (UVXY) is 25.85%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 27.27%. This indicates that UVXY experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| UVXY | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.85% | 27.27% | -1.42% |
Volatility (6M)Calculated over the trailing 6-month period | 66.46% | 43.35% | +23.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 85.46% | 53.39% | +32.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.96% | 67.41% | +36.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.39% | 66.32% | +46.07% |
UVXY vs. TQQQ - Expense Ratio Comparison
Both UVXY and TQQQ have an expense ratio of 0.95%.
Dividends
UVXY vs. TQQQ - Dividend Comparison
UVXY has not paid dividends to shareholders, while TQQQ'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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TQQQ ProShares UltraPro QQQ | 0.42% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
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 TQQQ 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.
TQQQ has higher volatility (27.27%) compared to UVXY (25.85%). In terms of maximum drawdown, UVXY dropped -100.00% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 45.48% 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, TQQQ has performed better with a 45.48% return vs -73.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UVXY and TQQQ have the same expense ratio: 0.95% per year.
TQQQ has the higher dividend yield at 0.42%, compared with 0.00% for UVXY.
UVXY is categorized as Volatility, while TQQQ is Leveraged Equities. UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while TQQQ tracks NASDAQ-100 Index (300%).
TQQQ currently has the higher Sharpe Ratio (1.90 vs -0.87), 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.
Find the right allocation for UVXY and TQQQ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer