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UVXY vs. TQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UVXY vs. TQQQ

Last updated Jun 3, 2026

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 -72.66%/yr vs 45.44%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra VIX Short-Term Futures ETF (UVXY) and ProShares UltraPro QQQ (TQQQ). 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 -18.87% return, which is significantly lower than TQQQ's 65.71% return. Over the past 10 years, UVXY has underperformed TQQQ with an annualized return of -72.66%, while TQQQ has yielded a comparatively higher 45.44% annualized return.

UVXY

1D
-2.67%
1M
-20.98%
YTD
-18.87%
6M
-37.65%
1Y
-73.66%
3Y*
-64.52%
5Y*
-68.37%
10Y*
-72.66%

TQQQ

1D
1.37%
1M
33.57%
YTD
65.71%
6M
58.23%
1Y
145.30%
3Y*
69.92%
5Y*
29.86%
10Y*
45.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UVXY vs. TQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UVXY
ProShares Ultra VIX Short-Term Futures ETF		-18.87%-65.32%-50.90%-87.70%-44.81%-88.33%-17.38%-84.23%60.10%-94.17%
TQQQ
ProShares UltraPro QQQ		65.71%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

-0.67

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 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.

ProShares Ultra VIX Short-Term Futures ETF

ProShares UltraPro QQQ

Often compared with UVXY:
UVXY vs. UVIXUVXY vs. VXXUVXY vs. VIXYUVXY vs. SVXYUVXY vs. SQQQUVXY vs. SPYUVXY vs. SPXS
Often compared with TQQQ:
TQQQ vs. QQQTQQQ vs. SOXLTQQQ vs. QLDTQQQ vs. SQQQTQQQ vs. SPXLTQQQ vs. UPROTQQQ vs. TECL

Return for Risk

UVXY vs. TQQQ — 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: 00
Calmar Ratio Rank
UVXY Martin Ratio Rank: 22
Martin Ratio Rank
TQQQ
TQQQ Risk / Return Rank: 7575
Overall Rank
TQQQ Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
TQQQ Sortino Ratio Rank: 6969
Sortino Ratio Rank
TQQQ Omega Ratio Rank: 6868
Omega Ratio Rank
TQQQ Calmar Ratio Rank: 7979
Calmar Ratio Rank
TQQQ Martin Ratio Rank: 7171
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. 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.

UVXYTQQQDifference

Sharpe ratio

Return per unit of total volatility

-0.87

3.07

-3.95

Sortino ratio

Return per unit of downside risk

-1.65

3.19

-4.83

Omega ratio

Gain probability vs. loss probability

0.81

1.42

-0.60

Calmar ratio

Return relative to maximum drawdown

-0.99

4.08

-5.07

Martin ratio

Return relative to average drawdown

-1.34

13.38

-14.72

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. TQQQ - Sharpe Ratio Comparison

The current UVXY Sharpe Ratio is -0.87, which is lower than the TQQQ Sharpe Ratio of 3.07. The chart below compares the historical Sharpe Ratios of UVXY and TQQQ, 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

UVXYTQQQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.87

3.07

-3.95

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.66

0.45

-1.11

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.64

0.69

-1.33

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.68

0.74

-1.42

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.

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Drawdown Indicators

UVXYTQQQDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-81.66%

-18.34%

Max Drawdown (1Y)

Largest decline over 1 year

-75.22%

-36.97%

-38.25%

Max Drawdown (3Y)

Largest decline over 3 years

-95.59%

-58.04%

-37.55%

Max Drawdown (5Y)

Largest decline over 5 years

-99.68%

-81.66%

-18.02%

Max Drawdown (10Y)

Largest decline over 10 years

-100.00%

-81.66%

-18.34%

Current Drawdown

Current decline from peak

-100.00%

0.00%

-100.00%

Average Drawdown

Average peak-to-trough decline

-98.55%

-18.53%

-80.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

55.43%

11.28%

+44.15%

Volatility

UVXY vs. TQQQ - Volatility Comparison

The current volatility for ProShares Ultra VIX Short-Term Futures ETF (UVXY) is 11.97%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 13.26%. 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.

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Volatility by Period

UVXYTQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.97%

13.26%

-1.29%

Volatility (6M)

Calculated over the trailing 6-month period

62.65%

36.05%

+26.60%

Volatility (1Y)

Calculated over the trailing 1-year period

84.44%

47.63%

+36.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

103.85%

66.55%

+37.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

113.85%

65.98%

+47.87%

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 0.36%.

PositionTTM20252024202320222021202020192018201720162015
TQQQ
ProShares UltraPro QQQ		0.36%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 (13.26%) compared to UVXY (11.97%). In terms of maximum drawdown, UVXY dropped -100.00% vs TQQQ's -81.66%.

On 10-year performance, TQQQ leads with 45.44% vs -72.66% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UVXY has been the lower-risk option at 11.97%. 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 45.44% return vs -72.66%. 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 0.36%, 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 (3.07 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.

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