VIXM vs. IQQQ
VIXM (ProShares VIX Mid-Term Futures ETF) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, VIXM returned -8.35% vs 38.70% for IQQQ. At a correlation of -0.64, they often move in opposite directions. VIXM charges 0.85%/yr vs 0.55%/yr for IQQQ.
Performance
VIXM vs. IQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, VIXM achieves a 1.31% return, which is significantly lower than IQQQ's 18.72% return.
VIXM
- 1D
- 0.39%
- 1M
- -2.34%
- YTD
- 1.31%
- 6M
- -2.83%
- 1Y
- -8.35%
- 3Y*
- -13.22%
- 5Y*
- -13.49%
- 10Y*
- -11.17%
IQQQ
- 1D
- -0.30%
- 1M
- 9.88%
- YTD
- 18.72%
- 6M
- 17.39%
- 1Y
- 38.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VIXM vs. IQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | 1.31% | 5.60% | -8.60% |
IQQQ ProShares Nasdaq-100 High Income ETF | 18.72% | 17.11% | 13.39% |
Correlation
The correlation between VIXM and IQQQ is -0.62, 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 | -0.62 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2024 | -0.64 |
The correlation between VIXM and IQQQ has been stable across timeframes, ranging from -0.64 to -0.62 - a consistent structural relationship.
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Return for Risk
VIXM vs. IQQQ — Risk / Return Rank
VIXM
IQQQ
VIXM vs. IQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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.
| VIXM | IQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.97 | ||
| Sortino ratioReturn per unit of downside risk | -3.76 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.43 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | 3.49 | -4.05 |
| Martin ratioReturn relative to average drawdown | -0.96 | 12.41 | -13.36 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VIXM | IQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.44 | 2.53 | -2.97 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.44 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.34 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.55 | 1.25 | -1.79 |
Drawdowns
VIXM vs. IQQQ - Drawdown Comparison
The maximum VIXM drawdown since its inception was -96.23%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for VIXM and IQQQ.
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Drawdown Indicators
| VIXM | IQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -20.41% | -75.82% |
Max Drawdown (1Y)Largest decline over 1 year | -15.22% | -11.13% | -4.09% |
Max Drawdown (3Y)Largest decline over 3 years | -41.41% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -75.72% | — | — |
Current DrawdownCurrent decline from peak | -95.75% | -0.30% | -95.45% |
Average DrawdownAverage peak-to-trough decline | -81.52% | -3.64% | -77.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.74% | 3.13% | +5.61% |
Volatility
VIXM vs. IQQQ - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.19%, while ProShares Nasdaq-100 High Income ETF (IQQQ) has a volatility of 3.99%. This indicates that VIXM experiences smaller price fluctuations and is considered to be less risky than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXM | IQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.19% | 3.99% | -0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 13.91% | 11.54% | +2.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.98% | 15.40% | +3.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.68% | 18.57% | +12.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.90% | 18.57% | +14.33% |
VIXM vs. IQQQ - Expense Ratio Comparison
VIXM has a 0.85% expense ratio, which is higher than IQQQ's 0.55% expense ratio.
Dividends
VIXM vs. IQQQ - Dividend Comparison
VIXM has not paid dividends to shareholders, while IQQQ's dividend yield for the trailing twelve months is around 4.42%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IQQQ ProShares Nasdaq-100 High Income ETF | 4.42% | 10.34% | 7.27% |
VIXM ProShares VIX Mid-Term Futures ETF | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VIXM and IQQQ have a correlation of -0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IQQQ has higher volatility (3.99%) compared to VIXM (3.19%). In terms of maximum drawdown, VIXM dropped -96.23% vs IQQQ's -20.41%.
On 1-year performance, IQQQ leads with 38.70% vs -8.35% for VIXM. On fees, IQQQ is cheaper at 0.55% per year. On volatility, VIXM has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IQQQ has performed better with a 38.70% return vs -8.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IQQQ is cheaper with a 0.55% expense ratio, compared with 0.85% for VIXM.
IQQQ has the higher dividend yield at 4.42%, compared with 0.00% for VIXM.
VIXM is categorized as Volatility, while IQQQ is Nasdaq-100. VIXM tracks S&P 500 VIX Mid-Term Futures Index, while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.85% for VIXM and 0.55% for IQQQ.
IQQQ currently has the higher Sharpe Ratio (2.53 vs -0.44), 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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