VIXM vs. QLD
VIXM (ProShares VIX Mid-Term Futures ETF) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, VIXM returned -11.17%/yr vs 36.10%/yr for QLD. At a correlation of -0.67, they often move in opposite directions. VIXM charges 0.85%/yr vs 0.95%/yr for QLD.
Performance
VIXM vs. QLD - 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 QLD's 42.06% return. Over the past 10 years, VIXM has underperformed QLD with an annualized return of -11.17%, while QLD has yielded a comparatively higher 36.10% annualized 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%
QLD
- 1D
- -0.53%
- 1M
- 21.54%
- YTD
- 42.06%
- 6M
- 37.45%
- 1Y
- 85.49%
- 3Y*
- 50.15%
- 5Y*
- 25.75%
- 10Y*
- 36.10%
VIXM vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | 1.31% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | 72.38% | -20.38% | 26.43% | -50.05% |
QLD ProShares Ultra QQQ | 42.06% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
Correlation
The correlation between VIXM and QLD 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 (3Y) Calculated over the trailing 3-year period | -0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.66 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2011 | -0.67 |
The correlation between VIXM and QLD has been stable across timeframes, ranging from -0.67 to -0.62 - a consistent structural relationship.
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Return for Risk
VIXM vs. QLD — Risk / Return Rank
VIXM
QLD
VIXM vs. QLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and ProShares Ultra QQQ (QLD). 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 | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.14 | ||
| Sortino ratioReturn per unit of downside risk | -3.65 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.41 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | 3.42 | -3.97 |
| Martin ratioReturn relative to average drawdown | -0.96 | 11.92 | -12.87 |
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 | QLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.44 | 2.70 | -3.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.44 | 0.58 | -1.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.34 | 0.81 | -1.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.55 | 0.60 | -1.14 |
Drawdowns
VIXM vs. QLD - Drawdown Comparison
The maximum VIXM drawdown since its inception was -96.23%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for VIXM and QLD.
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Drawdown Indicators
| VIXM | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -83.13% | -13.10% |
Max Drawdown (1Y)Largest decline over 1 year | -15.22% | -25.13% | +9.91% |
Max Drawdown (3Y)Largest decline over 3 years | -41.41% | -42.29% | +0.88% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -63.68% | +0.28% |
Max Drawdown (10Y)Largest decline over 10 years | -75.72% | -63.68% | -12.04% |
Current DrawdownCurrent decline from peak | -95.75% | -0.53% | -95.22% |
Average DrawdownAverage peak-to-trough decline | -81.52% | -18.17% | -63.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.74% | 7.20% | +1.54% |
Volatility
VIXM vs. QLD - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.19%, while ProShares Ultra QQQ (QLD) has a volatility of 8.90%. This indicates that VIXM experiences smaller price fluctuations and is considered to be less risky than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXM | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.19% | 8.90% | -5.71% |
Volatility (6M)Calculated over the trailing 6-month period | 13.91% | 24.08% | -10.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.98% | 31.85% | -12.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.68% | 44.74% | -14.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.90% | 44.56% | -11.66% |
VIXM vs. QLD - Expense Ratio Comparison
VIXM has a 0.85% expense ratio, which is lower than QLD's 0.95% expense ratio.
Dividends
VIXM vs. QLD - Dividend Comparison
VIXM has not paid dividends to shareholders, while QLD's dividend yield for the trailing twelve months is around 0.12%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 0.12% | 0.17% | 0.25% | 0.33% | 0.31% | 0.00% | 0.00% | 0.13% | 0.06% | 0.02% | 0.21% | 0.11% |
VIXM ProShares VIX Mid-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
VIXM and QLD 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.
QLD has higher volatility (8.90%) compared to VIXM (3.19%). In terms of maximum drawdown, VIXM dropped -96.23% vs QLD's -83.13%.
On 10-year performance, QLD leads with 36.10% vs -11.17% for VIXM. On fees, VIXM is cheaper at 0.85% 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 10-year period, QLD has performed better with a 36.10% return vs -11.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIXM is cheaper with a 0.85% expense ratio, compared with 0.95% for QLD.
QLD has the higher dividend yield at 0.12%, compared with 0.00% for VIXM.
VIXM is categorized as Volatility, while QLD is Leveraged Equities. VIXM tracks S&P 500 VIX Mid-Term Futures Index, while QLD tracks NASDAQ-100 Index (200%). Their fees differ too: 0.85% for VIXM and 0.95% for QLD.
QLD currently has the higher Sharpe Ratio (2.70 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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