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VIXM vs. SQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VIXM vs. SQQQ

Last updated Jun 4, 2026

VIXM (ProShares VIX Mid-Term Futures ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, VIXM returned -11.17%/yr vs -56.01%/yr for SQQQ. A 0.67 correlation means they provide meaningful diversification when combined. VIXM charges 0.85%/yr vs 0.95%/yr for SQQQ.

Performance

VIXM vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares VIX Mid-Term Futures ETF (VIXM) 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, VIXM achieves a 1.31% return, which is significantly higher than SQQQ's -45.27% return. Over the past 10 years, VIXM has outperformed SQQQ with an annualized return of -11.17%, while SQQQ has yielded a comparatively lower -56.01% 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%

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)

VIXM vs. SQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
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 VIXM and SQQQ is 0.62, 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

0.62

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 SQQQ has been stable across timeframes, ranging from 0.62 to 0.67 - 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 VIX Mid-Term Futures ETF

ProShares UltraPro Short QQQ

Often compared with VIXM:
VIXM vs. VIXYVIXM vs. ^VIXVIXM vs. VOOVIXM vs. VXXVIXM vs. UVXYVIXM vs. VXZVIXM vs. SPY
Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. UVXYSQQQ vs. SPXUSQQQ vs. QID

Return for Risk

VIXM vs. SQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VIXM
VIXM Risk / Return Rank: 44
Overall Rank
VIXM Sharpe Ratio Rank: 55
Sharpe Ratio Rank
VIXM Sortino Ratio Rank: 55
Sortino Ratio Rank
VIXM Omega Ratio Rank: 44
Omega Ratio Rank
VIXM Calmar Ratio Rank: 44
Calmar Ratio Rank
VIXM Martin Ratio Rank: 44
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.

VIXM vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) 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.

VIXMSQQQDifference
Sharpe ratioReturn per unit of total volatility
-0.44
-1.37

+0.93

Sortino ratioReturn per unit of downside risk
-0.49
-2.63

+2.14

Omega ratioGain probability vs. loss probability

0.94

0.72

+0.22

Calmar ratioReturn relative to maximum drawdown

-0.55

-0.99

+0.44

Martin ratioReturn relative to average drawdown

-0.96

-1.82

+0.87

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

VIXM vs. SQQQ - Sharpe Ratio Comparison

The current VIXM Sharpe Ratio is -0.44, which is higher than the SQQQ Sharpe Ratio of -1.37. The chart below compares the historical Sharpe Ratios of VIXM 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

VIXMSQQQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.44

-1.37

+0.93

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.44

-0.74

+0.30

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.34

-0.85

+0.51

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.55

-0.88

+0.33

Drawdowns

VIXM vs. SQQQ - Drawdown Comparison

The maximum VIXM drawdown since its inception was -96.23%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for VIXM and SQQQ.

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Drawdown Indicators

VIXMSQQQDifference

Max Drawdown

Largest peak-to-trough decline

-96.23%

-100.00%

+3.77%

Max Drawdown (1Y)

Largest decline over 1 year

-15.22%

-65.95%

+50.73%

Max Drawdown (3Y)

Largest decline over 3 years

-41.41%

-92.38%

+50.97%

Max Drawdown (5Y)

Largest decline over 5 years

-63.40%

-97.23%

+33.83%

Max Drawdown (10Y)

Largest decline over 10 years

-75.72%

-99.98%

+24.26%

Current Drawdown

Current decline from peak

-95.75%

-100.00%

+4.25%

Average Drawdown

Average peak-to-trough decline

-81.52%

-92.40%

+10.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.74%

35.73%

-26.99%

Volatility

VIXM vs. SQQQ - Volatility Comparison

The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.19%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 13.75%. This indicates that VIXM 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

VIXMSQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.19%

13.75%

-10.56%

Volatility (6M)

Calculated over the trailing 6-month period

13.91%

36.45%

-22.54%

Volatility (1Y)

Calculated over the trailing 1-year period

18.98%

47.79%

-28.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.68%

66.64%

-35.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.90%

66.11%

-33.21%

VIXM vs. SQQQ - Expense Ratio Comparison

VIXM has a 0.85% expense ratio, which is lower than SQQQ's 0.95% expense ratio.

Dividends

VIXM vs. SQQQ - Dividend Comparison

VIXM 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%
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%

Frequently Asked Questions

VIXM and SQQQ 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.

SQQQ has higher volatility (13.75%) compared to VIXM (3.19%). In terms of maximum drawdown, VIXM dropped -96.23% vs SQQQ's -100.00%.

On 10-year performance, VIXM leads with -11.17% vs -56.01% for SQQQ. 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, VIXM has performed better with a -11.17% return vs -56.01%. 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 SQQQ.

SQQQ has the higher dividend yield at 12.48%, compared with 0.00% for VIXM.

VIXM is categorized as Volatility, while SQQQ is Leveraged Equities. VIXM tracks S&P 500 VIX Mid-Term Futures Index, while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 0.85% for VIXM and 0.95% for SQQQ.

VIXM currently has the higher Sharpe Ratio (-0.44 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.

Portfolio Optimizer

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