VIXM vs. SQQQ
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 -11.68%/yr vs -55.43%/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
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Returns By Period
In the year-to-date period, VIXM achieves a -6.22% return, which is significantly higher than SQQQ's -42.24% return. Over the past 10 years, VIXM has outperformed SQQQ with an annualized return of -11.68%, while SQQQ has yielded a comparatively lower -55.43% annualized return.
VIXM
- 1D
- -0.42%
- 1M
- -6.04%
- 6M
- -4.34%
- YTD
- -6.22%
- 1Y
- -14.41%
- 3Y*
- -10.10%
- 5Y*
- -14.31%
- 10Y*
- -11.68%
SQQQ
- 1D
- -3.30%
- 1M
- -1.98%
- 6M
- -38.99%
- YTD
- -42.24%
- 1Y
- -57.13%
- 3Y*
- -52.32%
- 5Y*
- -46.24%
- 10Y*
- -55.43%
VIXM vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | -6.22% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | 72.38% | -20.38% | 26.43% | -50.05% |
SQQQ ProShares UltraPro Short QQQ | -42.24% | -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 | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 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.
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Return for Risk
VIXM vs. SQQQ — Risk / Return Rank
VIXM
SQQQ
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.
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.
| VIXM | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.75 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 0.81 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | -0.94 | +0.18 |
| Martin ratioReturn relative to average drawdown | -1.55 | -1.73 | +0.18 |
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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
| VIXM | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -100.00% | +3.77% |
Max Drawdown (1Y)Largest decline over 1 year | -19.16% | -61.03% | +41.87% |
Max Drawdown (3Y)Largest decline over 3 years | -37.26% | -92.51% | +55.25% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -97.27% | +33.87% |
Max Drawdown (10Y)Largest decline over 10 years | -72.55% | -99.97% | +27.42% |
Current DrawdownCurrent decline from peak | -96.07% | -100.00% | +3.93% |
Average DrawdownAverage peak-to-trough decline | -81.60% | -92.75% | +11.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.30% | 32.98% | -23.68% |
Volatility
VIXM vs. SQQQ - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.38%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 24.18%. 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
| VIXM | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.38% | 24.18% | -20.80% |
Volatility (6M)Calculated over the trailing 6-month period | 13.99% | 45.91% | -31.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.62% | 55.61% | -36.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.60% | 67.89% | -37.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.63% | 66.57% | -33.94% |
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 10.34%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 10.34% | 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 (24.18%) compared to VIXM (3.38%). In terms of maximum drawdown, VIXM dropped -96.23% vs SQQQ's -100.00%.
On 10-year performance, VIXM leads with -11.68% vs -55.43% for SQQQ. On fees, VIXM is cheaper at 0.85% per year. On volatility, VIXM has been the lower-risk option at 3.38%. 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 -11.68% return vs -55.43%. 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 10.34%, 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 (-0.78 vs -1.03), 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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