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 -11.18%/yr vs -54.99%/yr for SQQQ. Their 0.67 correlation means they have sometimes moved together and sometimes differently. 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 -5.57% return, which is significantly higher than SQQQ's -44.29% return. Over the past 10 years, VIXM has outperformed SQQQ with an annualized return of -11.18%, while SQQQ has yielded a comparatively lower -54.99% annualized return.
VIXM
- 1D
- 0.21%
- 1M
- 0.70%
- 6M
- -5.57%
- YTD
- -5.57%
- 1Y
- -14.47%
- 3Y*
- -10.95%
- 5Y*
- -14.33%
- 10Y*
- -11.18%
- ALL TIME*
- -18.02%
SQQQ
- 1D
- -10.07%
- 1M
- -6.73%
- 6M
- -43.84%
- YTD
- -44.29%
- 1Y
- -57.01%
- 3Y*
- -53.77%
- 5Y*
- -45.76%
- 10Y*
- -54.99%
- ALL TIME*
- -53.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.89B | $2.45B | $2.72B | |
| $8.24M | $6.07M | $4.69M |
VIXM vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | -5.57% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | 72.38% | -20.38% | 26.43% | -50.05% |
SQQQ ProShares UltraPro Short QQQ | -44.29% | -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 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.63 |
Correlation (3Y) Balances recent behavior with more history. | 0.63 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.66 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 0.63 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 | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 0.83 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | -0.96 | +0.21 |
| Martin ratioReturn relative to average drawdown | -1.43 | -1.70 | +0.27 |
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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 | -19.36% | -59.62% | +40.26% |
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 | -72.34% | -99.97% | +27.63% |
Current DrawdownCurrent decline from peak | -96.04% | -100.00% | +3.96% |
Average DrawdownAverage peak-to-trough decline | -81.65% | -92.78% | +11.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.17% | 33.54% | -23.37% |
Volatility
VIXM vs. SQQQ - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.09%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 23.31%. 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 | 3.09% | 23.31% | -20.22% |
Volatility (6M)Calculated over the trailing 6-month period | 13.72% | 49.25% | -35.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.41% | 58.66% | -40.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.50% | 68.39% | -37.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.61% | 66.84% | -34.23% |
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 10.72%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 10.72% | 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 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (23.31%) compared to VIXM (3.09%). In terms of maximum drawdown, VIXM dropped -96.23% vs SQQQ's -100.00%.
On 10-year performance, VIXM leads with -11.18% vs -54.99% for SQQQ. On fees, VIXM is cheaper at 0.85% per year. On volatility, VIXM has been the lower-risk option at 3.09%. 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 -11.18% return vs -54.99%. 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 10.72%, 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 (-0.79 vs -0.98), 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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