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VIXM vs. TQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VIXM vs. TQQQ

Last updated Jun 4, 2026

VIXM (ProShares VIX Mid-Term Futures ETF) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while TQQQ 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 45.33%/yr for TQQQ. At a correlation of -0.67, they often move in opposite directions. VIXM charges 0.85%/yr vs 0.95%/yr for TQQQ.

Performance

VIXM vs. TQQQ - 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 QQQ (TQQQ). 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 lower than TQQQ's 64.46% return. Over the past 10 years, VIXM has underperformed TQQQ with an annualized return of -11.17%, while TQQQ has yielded a comparatively higher 45.33% 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%

TQQQ

1D
-0.76%
1M
33.35%
YTD
64.46%
6M
55.93%
1Y
137.89%
3Y*
69.49%
5Y*
28.37%
10Y*
45.33%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VIXM vs. TQQQ - 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%
TQQQ
ProShares UltraPro QQQ		64.46%34.35%58.27%198.04%-79.09%82.98%110.05%133.84%-19.79%118.06%

Correlation

The correlation between VIXM and TQQQ 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

-0.61

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 TQQQ has been stable across timeframes, ranging from -0.67 to -0.61 - 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 QQQ

Often compared with VIXM:
VIXM vs. VIXYVIXM vs. ^VIXVIXM vs. VOOVIXM vs. VXXVIXM vs. UVXYVIXM vs. VXZVIXM vs. SPY
Often compared with TQQQ:
TQQQ vs. QQQTQQQ vs. SOXLTQQQ vs. QLDTQQQ vs. SQQQTQQQ vs. SPXLTQQQ vs. UPROTQQQ vs. TECL

Return for Risk

VIXM vs. TQQQ — 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
TQQQ
TQQQ Risk / Return Rank: 7171
Overall Rank
TQQQ Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
TQQQ Sortino Ratio Rank: 6565
Sortino Ratio Rank
TQQQ Omega Ratio Rank: 6565
Omega Ratio Rank
TQQQ Calmar Ratio Rank: 7373
Calmar Ratio Rank
TQQQ Martin Ratio Rank: 6666
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. TQQQ - 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 QQQ (TQQQ). 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.

VIXMTQQQDifference
Sharpe ratioReturn per unit of total volatility
-0.44
2.92

-3.36

Sortino ratioReturn per unit of downside risk
-0.49
3.09

-3.58

Omega ratioGain probability vs. loss probability

0.94

1.40

-0.46

Calmar ratioReturn relative to maximum drawdown

-0.55

3.75

-4.30

Martin ratioReturn relative to average drawdown

-0.96

12.27

-13.23

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. TQQQ - Sharpe Ratio Comparison

The current VIXM Sharpe Ratio is -0.44, which is lower than the TQQQ Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of VIXM and TQQQ, 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

VIXMTQQQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.44

2.92

-3.36

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.44

0.43

-0.87

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.34

0.69

-1.03

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.55

0.74

-1.29

Drawdowns

VIXM vs. TQQQ - Drawdown Comparison

The maximum VIXM drawdown since its inception was -96.23%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for VIXM and TQQQ.

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Drawdown Indicators

VIXMTQQQDifference

Max Drawdown

Largest peak-to-trough decline

-96.23%

-81.66%

-14.57%

Max Drawdown (1Y)

Largest decline over 1 year

-15.22%

-36.97%

+21.75%

Max Drawdown (3Y)

Largest decline over 3 years

-41.41%

-58.04%

+16.63%

Max Drawdown (5Y)

Largest decline over 5 years

-63.40%

-81.66%

+18.26%

Max Drawdown (10Y)

Largest decline over 10 years

-75.72%

-81.66%

+5.94%

Current Drawdown

Current decline from peak

-95.75%

-0.76%

-94.99%

Average Drawdown

Average peak-to-trough decline

-81.52%

-18.52%

-63.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.74%

11.28%

-2.54%

Volatility

VIXM vs. TQQQ - Volatility Comparison

The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.19%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 13.29%. This indicates that VIXM experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VIXMTQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.19%

13.29%

-10.10%

Volatility (6M)

Calculated over the trailing 6-month period

13.91%

36.04%

-22.13%

Volatility (1Y)

Calculated over the trailing 1-year period

18.98%

47.60%

-28.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.68%

66.53%

-35.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.90%

65.96%

-33.06%

VIXM vs. TQQQ - Expense Ratio Comparison

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

Dividends

VIXM vs. TQQQ - Dividend Comparison

VIXM has not paid dividends to shareholders, while TQQQ's dividend yield for the trailing twelve months is around 0.36%.

PositionTTM20252024202320222021202020192018201720162015
TQQQ
ProShares UltraPro QQQ		0.36%0.65%1.27%1.26%0.57%0.00%0.00%0.06%0.11%0.00%0.00%0.01%
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 TQQQ 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.

TQQQ has higher volatility (13.29%) compared to VIXM (3.19%). In terms of maximum drawdown, VIXM dropped -96.23% vs TQQQ's -81.66%.

On 10-year performance, TQQQ leads with 45.33% 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, TQQQ has performed better with a 45.33% 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 TQQQ.

TQQQ has the higher dividend yield at 0.36%, compared with 0.00% for VIXM.

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

TQQQ currently has the higher Sharpe Ratio (2.92 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.

Portfolio Optimizer

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