VIXM vs. TQQQ
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 -12.35%/yr vs 45.25%/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
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Returns By Period
In the year-to-date period, VIXM achieves a -2.62% return, which is significantly lower than TQQQ's 39.27% return. Over the past 10 years, VIXM has underperformed TQQQ with an annualized return of -12.35%, while TQQQ has yielded a comparatively higher 45.25% annualized return.
VIXM
- 1D
- -0.87%
- 1M
- -5.47%
- YTD
- -2.62%
- 6M
- -1.13%
- 1Y
- -11.22%
- 3Y*
- -12.15%
- 5Y*
- -13.23%
- 10Y*
- -12.35%
TQQQ
- 1D
- -1.53%
- 1M
- -5.83%
- YTD
- 39.27%
- 6M
- 32.62%
- 1Y
- 89.02%
- 3Y*
- 57.21%
- 5Y*
- 21.17%
- 10Y*
- 45.25%
VIXM vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | -2.62% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | 72.38% | -20.38% | 26.43% | -50.05% |
TQQQ ProShares UltraPro QQQ | 39.27% | 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 -0.61, 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 | -0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.63 |
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 4, 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.
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Return for Risk
VIXM vs. TQQQ — Risk / Return Rank
VIXM
TQQQ
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.
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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.29 | ||
| Sortino ratioReturn per unit of downside risk | -2.84 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.28 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 2.42 | -3.14 |
| Martin ratioReturn relative to average drawdown | -1.35 | 7.68 | -9.03 |
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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
| VIXM | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -81.66% | -14.57% |
Max Drawdown (1Y)Largest decline over 1 year | -15.70% | -36.97% | +21.27% |
Max Drawdown (3Y)Largest decline over 3 years | -37.26% | -58.04% | +20.78% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -81.66% | +18.26% |
Max Drawdown (10Y)Largest decline over 10 years | -75.56% | -81.66% | +6.10% |
Current DrawdownCurrent decline from peak | -95.92% | -15.96% | -79.96% |
Average DrawdownAverage peak-to-trough decline | -81.55% | -18.49% | -63.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.31% | 11.64% | -3.33% |
Volatility
VIXM vs. TQQQ - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 4.17%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 27.27%. 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
| VIXM | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.17% | 27.27% | -23.10% |
Volatility (6M)Calculated over the trailing 6-month period | 14.05% | 43.24% | -29.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.72% | 53.35% | -34.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.62% | 67.41% | -36.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.67% | 66.31% | -33.64% |
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 0.43%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TQQQ ProShares UltraPro QQQ | 0.43% | 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 -0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (27.27%) compared to VIXM (4.17%). In terms of maximum drawdown, VIXM dropped -96.23% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 45.25% vs -12.35% for VIXM. On fees, VIXM is cheaper at 0.85% per year. On volatility, VIXM has been the lower-risk option at 4.17%. 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 45.25% return vs -12.35%. 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 0.43%, 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 (1.68 vs -0.61), 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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