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 -11.18%/yr vs 40.86%/yr for TQQQ. Their -0.67 correlation means they have often moved in opposite directions in the past. 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 -5.57% return, which is significantly lower than TQQQ's 42.48% return. Over the past 10 years, VIXM has underperformed TQQQ with an annualized return of -11.18%, while TQQQ has yielded a comparatively higher 40.86% 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%
TQQQ
- 1D
- 10.09%
- 1M
- 2.00%
- 6M
- 43.02%
- YTD
- 42.48%
- 1Y
- 72.20%
- 3Y*
- 55.55%
- 5Y*
- 17.84%
- 10Y*
- 40.86%
- ALL TIME*
- 43.57%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.74B | $4.51B | $5.37B | |
| $8.24M | $6.07M | $4.69M |
VIXM vs. TQQQ - 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% |
TQQQ ProShares UltraPro QQQ | 42.48% | 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 -0.63, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| 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 TQQQ has been stable across timeframes, ranging from -0.67 to -0.63 - 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 | -2.04 | ||
| Sortino ratioReturn per unit of downside risk | -2.81 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.22 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 1.96 | -2.71 |
| Martin ratioReturn relative to average drawdown | -1.43 | 5.43 | -6.86 |
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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 | -19.36% | -36.97% | +17.61% |
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 | -72.34% | -81.66% | +9.32% |
Current DrawdownCurrent decline from peak | -96.04% | -14.02% | -82.02% |
Average DrawdownAverage peak-to-trough decline | -81.65% | -18.49% | -63.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.17% | 13.34% | -3.17% |
Volatility
VIXM vs. TQQQ - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.09%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 22.54%. 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 | 3.09% | 22.54% | -19.45% |
Volatility (6M)Calculated over the trailing 6-month period | 13.72% | 48.77% | -35.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.41% | 58.29% | -39.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.50% | 68.25% | -37.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.61% | 66.68% | -34.07% |
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 0.50%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TQQQ ProShares UltraPro QQQ | 0.50% | 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 -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (22.54%) compared to VIXM (3.09%). In terms of maximum drawdown, VIXM dropped -96.23% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 40.86% vs -11.18% for VIXM. 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, TQQQ has performed better with a 40.86% return vs -11.18%. 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 0.50%, 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 (1.25 vs -0.79), 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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