VIXM vs. YQQQ

Last updated Jun 25, 2026

VIXM (ProShares VIX Mid-Term Futures ETF) and YQQQ (YieldMax Short N100 Option Income Strategy ETF) are both exchange-traded funds - VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while YQQQ is a Derivative Income fund actively managed by YieldMax. VIXM is passively managed, while YQQQ is actively managed. Over the past year, VIXM returned -11.22% vs -11.37% for YQQQ. A 0.59 correlation means they provide meaningful diversification when combined. VIXM charges 0.85%/yr vs 0.99%/yr for YQQQ.

Performance

VIXM vs. YQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares VIX Mid-Term Futures ETF (VIXM) and YieldMax Short N100 Option Income Strategy ETF (YQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIXM achieves a -2.62% return, which is significantly higher than YQQQ's -6.68% 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%

YQQQ

• 1D: 0.53%
• 1M: -0.38%
• YTD: -6.68%
• 6M: -5.49%
• 1Y: -11.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

VIXM vs. YQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VIXM ProShares VIX Mid-Term Futures ETF	-2.62%	5.60%	0.84%
YQQQ YieldMax Short N100 Option Income Strategy ETF	-6.68%	-9.97%	-5.17%

Correlation

The correlation between VIXM and YQQQ is 0.55, 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	0.55
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024	0.59

The correlation between VIXM and YQQQ has been stable across timeframes, ranging from 0.55 to 0.59 - a consistent structural relationship.

Return for Risk

VIXM vs. YQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VIXM

VIXM Risk / Return Rank: 4
VIXM Sharpe Ratio Rank: 4
VIXM Sortino Ratio Rank: 4
VIXM Omega Ratio Rank: 4
VIXM Calmar Ratio Rank: 3
VIXM Martin Ratio Rank: 2

YQQQ

YQQQ Risk / Return Rank: 3
YQQQ Sharpe Ratio Rank: 3
YQQQ Sortino Ratio Rank: 3
YQQQ Omega Ratio Rank: 3
YQQQ Calmar Ratio Rank: 5
YQQQ Martin Ratio Rank: 3

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. YQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and YieldMax Short N100 Option Income Strategy ETF (YQQQ). 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	YQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.61	-0.84	+0.23
Sortino ratio: Return per unit of downside risk	-0.74	-1.10	+0.37
Omega ratio: Gain probability vs. loss probability	0.91	0.87	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.72	-0.52	-0.19
Martin ratio: Return relative to average drawdown	-1.35	-1.30	-0.05

VIXM vs. YQQQ - Sharpe Ratio Comparison

The current VIXM Sharpe Ratio is -0.61, which is comparable to the YQQQ Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of VIXM and YQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VIXM vs. YQQQ - Drawdown Comparison

The maximum VIXM drawdown since its inception was -96.23%, which is greater than YQQQ's maximum drawdown of -29.10%. Use the drawdown chart below to compare losses from any high point for VIXM and YQQQ.

Drawdown Indicators

	VIXM	YQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-96.23%	-29.10%	-67.13%
Max Drawdown (1Y) Largest decline over 1 year	-15.70%	-21.80%	+6.10%
Max Drawdown (3Y) Largest decline over 3 years	-37.26%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-63.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-75.56%	—	—
Current Drawdown Current decline from peak	-95.92%	-26.38%	-69.54%
Average Drawdown Average peak-to-trough decline	-81.55%	-14.60%	-66.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.31%	8.83%	-0.52%

Volatility

VIXM vs. YQQQ - Volatility Comparison

The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 4.17%, while YieldMax Short N100 Option Income Strategy ETF (YQQQ) has a volatility of 6.14%. This indicates that VIXM experiences smaller price fluctuations and is considered to be less risky than YQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIXM	YQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.17%	6.14%	-1.97%
Volatility (6M) Calculated over the trailing 6-month period	14.05%	11.17%	+2.88%
Volatility (1Y) Calculated over the trailing 1-year period	18.72%	13.62%	+5.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.62%	16.58%	+14.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.67%	16.58%	+16.09%

VIXM vs. YQQQ - Expense Ratio Comparison

VIXM has a 0.85% expense ratio, which is lower than YQQQ's 0.99% expense ratio.

Dividends

VIXM vs. YQQQ - Dividend Comparison

VIXM has not paid dividends to shareholders, while YQQQ's dividend yield for the trailing twelve months is around 29.95%.

Position	TTM	2025	2024
VIXM ProShares VIX Mid-Term Futures ETF	0.00%	0.00%	0.00%
YQQQ YieldMax Short N100 Option Income Strategy ETF	29.95%	31.71%	7.88%

Frequently Asked Questions

Can I hold both VIXM and YQQQ in my portfolio?

VIXM and YQQQ have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIXM or YQQQ?

YQQQ has higher volatility (6.14%) compared to VIXM (4.17%). In terms of maximum drawdown, VIXM dropped -96.23% vs YQQQ's -29.10%.

Which ETF is better, VIXM or YQQQ?

On 1-year performance, VIXM leads with -11.22% vs -11.37% for YQQQ. 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.

Which ETF has performed better, VIXM or YQQQ?

Over the 1-year period, VIXM has performed better with a -11.22% return vs -11.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIXM or YQQQ?

VIXM is cheaper with a 0.85% expense ratio, compared with 0.99% for YQQQ.

Which ETF pays a higher dividend yield, VIXM or YQQQ?

YQQQ has the higher dividend yield at 29.95%, compared with 0.00% for VIXM.

What is the main difference between VIXM and YQQQ?

VIXM is categorized as Volatility, while YQQQ is Derivative Income. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 0.85% for VIXM and 0.99% for YQQQ.

Which has better risk-adjusted returns?

VIXM currently has the higher Sharpe Ratio (-0.61 vs -0.84), 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.