VIXY vs. IQQQ
VIXY (ProShares VIX Short-Term Futures ETF) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - VIXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index, while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, VIXY returned -54.18% vs 21.93% for IQQQ. Their -0.72 correlation means they have often moved in opposite directions in the past. VIXY charges 0.85%/yr vs 0.55%/yr for IQQQ.
Performance
VIXY vs. IQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, VIXY achieves a -20.01% return, which is significantly lower than IQQQ's 10.08% return.
VIXY
- 1D
- -2.66%
- 1M
- -3.39%
- 6M
- -23.21%
- YTD
- -20.01%
- 1Y
- -54.18%
- 3Y*
- -39.34%
- 5Y*
- -47.11%
- 10Y*
- -46.69%
- ALL TIME*
- -48.52%
IQQQ
- 1D
- 0.73%
- 1M
- -3.19%
- 6M
- 8.63%
- YTD
- 10.08%
- 1Y
- 21.93%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 18.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.00M | $2.37M | $2.93M | |
| $61.09M | $56.74M | $72.28M |
VIXY vs. IQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VIXY ProShares VIX Short-Term Futures ETF | -20.01% | -43.05% | -16.13% |
IQQQ ProShares Nasdaq-100 High Income ETF | 10.08% | 17.11% | 14.82% |
Correlation
The correlation between VIXY and IQQQ is -0.69, 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. | -0.69 |
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024 | -0.72 |
The correlation between VIXY and IQQQ has been stable across timeframes, ranging from -0.72 to -0.69 - a consistent structural relationship.
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Return for Risk
VIXY vs. IQQQ — Risk / Return Rank
VIXY
IQQQ
VIXY vs. IQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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.
| VIXY | IQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.96 | ||
| Sortino ratioReturn per unit of downside risk | -2.87 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.19 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 1.76 | -2.68 |
| Martin ratioReturn relative to average drawdown | -1.40 | 5.26 | -6.66 |
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Drawdowns
VIXY vs. IQQQ - Drawdown Comparison
The maximum VIXY drawdown since its inception was -100.00%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for VIXY and IQQQ.
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Drawdown Indicators
| VIXY | IQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -20.41% | -79.59% |
Max Drawdown (1Y)Largest decline over 1 year | -55.18% | -11.25% | -43.93% |
Max Drawdown (3Y)Largest decline over 3 years | -81.45% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -95.91% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -7.56% | -92.44% |
Average DrawdownAverage peak-to-trough decline | -92.24% | -3.71% | -88.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.13% | 3.77% | +32.36% |
Volatility
VIXY vs. IQQQ - Volatility Comparison
ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 14.60% compared to ProShares Nasdaq-100 High Income ETF (IQQQ) at 6.84%. This indicates that VIXY's price experiences larger fluctuations and is considered to be riskier than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXY | IQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.60% | 6.84% | +7.76% |
Volatility (6M)Calculated over the trailing 6-month period | 43.36% | 15.11% | +28.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.54% | 18.47% | +39.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 69.97% | 19.30% | +50.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.89% | 19.30% | +52.59% |
VIXY vs. IQQQ - Expense Ratio Comparison
VIXY has a 0.85% expense ratio, which is higher than IQQQ's 0.55% expense ratio.
Dividends
VIXY vs. IQQQ - Dividend Comparison
VIXY has not paid dividends to shareholders, while IQQQ's dividend yield for the trailing twelve months is around 5.42%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IQQQ ProShares Nasdaq-100 High Income ETF | 5.37% | 10.34% | 7.27% |
VIXY ProShares VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VIXY and IQQQ have a correlation of -0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIXY has higher volatility (14.60%) compared to IQQQ (6.84%). In terms of maximum drawdown, VIXY dropped -100.00% vs IQQQ's -20.41%.
On 1-year performance, IQQQ leads with 21.93% vs -54.18% for VIXY. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 6.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IQQQ has performed better with a 21.93% return vs -54.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IQQQ is cheaper with a 0.55% expense ratio, compared with 0.85% for VIXY.
IQQQ has the higher dividend yield at 5.37%, compared with 0.00% for VIXY.
VIXY is categorized as Volatility, while IQQQ is Nasdaq-100. VIXY tracks S&P 500 VIX Short-Term Futures Index, while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.85% for VIXY and 0.55% for IQQQ.
IQQQ currently has the higher Sharpe Ratio (1.07 vs -0.88), 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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