VIXY vs. IQQQ

Last updated Jun 24, 2026

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 -55.30% vs 31.57% for IQQQ. At a correlation of -0.72, they often move in opposite directions. VIXY charges 0.85%/yr vs 0.55%/yr for IQQQ.

Performance

VIXY vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares VIX Short-Term Futures ETF (VIXY) and ProShares Nasdaq-100 High Income ETF (IQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIXY achieves a -10.37% return, which is significantly lower than IQQQ's 13.69% return.

VIXY

• 1D: 5.17%
• 1M: -9.63%
• YTD: -10.37%
• 6M: -12.36%
• 1Y: -55.30%
• 3Y*: -39.97%
• 5Y*: -45.65%
• 10Y*: -48.59%

IQQQ

• 1D: -3.07%
• 1M: -0.70%
• YTD: 13.69%
• 6M: 12.30%
• 1Y: 31.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VIXY vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VIXY ProShares VIX Short-Term Futures ETF	-10.37%	-43.05%	-16.13%
IQQQ ProShares Nasdaq-100 High Income ETF	13.69%	17.11%	14.82%

Correlation

The correlation between VIXY and IQQQ is -0.67, 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	-0.67
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 -0.67 - a consistent structural relationship.

Return for Risk

VIXY vs. IQQQ — Risk / Return Rank

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

VIXY

VIXY Risk / Return Rank: 1
VIXY Sharpe Ratio Rank: 1
VIXY Sortino Ratio Rank: 1
VIXY Omega Ratio Rank: 1
VIXY Calmar Ratio Rank: 0
VIXY Martin Ratio Rank: 1

IQQQ

IQQQ Risk / Return Rank: 56
IQQQ Sharpe Ratio Rank: 57
IQQQ Sortino Ratio Rank: 52
IQQQ Omega Ratio Rank: 54
IQQQ Calmar Ratio Rank: 60
IQQQ Martin Ratio Rank: 58

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.

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 ratio: Return per unit of total volatility	-0.98	1.86	-2.84
Sortino ratio: Return per unit of downside risk	-1.62	2.42	-4.04
Omega ratio: Gain probability vs. loss probability	0.82	1.32	-0.51
Calmar ratio: Return relative to maximum drawdown	-1.02	2.85	-3.87
Martin ratio: Return relative to average drawdown	-1.56	9.77	-11.33

VIXY vs. IQQQ - Sharpe Ratio Comparison

The current VIXY Sharpe Ratio is -0.98, which is lower than the IQQQ Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of VIXY and IQQQ, 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

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.

Drawdown Indicators

	VIXY	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-20.41%	-79.59%
Max Drawdown (1Y) Largest decline over 1 year	-54.55%	-11.13%	-43.42%
Max Drawdown (3Y) Largest decline over 3 years	-79.94%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-96.20%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.88%	—	—
Current Drawdown Current decline from peak	-100.00%	-4.53%	-95.47%
Average Drawdown Average peak-to-trough decline	-92.19%	-3.63%	-88.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.74%	3.24%	+36.50%

Volatility

VIXY vs. IQQQ - Volatility Comparison

ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 17.03% compared to ProShares Nasdaq-100 High Income ETF (IQQQ) at 8.32%. 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.

Volatility by Period

	VIXY	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.03%	8.32%	+8.71%
Volatility (6M) Calculated over the trailing 6-month period	43.99%	13.59%	+30.40%
Volatility (1Y) Calculated over the trailing 1-year period	56.44%	17.06%	+39.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.37%	19.08%	+51.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.94%	19.08%	+52.86%

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 4.62%.

Position	TTM	2025	2024
IQQQ ProShares Nasdaq-100 High Income ETF	4.62%	10.34%	7.27%
VIXY ProShares VIX Short-Term Futures ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VIXY and IQQQ in my portfolio?

VIXY and IQQQ have a correlation of -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIXY or IQQQ?

VIXY has higher volatility (17.03%) compared to IQQQ (8.32%). In terms of maximum drawdown, VIXY dropped -100.00% vs IQQQ's -20.41%.

Which ETF is better, VIXY or IQQQ?

On 1-year performance, IQQQ leads with 31.57% vs -55.30% for VIXY. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 8.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIXY or IQQQ?

Over the 1-year period, IQQQ has performed better with a 31.57% return vs -55.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIXY or IQQQ?

IQQQ is cheaper with a 0.55% expense ratio, compared with 0.85% for VIXY.

Which ETF pays a higher dividend yield, VIXY or IQQQ?

IQQQ has the higher dividend yield at 4.62%, compared with 0.00% for VIXY.

What is the main difference between VIXY and IQQQ?

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.

Which has better risk-adjusted returns?

IQQQ currently has the higher Sharpe Ratio (1.86 vs -0.98), 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.