VIXY vs. QLD
VIXY (ProShares VIX Short-Term Futures ETF) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - VIXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index, while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, VIXY returned -48.59%/yr vs 36.27%/yr for QLD. At a correlation of -0.71, they often move in opposite directions. VIXY charges 0.85%/yr vs 0.95%/yr for QLD.
Performance
VIXY vs. QLD - Performance Comparison
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Returns By Period
In the year-to-date period, VIXY achieves a -10.37% return, which is significantly lower than QLD's 29.58% return. Over the past 10 years, VIXY has underperformed QLD with an annualized return of -48.59%, while QLD has yielded a comparatively higher 36.27% annualized 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%
QLD
- 1D
- -6.61%
- 1M
- -2.02%
- YTD
- 29.58%
- 6M
- 26.13%
- 1Y
- 66.80%
- 3Y*
- 43.61%
- 5Y*
- 21.41%
- 10Y*
- 36.27%
VIXY vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXY ProShares VIX Short-Term Futures ETF | -10.37% | -43.05% | -27.43% | -72.74% | -24.98% | -72.40% | 10.54% | -67.81% | 66.78% | -72.78% |
QLD ProShares Ultra QQQ | 29.58% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
Correlation
The correlation between VIXY and QLD is -0.66, 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 | -0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.69 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011 | -0.71 |
The correlation between VIXY and QLD has been stable across timeframes, ranging from -0.71 to -0.66 - a consistent structural relationship.
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Return for Risk
VIXY vs. QLD — Risk / Return Rank
VIXY
QLD
VIXY vs. QLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) and ProShares Ultra QQQ (QLD). 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 | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.86 | ||
| Sortino ratioReturn per unit of downside risk | -3.95 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.31 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | 2.67 | -3.69 |
| Martin ratioReturn relative to average drawdown | -1.56 | 9.05 | -10.60 |
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Drawdowns
VIXY vs. QLD - Drawdown Comparison
The maximum VIXY drawdown since its inception was -100.00%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for VIXY and QLD.
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Drawdown Indicators
| VIXY | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -83.13% | -16.87% |
Max Drawdown (1Y)Largest decline over 1 year | -54.55% | -25.13% | -29.42% |
Max Drawdown (3Y)Largest decline over 3 years | -79.94% | -42.29% | -37.65% |
Max Drawdown (5Y)Largest decline over 5 years | -96.20% | -63.68% | -32.52% |
Max Drawdown (10Y)Largest decline over 10 years | -99.88% | -63.68% | -36.20% |
Current DrawdownCurrent decline from peak | -100.00% | -9.26% | -90.74% |
Average DrawdownAverage peak-to-trough decline | -92.19% | -18.14% | -74.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.74% | 7.40% | +32.34% |
Volatility
VIXY vs. QLD - Volatility Comparison
The current volatility for ProShares VIX Short-Term Futures ETF (VIXY) is 17.03%, while ProShares Ultra QQQ (QLD) has a volatility of 18.22%. This indicates that VIXY experiences smaller price fluctuations and is considered to be less risky than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXY | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.03% | 18.22% | -1.19% |
Volatility (6M)Calculated over the trailing 6-month period | 43.99% | 28.95% | +15.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.44% | 35.77% | +20.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.37% | 45.34% | +25.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.94% | 44.80% | +27.14% |
VIXY vs. QLD - Expense Ratio Comparison
VIXY has a 0.85% expense ratio, which is lower than QLD's 0.95% expense ratio.
Dividends
VIXY vs. QLD - Dividend Comparison
VIXY has not paid dividends to shareholders, while QLD's dividend yield for the trailing twelve months is around 0.13%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 0.13% | 0.17% | 0.25% | 0.33% | 0.31% | 0.00% | 0.00% | 0.13% | 0.06% | 0.02% | 0.21% | 0.11% |
VIXY ProShares VIX Short-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
VIXY and QLD have a correlation of -0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QLD has higher volatility (18.22%) compared to VIXY (17.03%). In terms of maximum drawdown, VIXY dropped -100.00% vs QLD's -83.13%.
On 10-year performance, QLD leads with 36.27% vs -48.59% for VIXY. On fees, VIXY is cheaper at 0.85% per year. On volatility, VIXY has been the lower-risk option at 17.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QLD has performed better with a 36.27% return vs -48.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIXY is cheaper with a 0.85% expense ratio, compared with 0.95% for QLD.
QLD has the higher dividend yield at 0.13%, compared with 0.00% for VIXY.
VIXY is categorized as Volatility, while QLD is Leveraged Equities. VIXY tracks S&P 500 VIX Short-Term Futures Index, while QLD tracks NASDAQ-100 Index (200%). Their fees differ too: 0.85% for VIXY and 0.95% for QLD.
QLD currently has the higher Sharpe Ratio (1.88 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.
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