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 -46.69%/yr vs 32.56%/yr for QLD. Their -0.71 correlation means they have often moved in opposite directions in the past. 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 -20.01% return, which is significantly lower than QLD's 18.94% return. Over the past 10 years, VIXY has underperformed QLD with an annualized return of -46.69%, while QLD has yielded a comparatively higher 32.56% annualized 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%
QLD
- 1D
- 1.20%
- 1M
- -7.66%
- 6M
- 16.78%
- YTD
- 18.94%
- 1Y
- 42.18%
- 3Y*
- 35.01%
- 5Y*
- 17.45%
- 10Y*
- 32.56%
- ALL TIME*
- 24.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $408.78M | $399.91M | $439.78M | |
| $61.09M | $56.74M | $72.28M |
VIXY vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXY ProShares VIX Short-Term Futures ETF | -20.01% | -43.05% | -27.43% | -72.74% | -24.98% | -72.40% | 10.54% | -67.81% | 66.78% | -72.78% |
QLD ProShares Ultra QQQ | 18.94% | 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 -0.69, 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 (3Y) Balances recent behavior with more history. | -0.70 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.69 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 -0.69 - 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 | -1.83 | ||
| Sortino ratioReturn per unit of downside risk | -2.78 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.18 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 1.46 | -2.38 |
| Martin ratioReturn relative to average drawdown | -1.40 | 4.32 | -5.72 |
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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 | -55.18% | -25.13% | -30.05% |
Max Drawdown (3Y)Largest decline over 3 years | -81.45% | -42.29% | -39.16% |
Max Drawdown (5Y)Largest decline over 5 years | -95.91% | -63.68% | -32.23% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -63.68% | -36.14% |
Current DrawdownCurrent decline from peak | -100.00% | -16.72% | -83.28% |
Average DrawdownAverage peak-to-trough decline | -92.24% | -18.11% | -74.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.13% | 8.47% | +27.66% |
Volatility
VIXY vs. QLD - Volatility Comparison
ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 14.60% compared to ProShares Ultra QQQ (QLD) at 13.69%. This indicates that VIXY's price experiences larger fluctuations and is considered to be riskier 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 | 14.60% | 13.69% | +0.91% |
Volatility (6M)Calculated over the trailing 6-month period | 43.36% | 31.99% | +11.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.54% | 38.62% | +18.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 69.97% | 45.76% | +24.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.89% | 44.97% | +26.92% |
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 0.14%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 0.14% | 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 -0.69, 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 QLD (13.69%). In terms of maximum drawdown, VIXY dropped -100.00% vs QLD's -83.13%.
On 10-year performance, QLD leads with 32.56% vs -46.69% for VIXY. On fees, VIXY is cheaper at 0.85% per year. On volatility, QLD has been the lower-risk option at 13.69%. 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 32.56% return vs -46.69%. 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 0.14%, 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 (0.95 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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