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 -47.17%/yr vs 34.28%/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 -18.02% return, which is significantly lower than QLD's 28.12% return. Over the past 10 years, VIXY has underperformed QLD with an annualized return of -47.17%, while QLD has yielded a comparatively higher 34.28% annualized return.
VIXY
- 1D
- 3.34%
- 1M
- -9.75%
- 6M
- -16.02%
- YTD
- -18.02%
- 1Y
- -52.30%
- 3Y*
- -39.72%
- 5Y*
- -46.37%
- 10Y*
- -47.17%
QLD
- 1D
- -3.81%
- 1M
- -3.42%
- 6M
- 23.12%
- YTD
- 28.12%
- 1Y
- 52.34%
- 3Y*
- 39.12%
- 5Y*
- 19.39%
- 10Y*
- 34.28%
VIXY vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXY ProShares VIX Short-Term Futures ETF | -18.02% | -43.05% | -27.43% | -72.74% | -24.98% | -72.40% | 10.54% | -67.81% | 66.78% | -72.78% |
QLD ProShares Ultra QQQ | 28.12% | 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 -0.67, 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 (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 -0.67 - 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 | -2.35 | ||
| Sortino ratioReturn per unit of downside risk | -3.38 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.25 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 2.09 | -3.05 |
| Martin ratioReturn relative to average drawdown | -1.54 | 6.85 | -8.39 |
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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 | -54.62% | -25.13% | -29.49% |
Max Drawdown (3Y)Largest decline over 3 years | -81.19% | -42.29% | -38.90% |
Max Drawdown (5Y)Largest decline over 5 years | -96.44% | -63.68% | -32.76% |
Max Drawdown (10Y)Largest decline over 10 years | -99.84% | -63.68% | -36.16% |
Current DrawdownCurrent decline from peak | -100.00% | -10.29% | -89.71% |
Average DrawdownAverage peak-to-trough decline | -92.21% | -18.11% | -74.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.02% | 7.66% | +26.36% |
Volatility
VIXY vs. QLD - Volatility Comparison
The current volatility for ProShares VIX Short-Term Futures ETF (VIXY) is 14.22%, while ProShares Ultra QQQ (QLD) has a volatility of 17.17%. 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 | 14.22% | 17.17% | -2.95% |
Volatility (6M)Calculated over the trailing 6-month period | 44.20% | 30.63% | +13.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.45% | 37.07% | +19.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.29% | 45.56% | +24.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.84% | 44.86% | +26.98% |
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 -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QLD has higher volatility (17.17%) compared to VIXY (14.22%). In terms of maximum drawdown, VIXY dropped -100.00% vs QLD's -83.13%.
On 10-year performance, QLD leads with 34.28% vs -47.17% for VIXY. On fees, VIXY is cheaper at 0.85% per year. On volatility, VIXY has been the lower-risk option at 14.22%. 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 34.28% return vs -47.17%. 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 (1.42 vs -0.93), 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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