VIXY vs. SQQQ
VIXY (ProShares VIX Short-Term Futures ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - VIXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, VIXY returned -48.59%/yr vs -56.24%/yr for SQQQ. A 0.71 correlation means they provide meaningful diversification when combined. VIXY charges 0.85%/yr vs 0.95%/yr for SQQQ.
Performance
VIXY vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, VIXY achieves a -10.37% return, which is significantly higher than SQQQ's -40.31% return. Over the past 10 years, VIXY has outperformed SQQQ with an annualized return of -48.59%, while SQQQ has yielded a comparatively lower -56.24% 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%
SQQQ
- 1D
- 9.83%
- 1M
- -2.27%
- YTD
- -40.31%
- 6M
- -37.80%
- 1Y
- -61.11%
- 3Y*
- -53.86%
- 5Y*
- -46.89%
- 10Y*
- -56.24%
VIXY vs. SQQQ - 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% |
SQQQ ProShares UltraPro Short QQQ | -40.31% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between VIXY and SQQQ is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| 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 SQQQ has been stable across timeframes, ranging from 0.66 to 0.71 - a consistent structural relationship.
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Return for Risk
VIXY vs. SQQQ — Risk / Return Rank
VIXY
SQQQ
VIXY vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) and ProShares UltraPro Short QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.78 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | -0.96 | -0.05 |
| Martin ratioReturn relative to average drawdown | -1.56 | -1.81 | +0.26 |
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Drawdowns
VIXY vs. SQQQ - Drawdown Comparison
The maximum VIXY drawdown since its inception was -100.00%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for VIXY and SQQQ.
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Drawdown Indicators
| VIXY | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -54.55% | -63.52% | +8.97% |
Max Drawdown (3Y)Largest decline over 3 years | -79.94% | -92.51% | +12.57% |
Max Drawdown (5Y)Largest decline over 5 years | -96.20% | -97.27% | +1.07% |
Max Drawdown (10Y)Largest decline over 10 years | -99.88% | -99.98% | +0.10% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -92.19% | -92.73% | +0.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.74% | 36.37% | +3.37% |
Volatility
VIXY vs. SQQQ - Volatility Comparison
The current volatility for ProShares VIX Short-Term Futures ETF (VIXY) is 17.03%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.69%. This indicates that VIXY experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXY | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.03% | 26.69% | -9.66% |
Volatility (6M)Calculated over the trailing 6-month period | 43.99% | 43.33% | +0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.44% | 53.65% | +2.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.37% | 67.53% | +2.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.94% | 66.47% | +5.47% |
VIXY vs. SQQQ - Expense Ratio Comparison
VIXY has a 0.85% expense ratio, which is lower than SQQQ's 0.95% expense ratio.
Dividends
VIXY vs. SQQQ - Dividend Comparison
VIXY has not paid dividends to shareholders, while SQQQ's dividend yield for the trailing twelve months is around 11.44%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 11.44% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
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% |
Frequently Asked Questions
VIXY and SQQQ 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.
SQQQ has higher volatility (26.69%) compared to VIXY (17.03%). In terms of maximum drawdown, VIXY dropped -100.00% vs SQQQ's -100.00%.
On 10-year performance, VIXY leads with -48.59% vs -56.24% for SQQQ. 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, VIXY has performed better with a -48.59% return vs -56.24%. 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 SQQQ.
SQQQ has the higher dividend yield at 11.44%, compared with 0.00% for VIXY.
VIXY is categorized as Volatility, while SQQQ is Leveraged Equities. VIXY tracks S&P 500 VIX Short-Term Futures Index, while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 0.85% for VIXY and 0.95% for SQQQ.
VIXY currently has the higher Sharpe Ratio (-0.98 vs -1.14), 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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