VIXY vs. TQQQ
VIXY (ProShares VIX Short-Term Futures ETF) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - VIXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index, while TQQQ 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 45.48%/yr for TQQQ. At a correlation of -0.71, they often move in opposite directions. VIXY charges 0.85%/yr vs 0.95%/yr for TQQQ.
Performance
VIXY vs. TQQQ - 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 TQQQ's 41.43% return. Over the past 10 years, VIXY has underperformed TQQQ with an annualized return of -48.59%, while TQQQ has yielded a comparatively higher 45.48% 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%
TQQQ
- 1D
- -9.86%
- 1M
- -4.37%
- YTD
- 41.43%
- 6M
- 35.75%
- 1Y
- 100.69%
- 3Y*
- 58.02%
- 5Y*
- 21.47%
- 10Y*
- 45.48%
VIXY vs. TQQQ - 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% |
TQQQ ProShares UltraPro QQQ | 41.43% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between VIXY and TQQQ 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 TQQQ 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. TQQQ — Risk / Return Rank
VIXY
TQQQ
VIXY vs. TQQQ - 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 QQQ (TQQQ). 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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.88 | ||
| Sortino ratioReturn per unit of downside risk | -3.89 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.30 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | 2.74 | -3.76 |
| Martin ratioReturn relative to average drawdown | -1.56 | 8.72 | -10.27 |
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Drawdowns
VIXY vs. TQQQ - Drawdown Comparison
The maximum VIXY drawdown since its inception was -100.00%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for VIXY and TQQQ.
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Drawdown Indicators
| VIXY | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -81.66% | -18.34% |
Max Drawdown (1Y)Largest decline over 1 year | -54.55% | -36.97% | -17.58% |
Max Drawdown (3Y)Largest decline over 3 years | -79.94% | -58.04% | -21.90% |
Max Drawdown (5Y)Largest decline over 5 years | -96.20% | -81.66% | -14.54% |
Max Drawdown (10Y)Largest decline over 10 years | -99.88% | -81.66% | -18.22% |
Current DrawdownCurrent decline from peak | -100.00% | -14.65% | -85.35% |
Average DrawdownAverage peak-to-trough decline | -92.19% | -18.49% | -73.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.74% | 11.59% | +28.15% |
Volatility
VIXY vs. TQQQ - Volatility Comparison
The current volatility for ProShares VIX Short-Term Futures ETF (VIXY) is 17.03%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 27.27%. This indicates that VIXY experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXY | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.03% | 27.27% | -10.24% |
Volatility (6M)Calculated over the trailing 6-month period | 43.99% | 43.35% | +0.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.44% | 53.39% | +3.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.37% | 67.41% | +2.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.94% | 66.32% | +5.62% |
VIXY vs. TQQQ - Expense Ratio Comparison
VIXY has a 0.85% expense ratio, which is lower than TQQQ's 0.95% expense ratio.
Dividends
VIXY vs. TQQQ - Dividend Comparison
VIXY has not paid dividends to shareholders, while TQQQ's dividend yield for the trailing twelve months is around 0.42%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TQQQ ProShares UltraPro QQQ | 0.42% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
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 TQQQ 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.
TQQQ has higher volatility (27.27%) compared to VIXY (17.03%). In terms of maximum drawdown, VIXY dropped -100.00% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 45.48% 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, TQQQ has performed better with a 45.48% 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 TQQQ.
TQQQ has the higher dividend yield at 0.42%, compared with 0.00% for VIXY.
VIXY is categorized as Volatility, while TQQQ is Leveraged Equities. VIXY tracks S&P 500 VIX Short-Term Futures Index, while TQQQ tracks NASDAQ-100 Index (300%). Their fees differ too: 0.85% for VIXY and 0.95% for TQQQ.
TQQQ currently has the higher Sharpe Ratio (1.90 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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