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 -47.17%/yr vs 42.27%/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 -18.02% return, which is significantly lower than TQQQ's 38.33% return. Over the past 10 years, VIXY has underperformed TQQQ with an annualized return of -47.17%, while TQQQ has yielded a comparatively higher 42.27% 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%
TQQQ
- 1D
- -5.70%
- 1M
- -6.08%
- 6M
- 30.48%
- YTD
- 38.33%
- 1Y
- 74.65%
- 3Y*
- 50.58%
- 5Y*
- 18.33%
- 10Y*
- 42.27%
VIXY vs. TQQQ - 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% |
TQQQ ProShares UltraPro QQQ | 38.33% | 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 -0.67, 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 TQQQ 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. 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 | -2.29 | ||
| Sortino ratioReturn per unit of downside risk | -3.32 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.24 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 2.03 | -2.99 |
| Martin ratioReturn relative to average drawdown | -1.54 | 6.23 | -7.77 |
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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 | -54.62% | -36.97% | -17.65% |
Max Drawdown (3Y)Largest decline over 3 years | -81.19% | -58.04% | -23.15% |
Max Drawdown (5Y)Largest decline over 5 years | -96.44% | -81.66% | -14.78% |
Max Drawdown (10Y)Largest decline over 10 years | -99.84% | -81.66% | -18.18% |
Current DrawdownCurrent decline from peak | -100.00% | -16.52% | -83.48% |
Average DrawdownAverage peak-to-trough decline | -92.21% | -18.48% | -73.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.02% | 12.02% | +22.00% |
Volatility
VIXY vs. TQQQ - Volatility Comparison
The current volatility for ProShares VIX Short-Term Futures ETF (VIXY) is 14.22%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 25.43%. 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 | 14.22% | 25.43% | -11.21% |
Volatility (6M)Calculated over the trailing 6-month period | 44.20% | 45.80% | -1.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.45% | 55.32% | +1.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.29% | 67.74% | +2.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.84% | 66.40% | +5.44% |
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 0.52%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TQQQ ProShares UltraPro QQQ | 0.52% | 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 -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (25.43%) compared to VIXY (14.22%). In terms of maximum drawdown, VIXY dropped -100.00% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 42.27% 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, TQQQ has performed better with a 42.27% 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 TQQQ.
TQQQ has the higher dividend yield at 0.52%, 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 (1.36 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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