VXX vs. QID
VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) and QID (ProShares UltraShort QQQ) are both exchange-traded funds - VXX is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index Total Return, while QID is a Leveraged Equities fund tracking the NASDAQ-100 Index (-200%). Both are passively managed. Over the past 10 years, VXX returned -48.25%/yr vs -39.07%/yr for QID. A 0.71 correlation means they provide meaningful diversification when combined. VXX charges 0.89%/yr vs 0.95%/yr for QID.
Performance
VXX vs. QID - Performance Comparison
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Returns By Period
In the year-to-date period, VXX achieves a -9.82% return, which is significantly higher than QID's -27.39% return. Over the past 10 years, VXX has underperformed QID with an annualized return of -48.25%, while QID has yielded a comparatively higher -39.07% annualized return.
VXX
- 1D
- 5.99%
- 1M
- -9.65%
- YTD
- -9.82%
- 6M
- -11.92%
- 1Y
- -54.78%
- 3Y*
- -39.15%
- 5Y*
- -45.02%
- 10Y*
- -48.25%
QID
- 1D
- 6.66%
- 1M
- -0.68%
- YTD
- -27.39%
- 6M
- -25.36%
- 1Y
- -44.49%
- 3Y*
- -37.09%
- 5Y*
- -30.38%
- 10Y*
- -39.07%
VXX vs. QID - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | -9.82% | -42.21% | -26.22% | -72.52% | -23.80% | -72.41% | 11.04% | -67.75% | 67.91% | -72.64% |
QID ProShares UltraShort QQQ | -27.39% | -34.97% | -34.06% | -57.19% | 66.30% | -44.93% | -69.71% | -49.57% | -9.90% | -44.00% |
Correlation
The correlation between VXX and QID 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 | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | 0.71 |
The correlation between VXX and QID has been stable across timeframes, ranging from 0.66 to 0.71 - a consistent structural relationship.
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Return for Risk
VXX vs. QID — Risk / Return Rank
VXX
QID
VXX vs. QID - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and ProShares UltraShort QQQ (QID). 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.
| VXX | QID | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.78 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -0.95 | -0.06 |
| Martin ratioReturn relative to average drawdown | -1.55 | -1.90 | +0.35 |
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Drawdowns
VXX vs. QID - Drawdown Comparison
The maximum VXX drawdown since its inception was -100.00%, roughly equal to the maximum QID drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for VXX and QID.
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Drawdown Indicators
| VXX | QID | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.99% | -0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -54.18% | -46.92% | -7.26% |
Max Drawdown (3Y)Largest decline over 3 years | -79.21% | -79.50% | +0.29% |
Max Drawdown (5Y)Largest decline over 5 years | -95.97% | -88.72% | -7.25% |
Max Drawdown (10Y)Largest decline over 10 years | -99.87% | -99.37% | -0.50% |
Current DrawdownCurrent decline from peak | -100.00% | -99.99% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -95.08% | -87.02% | -8.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.47% | 25.43% | +14.04% |
Volatility
VXX vs. QID - Volatility Comparison
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and ProShares UltraShort QQQ (QID) have volatilities of 17.21% and 17.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VXX | QID | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.21% | 17.88% | -0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 43.47% | 28.91% | +14.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.26% | 35.84% | +20.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.03% | 45.36% | +22.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.41% | 44.78% | +25.63% |
VXX vs. QID - Expense Ratio Comparison
VXX has a 0.89% expense ratio, which is lower than QID's 0.95% expense ratio.
Dividends
VXX vs. QID - Dividend Comparison
VXX has not paid dividends to shareholders, while QID's dividend yield for the trailing twelve months is around 7.15%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
QID ProShares UltraShort QQQ | 7.15% | 6.25% | 7.99% | 5.63% | 0.15% | 0.00% | 0.92% | 2.54% | 1.38% | 0.08% |
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VXX and QID 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.
QID has higher volatility (17.88%) compared to VXX (17.21%). In terms of maximum drawdown, VXX dropped -100.00% vs QID's -99.99%.
On 10-year performance, QID leads with -39.07% vs -48.25% for VXX. On fees, VXX is cheaper at 0.89% per year. On volatility, VXX has been the lower-risk option at 17.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QID has performed better with a -39.07% return vs -48.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VXX is cheaper with a 0.89% expense ratio, compared with 0.95% for QID.
QID has the higher dividend yield at 7.15%, compared with 0.00% for VXX.
VXX is categorized as Volatility, while QID is Leveraged Equities. VXX tracks S&P 500 VIX Short-Term Futures Index Total Return, while QID tracks NASDAQ-100 Index (-200%). They also come from different issuers: Barclays Capital and ProShares. Their fees differ too: 0.89% for VXX and 0.95% for QID.
VXX currently has the higher Sharpe Ratio (-0.98 vs -1.25), 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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