VXZ vs. QQQ
VXZ (iPath Series B S&P 500® VIX Mid-Term Futures ETN) is a stock, while QQQ (Invesco QQQ ETF) is Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 5 years, VXZ returned -13.66%/yr vs 14.23%/yr for QQQ. Their -0.62 correlation means they have often moved in opposite directions in the past. VXZ charges 0.89%/yr vs 0.18%/yr for QQQ.
Performance
VXZ vs. QQQ - Performance Comparison
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Returns By Period
In the year-to-date period, VXZ achieves a -4.62% return, which is significantly lower than QQQ's 12.26% return.
VXZ
- 1D
- -0.08%
- 1M
- 1.31%
- 6M
- -4.72%
- YTD
- -4.62%
- 1Y
- -14.50%
- 3Y*
- -8.83%
- 5Y*
- -13.66%
- 10Y*
- —
- ALL TIME*
- -3.24%
QQQ
- 1D
- 0.65%
- 1M
- -3.45%
- 6M
- 10.89%
- YTD
- 12.26%
- 1Y
- 24.81%
- 3Y*
- 22.29%
- 5Y*
- 14.23%
- 10Y*
- 20.44%
- ALL TIME*
- 10.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.32B | $28.40B | $31.45B | |
| $603.06K | $845.13K | $781.77K |
VXZ vs. QQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VXZ iPath Series B S&P 500® VIX Mid-Term Futures ETN | -4.62% | 5.73% | -12.65% | -43.98% | 0.47% | -16.38% | 72.77% | -20.10% | 31.89% |
QQQ Invesco QQQ ETF | 12.26% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 48.62% | 38.96% | -6.17% |
Correlation
The correlation between VXZ and QQQ is -0.61, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.61 |
Correlation (3Y) Balances recent behavior with more history. | -0.64 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.65 |
Correlation (All Time) Calculated using the full available price history since Jan 18, 2018 | -0.62 |
The correlation between VXZ and QQQ has been stable across timeframes, ranging from -0.65 to -0.61 - a consistent structural relationship.
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Return for Risk
VXZ vs. QQQ — Risk / Return Rank
VXZ
QQQ
VXZ vs. QQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) and Invesco QQQ ETF (QQQ). 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.
| VXZ | QQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.85 | ||
| Sortino ratioReturn per unit of downside risk | -2.52 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.21 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.67 | 1.88 | -2.54 |
| Martin ratioReturn relative to average drawdown | -1.28 | 6.00 | -7.27 |
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Drawdowns
VXZ vs. QQQ - Drawdown Comparison
The maximum VXZ drawdown since its inception was -69.00%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for VXZ and QQQ.
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Drawdown Indicators
| VXZ | QQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.00% | -82.97% | +13.97% |
Max Drawdown (1Y)Largest decline over 1 year | -19.20% | -11.96% | -7.24% |
Max Drawdown (3Y)Largest decline over 3 years | -36.45% | -22.77% | -13.68% |
Max Drawdown (5Y)Largest decline over 5 years | -62.05% | -35.12% | -26.93% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.12% | — |
Current DrawdownCurrent decline from peak | -66.90% | -7.69% | -59.21% |
Average DrawdownAverage peak-to-trough decline | -37.31% | -32.62% | -4.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.04% | 3.74% | +6.30% |
Volatility
VXZ vs. QQQ - Volatility Comparison
The current volatility for iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) is 3.69%, while Invesco QQQ ETF (QQQ) has a volatility of 6.87%. This indicates that VXZ experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VXZ | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.69% | 6.87% | -3.18% |
Volatility (6M)Calculated over the trailing 6-month period | 13.55% | 16.08% | -2.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.60% | 19.38% | -0.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.95% | 22.90% | +6.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.83% | 22.50% | +11.33% |
VXZ vs. QQQ - Expense Ratio Comparison
VXZ has a 0.89% expense ratio, which is higher than QQQ's 0.18% expense ratio.
Dividends
VXZ vs. QQQ - Dividend Comparison
VXZ has not paid dividends to shareholders, while QQQ's dividend yield for the trailing twelve months is around 0.44%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QQQ Invesco QQQ ETF | 0.44% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
VXZ iPath Series B S&P 500® VIX Mid-Term Futures ETN | 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
VXZ and QQQ have a correlation of -0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QQQ has higher volatility (6.87%) compared to VXZ (3.69%). In terms of maximum drawdown, VXZ dropped -69.00% vs QQQ's -82.97%.
QQQ currently has the higher Sharpe Ratio (1.16 vs -0.69), 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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