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VXZ vs. QQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VXZ vs. QQQ

Last updated Jul 14, 2026
Documentation

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 -13.55%/yr vs 15.10%/yr for QQQ. At a correlation of -0.62, they often move in opposite directions. VXZ charges 0.89%/yr vs 0.18%/yr for QQQ.

Performance

VXZ vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) and Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VXZ achieves a -5.72% return, which is significantly lower than QQQ's 16.13% return.

VXZ

1D
-0.06%
1M
-5.96%
6M
-3.69%
YTD
-5.72%
1Y
-13.08%
3Y*
-9.32%
5Y*
-13.55%
10Y*
—

QQQ

1D
-1.90%
1M
-1.22%
6M
13.75%
YTD
16.13%
1Y
29.05%
3Y*
24.08%
5Y*
15.10%
10Y*
21.19%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VXZ vs. QQQ - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
VXZ
iPath Series B S&P 500® VIX Mid-Term Futures ETN		-5.72%5.73%-12.65%-43.98%0.47%-16.38%72.77%-20.10%31.89%
QQQ
Invesco QQQ ETF		16.13%20.77%25.58%54.86%-32.58%27.42%48.62%38.96%-6.17%

Correlation

The correlation between VXZ and QQQ is -0.58, 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

-0.58

Correlation (3Y)
Calculated over the trailing 3-year period

-0.63

Correlation (5Y)
Calculated over the trailing 5-year period

-0.66

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 -0.66 to -0.58 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iPath Series B S&P 500® VIX Mid-Term Futures ETN

Invesco QQQ ETF

Often compared with VXZ:
VXZ vs. VXXVXZ vs. VIXMVXZ vs. SPDNVXZ vs. EFAVVXZ vs. UDOWVXZ vs. SPYVXZ vs. UPRO
Often compared with QQQ:
QQQ vs. SPYQQQ vs. VOOQQQ vs. VGTQQQ vs. TQQQQQQ vs. SMHQQQ vs. QQQMQQQ vs. SPMO

Return for Risk

VXZ vs. QQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VXZ
VXZ Risk / Return Rank: 1414
Overall Rank
VXZ Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
VXZ Sortino Ratio Rank: 1515
Sortino Ratio Rank
VXZ Omega Ratio Rank: 1616
Omega Ratio Rank
VXZ Calmar Ratio Rank: 1818
Calmar Ratio Rank
VXZ Martin Ratio Rank: 88
Martin Ratio Rank
QQQ
QQQ Risk / Return Rank: 5858
Overall Rank
QQQ Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
QQQ Sortino Ratio Rank: 5555
Sortino Ratio Rank
QQQ Omega Ratio Rank: 5656
Omega Ratio Rank
QQQ Calmar Ratio Rank: 6161
Calmar Ratio Rank
QQQ Martin Ratio Rank: 6262
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

VXZQQQDifference
Sharpe ratioReturn per unit of total volatility
-0.71
1.57

-2.28

Sortino ratioReturn per unit of downside risk
-0.89
2.13

-3.02

Omega ratioGain probability vs. loss probability

0.90

1.28

-0.38

Calmar ratioReturn relative to maximum drawdown

-0.69

2.44

-3.13

Martin ratioReturn relative to average drawdown

-1.43

8.74

-10.17

VXZ vs. QQQ - Sharpe Ratio Comparison

The current VXZ Sharpe Ratio is -0.71, which is lower than the QQQ Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of VXZ and QQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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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

VXZQQQDifference

Max Drawdown

Largest peak-to-trough decline

-69.00%

-82.97%

+13.97%

Max Drawdown (1Y)

Largest decline over 1 year

-18.89%

-11.96%

-6.93%

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 Drawdown

Current decline from peak

-67.29%

-4.51%

-62.78%

Average Drawdown

Average peak-to-trough decline

-37.12%

-32.67%

-4.45%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.15%

3.33%

+5.82%

Volatility

VXZ vs. QQQ - Volatility Comparison

The current volatility for iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) is 3.29%, while Invesco QQQ ETF (QQQ) has a volatility of 8.69%. 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

VXZQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.29%

8.69%

-5.40%

Volatility (6M)

Calculated over the trailing 6-month period

13.60%

15.40%

-1.80%

Volatility (1Y)

Calculated over the trailing 1-year period

18.65%

18.61%

+0.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.04%

22.80%

+6.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.92%

22.44%

+11.48%

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 0.43%.

PositionTTM20252024202320222021202020192018201720162015
QQQ
Invesco QQQ ETF		0.43%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 -0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QQQ has higher volatility (8.69%) compared to VXZ (3.29%). In terms of maximum drawdown, VXZ dropped -69.00% vs QQQ's -82.97%.

QQQ currently has the higher Sharpe Ratio (1.57 vs -0.71), 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.

Portfolio Optimizer

Find the right allocation for VXZ and QQQ

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