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VXZ vs. QQQM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VXZ vs. QQQM

Last updated Jun 24, 2026

VXZ (iPath Series B S&P 500® VIX Mid-Term Futures ETN) is a stock, while QQQM (Invesco NASDAQ 100 ETF) is Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 5 years, VXZ returned -12.28%/yr vs 16.11%/yr for QQQM. At a correlation of -0.65, they often move in opposite directions. VXZ charges 0.89%/yr vs 0.15%/yr for QQQM.

Performance

VXZ vs. QQQM - 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 NASDAQ 100 ETF (QQQM). 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 -1.72% return, which is significantly lower than QQQM's 16.48% return.

VXZ

1D
0.12%
1M
-4.99%
YTD
-1.72%
6M
0.35%
1Y
-12.57%
3Y*
-11.20%
5Y*
-12.28%
10Y*
—

QQQM

1D
-3.30%
1M
-0.42%
YTD
16.48%
6M
15.00%
1Y
34.99%
3Y*
26.15%
5Y*
16.11%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

VXZ vs. QQQM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
VXZ
iPath Series B S&P 500® VIX Mid-Term Futures ETN		-1.72%5.73%-12.65%-43.98%0.47%-16.38%-4.74%
QQQM
Invesco NASDAQ 100 ETF		16.48%20.85%25.68%55.01%-32.52%27.45%6.64%

Correlation

The correlation between VXZ and QQQM is -0.59, 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

-0.59

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 Oct 13, 2020

-0.65

The correlation between VXZ and QQQM has been stable across timeframes, ranging from -0.66 to -0.59 - 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 NASDAQ 100 ETF

Often compared with VXZ:
VXZ vs. VXXVXZ vs. VIXMVXZ vs. SPDNVXZ vs. EFAVVXZ vs. UDOWVXZ vs. SPYVXZ vs. QQQ
Often compared with QQQM:
QQQM vs. QQQQQQM vs. SCHGQQQM vs. VOOQQQM vs. VGTQQQM vs. SCHDQQQM vs. FTECQQQM vs. JEPQ

Return for Risk

VXZ vs. QQQM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VXZ
VXZ Risk / Return Rank: 1212
Overall Rank
VXZ Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
VXZ Sortino Ratio Rank: 1414
Sortino Ratio Rank
VXZ Omega Ratio Rank: 1515
Omega Ratio Rank
VXZ Calmar Ratio Rank: 1010
Calmar Ratio Rank
VXZ Martin Ratio Rank: 55
Martin Ratio Rank
QQQM
QQQM Risk / Return Rank: 6060
Overall Rank
QQQM Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
QQQM Sortino Ratio Rank: 5656
Sortino Ratio Rank
QQQM Omega Ratio Rank: 5959
Omega Ratio Rank
QQQM Calmar Ratio Rank: 6161
Calmar Ratio Rank
QQQM 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. QQQM - 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 NASDAQ 100 ETF (QQQM). 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.

VXZQQQMDifference
Sharpe ratioReturn per unit of total volatility
-0.67
1.97

-2.65

Sortino ratioReturn per unit of downside risk
-0.84
2.58

-3.42

Omega ratioGain probability vs. loss probability

0.90

1.35

-0.45

Calmar ratioReturn relative to maximum drawdown

-0.83

2.94

-3.77

Martin ratioReturn relative to average drawdown

-1.54

10.88

-12.42

VXZ vs. QQQM - Sharpe Ratio Comparison

The current VXZ Sharpe Ratio is -0.67, which is lower than the QQQM Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of VXZ and QQQM, 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. QQQM - Drawdown Comparison

The maximum VXZ drawdown since its inception was -69.00%, which is greater than QQQM's maximum drawdown of -35.04%. Use the drawdown chart below to compare losses from any high point for VXZ and QQQM.

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Drawdown Indicators

VXZQQQMDifference

Max Drawdown

Largest peak-to-trough decline

-69.00%

-35.04%

-33.96%

Max Drawdown (1Y)

Largest decline over 1 year

-15.13%

-11.96%

-3.17%

Max Drawdown (3Y)

Largest decline over 3 years

-36.45%

-22.70%

-13.75%

Max Drawdown (5Y)

Largest decline over 5 years

-62.05%

-35.04%

-27.01%

Current Drawdown

Current decline from peak

-65.90%

-4.24%

-61.66%

Average Drawdown

Average peak-to-trough decline

-36.93%

-8.20%

-28.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.36%

3.22%

+5.14%

Volatility

VXZ vs. QQQM - Volatility Comparison

The current volatility for iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) is 4.05%, while Invesco NASDAQ 100 ETF (QQQM) has a volatility of 9.00%. This indicates that VXZ experiences smaller price fluctuations and is considered to be less risky than QQQM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VXZQQQMDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.05%

9.00%

-4.95%

Volatility (6M)

Calculated over the trailing 6-month period

13.78%

14.43%

-0.65%

Volatility (1Y)

Calculated over the trailing 1-year period

18.74%

17.85%

+0.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.07%

22.53%

+6.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

34.01%

22.30%

+11.71%

VXZ vs. QQQM - Expense Ratio Comparison

VXZ has a 0.89% expense ratio, which is higher than QQQM's 0.15% expense ratio.

Dividends

VXZ vs. QQQM - Dividend Comparison

VXZ has not paid dividends to shareholders, while QQQM's dividend yield for the trailing twelve months is around 0.44%.

PositionTTM202520242023202220212020
QQQM
Invesco NASDAQ 100 ETF		0.44%0.50%0.61%0.65%0.83%0.40%0.16%
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%

Frequently Asked Questions

VXZ and QQQM have a correlation of -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QQQM has higher volatility (9.00%) compared to VXZ (4.05%). In terms of maximum drawdown, VXZ dropped -69.00% vs QQQM's -35.04%.

QQQM currently has the higher Sharpe Ratio (1.97 vs -0.67), 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 QQQM

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