YQQQ vs. VIXM

Last updated Jun 4, 2026

YQQQ (YieldMax Short N100 Option Income Strategy ETF) and VIXM (ProShares VIX Mid-Term Futures ETF) are both exchange-traded funds - YQQQ is a Derivative Income fund actively managed by YieldMax, while VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index. YQQQ is actively managed, while VIXM is passively managed. Over the past year, YQQQ returned -14.25% vs -8.35% for VIXM. A 0.58 correlation means they provide meaningful diversification when combined. YQQQ charges 0.99%/yr vs 0.85%/yr for VIXM.

Performance

YQQQ vs. VIXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Short N100 Option Income Strategy ETF (YQQQ) and ProShares VIX Mid-Term Futures ETF (VIXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YQQQ achieves a -8.94% return, which is significantly lower than VIXM's 1.31% return.

YQQQ

• 1D: 0.06%
• 1M: -7.64%
• YTD: -8.94%
• 6M: -6.62%
• 1Y: -14.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VIXM

• 1D: 0.39%
• 1M: -2.34%
• YTD: 1.31%
• 6M: -2.83%
• 1Y: -8.35%
• 3Y*: -13.22%
• 5Y*: -13.49%
• 10Y*: -11.17%

*Multi-year figures are annualized to reflect compound growth (CAGR)

YQQQ vs. VIXM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YQQQ YieldMax Short N100 Option Income Strategy ETF	-8.94%	-9.97%	-4.06%
VIXM ProShares VIX Mid-Term Futures ETF	1.31%	5.60%	1.33%

Correlation

The correlation between YQQQ and VIXM is 0.55, 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	0.55
Correlation (All Time) Calculated using the full available price history since Aug 16, 2024	0.58

The correlation between YQQQ and VIXM has been stable across timeframes, ranging from 0.55 to 0.58 - a consistent structural relationship.

Return for Risk

YQQQ vs. VIXM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

YQQQ

YQQQ Risk / Return Rank: 1
YQQQ Sharpe Ratio Rank: 1
YQQQ Sortino Ratio Rank: 1
YQQQ Omega Ratio Rank: 1
YQQQ Calmar Ratio Rank: 3
YQQQ Martin Ratio Rank: 1

VIXM

VIXM Risk / Return Rank: 4
VIXM Sharpe Ratio Rank: 5
VIXM Sortino Ratio Rank: 5
VIXM Omega Ratio Rank: 4
VIXM Calmar Ratio Rank: 4
VIXM Martin Ratio Rank: 4

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.

YQQQ vs. VIXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Short N100 Option Income Strategy ETF (YQQQ) and ProShares VIX Mid-Term Futures ETF (VIXM). 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.

	YQQQ	VIXM	Difference
Sharpe ratio Return per unit of total volatility	-1.14	-0.44	-0.70
Sortino ratio Return per unit of downside risk	-1.55	-0.49	-1.05
Omega ratio Gain probability vs. loss probability	0.83	0.94	-0.11
Calmar ratio Return relative to maximum drawdown	-0.69	-0.55	-0.14
Martin ratio Return relative to average drawdown	-1.68	-0.96	-0.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

YQQQ vs. VIXM - Sharpe Ratio Comparison

The current YQQQ Sharpe Ratio is -1.14, which is lower than the VIXM Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of YQQQ and VIXM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	YQQQ	VIXM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.14	-0.44	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.44	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.77	-0.55	-0.23

Drawdowns

YQQQ vs. VIXM - Drawdown Comparison

The maximum YQQQ drawdown since its inception was -28.21%, smaller than the maximum VIXM drawdown of -96.23%. Use the drawdown chart below to compare losses from any high point for YQQQ and VIXM.

Drawdown Indicators

	YQQQ	VIXM	Difference
Max Drawdown Largest peak-to-trough decline	-28.21%	-96.23%	+68.02%
Max Drawdown (1Y) Largest decline over 1 year	-20.82%	-15.22%	-5.60%
Max Drawdown (3Y) Largest decline over 3 years	—	-41.41%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-63.40%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.72%	—
Current Drawdown Current decline from peak	-28.17%	-95.75%	+67.58%
Average Drawdown Average peak-to-trough decline	-14.22%	-81.52%	+67.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.52%	8.74%	-0.22%

Volatility

YQQQ vs. VIXM - Volatility Comparison

YieldMax Short N100 Option Income Strategy ETF (YQQQ) has a higher volatility of 3.90% compared to ProShares VIX Mid-Term Futures ETF (VIXM) at 3.19%. This indicates that YQQQ's price experiences larger fluctuations and is considered to be riskier than VIXM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YQQQ	VIXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	3.19%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	9.87%	13.91%	-4.04%
Volatility (1Y) Calculated over the trailing 1-year period	12.51%	18.98%	-6.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.26%	30.68%	-14.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.26%	32.90%	-16.64%

YQQQ vs. VIXM - Expense Ratio Comparison

YQQQ has a 0.99% expense ratio, which is higher than VIXM's 0.85% expense ratio.

Dividends

YQQQ vs. VIXM - Dividend Comparison

YQQQ's dividend yield for the trailing twelve months is around 31.75%, while VIXM has not paid dividends to shareholders.

Position	TTM	2025	2024
VIXM ProShares VIX Mid-Term Futures ETF	0.00%	0.00%	0.00%
YQQQ YieldMax Short N100 Option Income Strategy ETF	31.75%	31.71%	7.88%

Frequently Asked Questions

Can I hold both YQQQ and VIXM in my portfolio?

YQQQ and VIXM have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YQQQ or VIXM?

YQQQ has higher volatility (3.90%) compared to VIXM (3.19%). In terms of maximum drawdown, YQQQ dropped -28.21% vs VIXM's -96.23%.

Which ETF is better, YQQQ or VIXM?

On 1-year performance, VIXM leads with -8.35% vs -14.25% for YQQQ. On fees, VIXM is cheaper at 0.85% per year. On volatility, VIXM has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YQQQ or VIXM?

Over the 1-year period, VIXM has performed better with a -8.35% return vs -14.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YQQQ or VIXM?

VIXM is cheaper with a 0.85% expense ratio, compared with 0.99% for YQQQ.

Which ETF pays a higher dividend yield, YQQQ or VIXM?

YQQQ has the higher dividend yield at 31.75%, compared with 0.00% for VIXM.

What is the main difference between YQQQ and VIXM?

YQQQ is categorized as Derivative Income, while VIXM is Volatility. They also come from different issuers: YieldMax and ProShares. Their fees differ too: 0.99% for YQQQ and 0.85% for VIXM.

Which has better risk-adjusted returns?

VIXM currently has the higher Sharpe Ratio (-0.44 vs -1.14), 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.