- ISIN
- US92891H3093
- CUSIP
- 92891H408
- Issuer
- Volatility Shares
- Inception Date
- Mar 28, 2022
- Category
- Volatility
- Leveraged
- 2x
- Index Tracked
- Long VIX Futures Index (200% Daily)
- Domicile
- United States
- Distribution Policy
- Accumulating
- Asset Class
- Volatility
- Assets Under Management
- $414M
Share Price Chart
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Performance
UVIX Performance Chart
2x Long VIX Futures ETF (UVIX) is down 42.2% since the beginning of the year. UVIX is currently trading at $3 per share.
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Returns By Period
2x Long VIX Futures ETF (UVIX) has returned -42.21% so far this year and -88.24% over the past 12 months.
2x Long VIX Futures ETF
- 1D
- -7.04%
- 1M
- -27.31%
- YTD
- -42.21%
- 6M
- -47.62%
- 1Y
- -88.24%
- 3Y*
- -81.73%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.00%
- 1M
- -0.34%
- YTD
- 8.39%
- 6M
- 8.57%
- 1Y
- 24.33%
- 3Y*
- 18.94%
- 5Y*
- 12.24%
- 10Y*
- 13.54%
UVIX Monthly Returns History
Based on dividend-adjusted daily data since Mar 30, 2022, UVIX's average daily return is -0.38%, while the average monthly return is -11.10%.
Historically, 31% of months were positive and 69% were negative. The best month was Apr 2022 with a return of +44.5%, while the worst month was Jun 2023 at -49.3%. The longest winning streak lasted 3 consecutive months, and the longest losing streak was 11 months.
On a daily basis, UVIX closed higher 39% of trading days. The best single day was Aug 5, 2024 with a return of +84.4%, while the worst single day was Apr 9, 2025 at -43.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 3.15% | 6.62% | 37.90% | -38.91% | -27.60% | -13.84% | -42.21% | ||||||
| 2025 | -11.03% | 4.13% | 18.21% | 19.86% | -34.39% | -23.36% | -23.35% | -29.59% | -18.00% | -0.35% | -14.40% | -32.59% | -83.21% |
| 2024 | -7.87% | -22.85% | -10.40% | 4.17% | -30.08% | -12.09% | 6.79% | -31.94% | 15.97% | 30.30% | -47.48% | 5.26% | -75.24% |
| 2023 | -36.84% | -0.65% | -12.49% | -30.85% | -20.36% | -49.32% | -19.28% | -14.17% | 12.94% | -5.42% | -46.89% | -21.68% | -95.28% |
| 2022 | 10.48% | 44.54% | -32.75% | 4.21% | -37.18% | -2.70% | 33.81% | -30.99% | -30.50% | -13.13% | -61.86% |
Benchmark Metrics
2x Long VIX Futures ETF has an annualized alpha of -18.67%, beta of -5.92, and R2 of 0.56 versus S&P 500 Index. Calculated based on daily prices since March 30, 2022.
- This ETF tended to rise when S&P 500 Index fell (downside capture of -263.29%), but participation in market rallies was also limited (-163.90%) - a profile typical of counter-cyclical assets.
- This ETF had an annualized alpha of -18.67% versus S&P 500 Index - delivering less than market exposure alone would predict.
- Beta of -5.92 indicates this ETF moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- -18.67%
- Beta
- -5.92
- R²
- 0.56
- Upside Capture
- -163.90%
- Downside Capture
- -263.29%
Expense Ratio
UVIX has a high expense ratio of 2.78%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
UVIX ranks 1 for risk / return — in the bottom 1% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for 2x Long VIX Futures ETF (UVIX) and compare them to S&P 500 Index.
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.
| UVIX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.73 | ||
| Sortino ratioReturn per unit of downside risk | -4.51 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.35 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 2.66 | -3.65 |
| Martin ratioReturn relative to average drawdown | -1.29 | 11.86 | -13.16 |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the 2x Long VIX Futures ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the 2x Long VIX Futures ETF was 99.98%, occurring on Jun 16, 2026. The portfolio has not yet recovered.
The current 2x Long VIX Futures ETF drawdown is 99.97%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -99.98%Jun 2026 | 4y 1mo | — | 4y 1moMay 2022 - now |
Bear market2022 | -30.45%May 2022 | 2d | 5d | 7dMay 2022 - May 2022 |
Bear market2022 | -23.04%Apr 2022 | 8d | 2d | 10dApr 2022 - Apr 2022 |
Bear market2022 | -15.54%Apr 2022 | 3d | 2d | 5dApr 2022 - Apr 2022 |
Bear market2022 | -9.01%Apr 2022 | 0s | 1d | 1dApr 2022 - Apr 2022 |
Drawdown Indicators
| UVIX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -56.78% | -43.20% |
Max Drawdown (1Y)Largest decline over 1 year | -88.34% | -9.10% | -79.24% |
Max Drawdown (3Y)Largest decline over 3 years | -99.36% | -18.90% | -80.46% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -99.97% | -2.49% | -97.48% |
Average DrawdownAverage peak-to-trough decline | -88.56% | -10.72% | -77.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.08% | 2.03% | +66.05% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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