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ProShares Ultra VIX Short-Term Futures ETF (UVXY) Diversifiers

ETF · Currency in USD · Last updated Aug 5, 2026
Documentation

UVXY, or the ProShares Ultra VIX Short-Term Futures ETF, is a passive exchange-traded fund (ETF) managed by ProShares. The fund tracks the investment results of the S&P 500 VIX Short-Term Futures TR Index, which measures the volatility of the S&P 500 stock market index. UVXY is designed to provide investors with exposure to the volatility of the stock market, which can be an attractive investment opportunity in times of market uncertainty.

The UVXY ETF was launched on October 3, 2011, and has a 0.95% expense ratio.

The fund uses leverage to amplify the underlying index's returns and aims to achieve returns that are 150% of the index's returns. This means that the fund's returns will be more volatile than the index's returns and that the fund's returns will be greater when the index's returns are positive and lower when the index's returns are negative.

Looking to diversify beyond UVXY? The ETFs below have historically moved differently from UVXY, which may reduce portfolio volatility when combined in a suitable allocation. The stock ideas table highlights individual companies with the same low-correlation characteristics. Correlation can change and does not guarantee that one asset will rise when another falls.

Best Diversifiers for UVXY

1677 ETFs have low correlation with UVXY (below 0.3), 1606 of which are negatively correlated. The least correlated is FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) (Defined Outcome) with a 1Y correlation of -0.84, roughly unchanged from -0.76 over 5 years.

How candidates are selected
SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
FMAY
FT Cboe Vest U.S. Equity Buffer ETF - May-0.84-0.78-0.76
81
Defined OutcomeUVXY vs FMAY
APRT
AllianzIM U.S. Large Cap Buffer10 Apr ETF-0.84-0.77-0.75
97
Options TradingUVXY vs APRT
BUFR
FT Vest Laddered Buffer ETF-0.84-0.79-0.76
88
Defined OutcomeUVXY vs BUFR
GMAY
FT Cboe Vest U.S. Equity Moderate Buffer ETF - May-0.83-0.75—
84
Options TradingUVXY vs GMAY
FEBT
Allianzim U.S. Large Cap Buffer10 Feb ETF-0.82-0.77-0.75
84
Options TradingUVXY vs FEBT
See all 1678 diversifiers for UVXY

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Low-Correlation Stock Ideas

The table shows companies with at least $1B in market capitalization, historical correlation data for UVXY, and a Risk / Return Rank of 50 or higher. Treat them as research candidates rather than evidence that they will offset a future decline. The least correlated is American Express Company (AXP) (Financial Services) with a 1Y correlation of -0.52, roughly unchanged from -0.55 over 5 years.

How candidates are selected
SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
AXP
American Express Company-0.52-0.52-0.55
60
Financial Services
C
Citigroup Inc.-0.52-0.48-0.48
87
Financial Services
GS
The Goldman Sachs Group, Inc.-0.51-0.50-0.51
82
Financial Services
NU
Nu Holdings Ltd.-0.51-0.44-0.42
56
Financial Services
HSBC
HSBC Holdings plc-0.51-0.46-0.43
96
Financial Services
See all 140 low-correlation stocks for UVXY

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Diversification Analysis

Build a portfolio that complements UVXY

Add UVXY to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.

Analyze a portfolio with UVXY