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

ETF · Currency in USD · Last updated Jun 4, 2026

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 the lowest correlation with UVXY — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from UVXY.

Best Diversifiers for UVXY

1606 ETFs have low correlation with UVXY (below 0.3), 1513 of which are negatively correlated. The least correlated is AllianzIM U.S. Large Cap Buffer10 Apr ETF (APRT) (Options Trading) with a 1Y correlation of -0.80, roughly unchanged from -0.75 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
APRT
AllianzIM U.S. Large Cap Buffer10 Apr ETF-0.80-0.73-0.75
97
Options TradingUVXY vs APRT
XTJL
Innovator U.S. Equity Accelerated Plus ETF - July-0.80-0.77-0.77
71
Leveraged EquitiesUVXY vs XTJL
FMAY
FT Cboe Vest U.S. Equity Buffer ETF - May-0.80-0.75-0.76
83
Large Cap Blend EquitiesUVXY vs FMAY
EDGE
MRBL Enhanced Equity ETF-0.79——
80
Derivative IncomeUVXY vs EDGE
BUFR
FT Vest Laddered Buffer ETF-0.79-0.76-0.74
84
Defined OutcomeUVXY vs BUFR
See all 1606 diversifiers for UVXY

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from UVXY, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to UVXY and solid risk/return profiles. The least correlated is Citigroup Inc. (C) (Financial Services) with a 1Y correlation of -0.51, roughly unchanged from -0.48 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
C
Citigroup Inc.-0.51-0.45-0.48
91
Financial Services
GS
The Goldman Sachs Group, Inc.-0.48-0.47-0.51
90
Financial Services
MS
Morgan Stanley-0.47-0.46-0.49
89
Financial Services
HSBC
HSBC Holdings plc-0.46-0.45-0.43
90
Financial Services
JPM
JPMorgan Chase & Co.-0.46-0.43-0.49
59
Financial Services
See all 124 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