^FVX vs. UVIX

Last updated Apr 2, 2026

Compare and contrast key facts about Treasury Yield 5 Years (^FVX) and Volatility Shares 2x Long VIX Futures ETF (UVIX).

UVIX is a passively managed fund by Volatility Shares that tracks the performance of the Long VIX Futures Index – Benchmark TR Gross (200%). It was launched on Mar 28, 2022.

Performance

^FVX vs. UVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Treasury Yield 5 Years (^FVX) and Volatility Shares 2x Long VIX Futures ETF (UVIX). The values are adjusted to include any dividend payments, if applicable.

^FVX vs. UVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
^FVX Treasury Yield 5 Years	6.26%	-15.02%	14.06%	-4.00%	63.40%
UVIX Volatility Shares 2x Long VIX Futures ETF	45.01%	-83.21%	-75.24%	-95.28%	-62.08%

Returns By Period

In the year-to-date period, ^FVX achieves a 6.26% return, which is significantly lower than UVIX's 45.01% return.

^FVX

• 1D: 0.25%
• 1M: 9.22%
• YTD: 6.26%
• 6M: 7.47%
• 1Y: 1.15%
• 3Y*: 3.08%
• 5Y*: 34.25%
• 10Y*: 12.28%

UVIX

• 1D: -4.39%
• 1M: 28.37%
• YTD: 45.01%
• 6M: -16.28%
• 1Y: -77.80%
• 3Y*: -82.70%
• 5Y*: —
• 10Y*: —

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

Return for Risk

^FVX vs. UVIX — Risk / Return Rank

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

^FVX

^FVX Risk / Return Rank: 16
^FVX Sharpe Ratio Rank: 16
^FVX Sortino Ratio Rank: 17
^FVX Omega Ratio Rank: 17
^FVX Calmar Ratio Rank: 13
^FVX Martin Ratio Rank: 14

UVIX

UVIX Risk / Return Rank: 4
UVIX Sharpe Ratio Rank: 4
UVIX Sortino Ratio Rank: 5
UVIX Omega Ratio Rank: 5
UVIX Calmar Ratio Rank: 1
UVIX 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.

^FVX vs. UVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Treasury Yield 5 Years (^FVX) and Volatility Shares 2x Long VIX Futures ETF (UVIX). 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.

	^FVX	UVIX	Difference
Sharpe ratio Return per unit of total volatility	0.05	-0.52	+0.57
Sortino ratio Return per unit of downside risk	0.23	-0.41	+0.64
Omega ratio Gain probability vs. loss probability	1.03	0.95	+0.08
Calmar ratio Return relative to maximum drawdown	-0.05	-0.83	+0.78
Martin ratio Return relative to average drawdown	-0.08	-0.94	+0.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^FVX vs. UVIX - Sharpe Ratio Comparison

The current ^FVX Sharpe Ratio is 0.05, which is higher than the UVIX Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of ^FVX and UVIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	^FVX	UVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.05	-0.52	+0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	-0.59	+0.58

Correlation

The correlation between ^FVX and UVIX is 0.01, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

^FVX vs. UVIX - Drawdown Comparison

The maximum ^FVX drawdown since its inception was -97.53%, roughly equal to the maximum UVIX drawdown of -99.96%. Use the drawdown chart below to compare losses from any high point for ^FVX and UVIX.

Drawdown Indicators

	^FVX	UVIX	Difference
Max Drawdown Largest peak-to-trough decline	-97.53%	-99.96%	+2.43%
Max Drawdown (1Y) Largest decline over 1 year	-15.62%	-94.23%	+78.61%
Max Drawdown (5Y) Largest decline over 5 years	-31.36%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-93.69%	—	—
Current Drawdown Current decline from peak	-49.91%	-99.94%	+50.03%
Average Drawdown Average peak-to-trough decline	-56.58%	-88.03%	+31.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.25%	82.65%	-73.40%

Volatility

^FVX vs. UVIX - Volatility Comparison

The current volatility for Treasury Yield 5 Years (^FVX) is 7.46%, while Volatility Shares 2x Long VIX Futures ETF (UVIX) has a volatility of 58.92%. This indicates that ^FVX experiences smaller price fluctuations and is considered to be less risky than UVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^FVX	UVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.46%	58.92%	-51.46%
Volatility (6M) Calculated over the trailing 6-month period	12.93%	94.46%	-81.53%
Volatility (1Y) Calculated over the trailing 1-year period	21.42%	149.69%	-128.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.94%	138.17%	-98.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.95%	138.17%	-79.22%