^FVX vs. UVIX
^FVX (Treasury Yield 5 Years) is an index, while UVIX (2x Long VIX Futures ETF) is Volatility fund tracking the Long VIX Futures Index (200% Daily). Over the past 3 years, ^FVX returned 1.63%/yr vs -80.36%/yr for UVIX. Their 0.03 correlation means their historical movements had little consistent relationship.
Performance
^FVX vs. UVIX - Performance Comparison
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Returns By Period
In the year-to-date period, ^FVX achieves a 19.83% return, which is significantly higher than UVIX's -51.21% return.
^FVX
- 1D
- 1.94%
- 1M
- 5.44%
- 6M
- 17.46%
- YTD
- 19.83%
- 1Y
- 18.27%
- 3Y*
- 1.63%
- 5Y*
- 44.70%
- 10Y*
- 15.29%
- ALL TIME*
- -1.07%
UVIX
- 1D
- -5.70%
- 1M
- -10.07%
- 6M
- -52.70%
- YTD
- -51.21%
- 1Y
- -86.13%
- 3Y*
- -80.36%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -83.88%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $106.53M | $96.18M | $159.38M |
^FVX vs. UVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
^FVX Treasury Yield 5 Years | 19.83% | -15.02% | 14.06% | -4.00% | 60.97% |
UVIX 2x Long VIX Futures ETF | -51.21% | -83.21% | -75.24% | -95.28% | -61.86% |
Correlation
The correlation between ^FVX and UVIX is 0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.04 |
Correlation (3Y) Balances recent behavior with more history. | 0.02 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022 | 0.03 |
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Return for Risk
^FVX vs. UVIX — Risk / Return Rank
^FVX
UVIX
^FVX vs. UVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Treasury Yield 5 Years (^FVX) and 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.
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.
| ^FVX | UVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.43 | ||
| Sortino ratioReturn per unit of downside risk | +2.54 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.84 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 1.41 | -0.97 | +2.39 |
| Martin ratioReturn relative to average drawdown | 3.30 | -1.30 | +4.60 |
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Drawdowns
^FVX vs. UVIX - Drawdown Comparison
The maximum ^FVX drawdown since its inception was -98.80%, roughly equal to the maximum UVIX drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for ^FVX and UVIX.
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Drawdown Indicators
| ^FVX | UVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.80% | -99.98% | +1.18% |
Max Drawdown (1Y)Largest decline over 1 year | -8.97% | -86.37% | +77.40% |
Max Drawdown (3Y)Largest decline over 3 years | -31.36% | -99.42% | +68.06% |
Max Drawdown (5Y)Largest decline over 5 years | -31.36% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -93.69% | — | — |
Current DrawdownCurrent decline from peak | -72.59% | -99.98% | +27.39% |
Average DrawdownAverage peak-to-trough decline | -58.57% | -88.86% | +30.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.54% | 64.40% | -58.86% |
Volatility
^FVX vs. UVIX - Volatility Comparison
The current volatility for Treasury Yield 5 Years (^FVX) is 4.47%, while 2x Long VIX Futures ETF (UVIX) has a volatility of 28.39%. 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.
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Volatility by Period
| ^FVX | UVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.47% | 28.39% | -23.92% |
Volatility (6M)Calculated over the trailing 6-month period | 13.74% | 85.91% | -72.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.10% | 114.84% | -96.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.52% | 135.16% | -98.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.13% | 135.16% | -77.03% |
Frequently Asked Questions
^FVX and UVIX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVIX has higher volatility (28.39%) compared to ^FVX (4.47%). In terms of maximum drawdown, ^FVX dropped -98.80% vs UVIX's -99.98%.
^FVX currently has the higher Sharpe Ratio (0.70 vs -0.73), 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.
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