^FVX vs. UVIX
^FVX (Treasury Yield 5 Years) is an index, while UVIX (Volatility Shares 2x Long VIX Futures ETF) is Volatility fund tracking the Long VIX Futures Index – Benchmark TR Gross (200%). Over the past 3 years, ^FVX returned 2.83%/yr vs -82.43%/yr for UVIX. At a 0.02 correlation, their price movements are largely independent.
Performance
^FVX vs. UVIX - Performance Comparison
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Returns By Period
In the year-to-date period, ^FVX achieves a 12.22% return, which is significantly higher than UVIX's -31.87% return.
^FVX
- 1D
- -0.22%
- 1M
- 3.88%
- YTD
- 12.22%
- 6M
- 14.16%
- 1Y
- 3.98%
- 3Y*
- 2.83%
- 5Y*
- 37.66%
- 10Y*
- 12.99%
UVIX
- 1D
- -0.26%
- 1M
- -29.01%
- YTD
- -31.87%
- 6M
- -51.86%
- 1Y
- -85.80%
- 3Y*
- -82.43%
- 5Y*
- —
- 10Y*
- —
^FVX vs. UVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
^FVX Treasury Yield 5 Years | 12.22% | -15.02% | 14.06% | -4.00% | 63.40% |
UVIX Volatility Shares 2x Long VIX Futures ETF | -31.87% | -83.21% | -75.24% | -95.28% | -62.08% |
Correlation
The correlation between ^FVX and UVIX is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022 | 0.02 |
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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 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 ratioReturn per unit of total volatility | 0.21 | -0.77 | +0.98 |
Sortino ratioReturn per unit of downside risk | 0.43 | -1.70 | +2.13 |
Omega ratioGain probability vs. loss probability | 1.05 | 0.81 | +0.24 |
Calmar ratioReturn relative to maximum drawdown | 0.33 | -0.98 | +1.32 |
Martin ratioReturn relative to average drawdown | 0.58 | -1.26 | +1.85 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ^FVX | UVIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.21 | -0.77 | +0.98 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.98 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.22 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.01 | -0.62 | +0.60 |
Drawdowns
^FVX vs. UVIX - Drawdown Comparison
The maximum ^FVX drawdown since its inception was -97.53%, roughly equal to the maximum UVIX drawdown of -99.97%. 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 | -97.53% | -99.97% | +2.44% |
Max Drawdown (1Y)Largest decline over 1 year | -14.88% | -87.35% | +72.47% |
Max Drawdown (3Y)Largest decline over 3 years | -31.36% | -99.44% | +68.08% |
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 | -47.10% | -99.97% | +52.87% |
Average DrawdownAverage peak-to-trough decline | -56.54% | -88.52% | +31.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.52% | 67.78% | -59.26% |
Volatility
^FVX vs. UVIX - Volatility Comparison
The current volatility for Treasury Yield 5 Years (^FVX) is 5.99%, while Volatility Shares 2x Long VIX Futures ETF (UVIX) has a volatility of 15.41%. 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 | 5.99% | 15.41% | -9.42% |
Volatility (6M)Calculated over the trailing 6-month period | 13.21% | 82.35% | -69.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.75% | 111.51% | -92.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.75% | 136.15% | -97.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.61% | 136.15% | -77.54% |
Frequently Asked Questions
^FVX and UVIX have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVIX has higher volatility (15.41%) compared to ^FVX (5.99%). In terms of maximum drawdown, ^FVX dropped -97.53% vs UVIX's -99.97%.
^FVX currently has the higher Sharpe Ratio (0.21 vs -0.77), 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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