^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 2.17%/yr vs -80.80%/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 14.48% return, which is significantly higher than UVIX's -36.43% return.
^FVX
- 1D
- 0.85%
- 1M
- 0.12%
- YTD
- 14.48%
- 6M
- 14.11%
- 1Y
- 9.71%
- 3Y*
- 2.17%
- 5Y*
- 36.26%
- 10Y*
- 14.56%
UVIX
- 1D
- 10.67%
- 1M
- -21.26%
- YTD
- -36.43%
- 6M
- -38.89%
- 1Y
- -86.69%
- 3Y*
- -80.80%
- 5Y*
- —
- 10Y*
- —
^FVX vs. UVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
^FVX Treasury Yield 5 Years | 14.48% | -15.02% | 14.06% | -4.00% | 60.97% |
UVIX 2x Long VIX Futures ETF | -36.43% | -83.21% | -75.24% | -95.28% | -61.86% |
Correlation
The correlation between ^FVX and UVIX is 0.04, 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 | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 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 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 | +1.31 | ||
| Sortino ratioReturn per unit of downside risk | +2.61 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 0.80 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | -1.01 | +1.74 |
| Martin ratioReturn relative to average drawdown | 1.38 | -1.36 | +2.75 |
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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 | -13.28% | -86.20% | +72.92% |
Max Drawdown (3Y)Largest decline over 3 years | -31.36% | -99.36% | +68.00% |
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 | -73.81% | -99.97% | +26.16% |
Average DrawdownAverage peak-to-trough decline | -58.54% | -88.58% | +30.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.07% | 67.73% | -60.66% |
Volatility
^FVX vs. UVIX - Volatility Comparison
The current volatility for Treasury Yield 5 Years (^FVX) is 4.55%, while 2x Long VIX Futures ETF (UVIX) has a volatility of 33.94%. 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 | 4.55% | 33.94% | -29.39% |
Volatility (6M)Calculated over the trailing 6-month period | 13.26% | 87.40% | -74.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.35% | 112.72% | -94.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.00% | 136.13% | -98.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.42% | 136.13% | -77.71% |
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 (33.94%) compared to ^FVX (4.55%). In terms of maximum drawdown, ^FVX dropped -98.80% vs UVIX's -99.98%.
^FVX currently has the higher Sharpe Ratio (0.54 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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