^VIX vs. UVIX
^VIX (CBOE Volatility Index) 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, ^VIX returned 13.19%/yr vs -80.80%/yr for UVIX. Their correlation of 0.88 suggests significant overlap in exposure.
Performance
^VIX vs. UVIX - Performance Comparison
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Returns By Period
In the year-to-date period, ^VIX achieves a 30.37% return, which is significantly higher than UVIX's -36.43% return.
^VIX
- 1D
- 12.79%
- 1M
- 16.71%
- YTD
- 30.37%
- 6M
- 39.21%
- 1Y
- -1.71%
- 3Y*
- 13.19%
- 5Y*
- 4.06%
- 10Y*
- -2.75%
UVIX
- 1D
- 10.67%
- 1M
- -21.26%
- YTD
- -36.43%
- 6M
- -38.89%
- 1Y
- -86.69%
- 3Y*
- -80.80%
- 5Y*
- —
- 10Y*
- —
^VIX vs. UVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
^VIX CBOE Volatility Index | 30.37% | -13.83% | 39.36% | -42.55% | 14.66% |
UVIX 2x Long VIX Futures ETF | -36.43% | -83.21% | -75.24% | -95.28% | -61.86% |
Correlation
The correlation between ^VIX and UVIX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022 | 0.88 |
The correlation between ^VIX and UVIX has been stable across timeframes, ranging from 0.88 to 0.88 - a consistent structural relationship.
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Return for Risk
^VIX vs. UVIX — Risk / Return Rank
^VIX
UVIX
^VIX vs. UVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CBOE Volatility Index (^VIX) 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.
| ^VIX | UVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +2.69 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 0.80 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.03 | -1.01 | +0.97 |
| Martin ratioReturn relative to average drawdown | -0.06 | -1.36 | +1.31 |
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Drawdowns
^VIX vs. UVIX - Drawdown Comparison
The maximum ^VIX drawdown since its inception was -88.70%, smaller than the maximum UVIX drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for ^VIX and UVIX.
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Drawdown Indicators
| ^VIX | UVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.70% | -99.98% | +11.28% |
Max Drawdown (1Y)Largest decline over 1 year | -50.66% | -86.20% | +35.54% |
Max Drawdown (3Y)Largest decline over 3 years | -74.26% | -99.36% | +25.10% |
Max Drawdown (5Y)Largest decline over 5 years | -74.26% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -85.66% | — | — |
Current DrawdownCurrent decline from peak | -76.43% | -99.97% | +23.54% |
Average DrawdownAverage peak-to-trough decline | -64.07% | -88.58% | +24.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.70% | 67.73% | -37.03% |
Volatility
^VIX vs. UVIX - Volatility Comparison
CBOE Volatility Index (^VIX) has a higher volatility of 49.16% compared to 2x Long VIX Futures ETF (UVIX) at 33.94%. This indicates that ^VIX's price experiences larger fluctuations and is considered to be riskier 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
| ^VIX | UVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 49.16% | 33.94% | +15.22% |
Volatility (6M)Calculated over the trailing 6-month period | 91.13% | 87.40% | +3.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 124.01% | 112.72% | +11.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 127.78% | 136.13% | -8.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 136.67% | 136.13% | +0.54% |
Frequently Asked Questions
^VIX and UVIX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^VIX has higher volatility (49.16%) compared to UVIX (33.94%). In terms of maximum drawdown, ^VIX dropped -88.70% vs UVIX's -99.98%.
^VIX currently has the higher Sharpe Ratio (-0.01 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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