ANEW vs. UVXY
ANEW (ProShares MSCI Transformational Changes ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - ANEW is a Large Cap Growth Equities fund tracking the MSCI Global Transformational Changes Index, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 5 years, ANEW returned 2.54%/yr vs -66.83%/yr for UVXY. At a correlation of -0.68, they often move in opposite directions. ANEW charges 0.45%/yr vs 0.95%/yr for UVXY.
Performance
ANEW vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, ANEW achieves a -0.34% return, which is significantly higher than UVXY's -23.04% return.
ANEW
- 1D
- 0.26%
- 1M
- -0.95%
- YTD
- -0.34%
- 6M
- -1.41%
- 1Y
- 1.85%
- 3Y*
- 12.35%
- 5Y*
- 2.54%
- 10Y*
- —
UVXY
- 1D
- -1.25%
- 1M
- -15.98%
- YTD
- -23.04%
- 6M
- -25.05%
- 1Y
- -71.58%
- 3Y*
- -62.12%
- 5Y*
- -66.83%
- 10Y*
- -73.88%
ANEW vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ANEW ProShares MSCI Transformational Changes ETF | -0.34% | 12.01% | 19.37% | 22.81% | -29.62% | 6.95% | 5.40% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -23.04% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -36.11% |
Correlation
The correlation between ANEW and UVXY is -0.65, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.69 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2020 | -0.68 |
The correlation between ANEW and UVXY has been stable across timeframes, ranging from -0.69 to -0.65 - a consistent structural relationship.
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Return for Risk
ANEW vs. UVXY — Risk / Return Rank
ANEW
UVXY
ANEW vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares MSCI Transformational Changes ETF (ANEW) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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.
| ANEW | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.98 | ||
| Sortino ratioReturn per unit of downside risk | +1.80 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.83 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.12 | -0.98 | +1.10 |
| Martin ratioReturn relative to average drawdown | 0.32 | -1.42 | +1.75 |
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Drawdowns
ANEW vs. UVXY - Drawdown Comparison
The maximum ANEW drawdown since its inception was -39.87%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ANEW and UVXY.
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Drawdown Indicators
| ANEW | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.87% | -100.00% | +60.13% |
Max Drawdown (1Y)Largest decline over 1 year | -16.12% | -72.99% | +56.87% |
Max Drawdown (3Y)Largest decline over 3 years | -20.26% | -94.91% | +74.65% |
Max Drawdown (5Y)Largest decline over 5 years | -39.87% | -99.71% | +59.84% |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -5.20% | -100.00% | +94.80% |
Average DrawdownAverage peak-to-trough decline | -13.28% | -98.75% | +85.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.72% | 51.19% | -45.47% |
Volatility
ANEW vs. UVXY - Volatility Comparison
The current volatility for ProShares MSCI Transformational Changes ETF (ANEW) is 4.73%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.80%. This indicates that ANEW experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ANEW | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.73% | 25.80% | -21.07% |
Volatility (6M)Calculated over the trailing 6-month period | 10.56% | 66.21% | -55.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.68% | 85.44% | -71.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.89% | 103.95% | -85.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.79% | 112.37% | -93.58% |
ANEW vs. UVXY - Expense Ratio Comparison
ANEW has a 0.45% expense ratio, which is lower than UVXY's 0.95% expense ratio.
Dividends
ANEW vs. UVXY - Dividend Comparison
ANEW's dividend yield for the trailing twelve months is around 0.63%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
ANEW ProShares MSCI Transformational Changes ETF | 0.63% | 0.54% | 1.08% | 0.87% | 1.05% | 0.24% | 0.04% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ANEW and UVXY have a correlation of -0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.80%) compared to ANEW (4.73%). In terms of maximum drawdown, ANEW dropped -39.87% vs UVXY's -100.00%.
On 5-year performance, ANEW leads with 2.54% vs -66.83% for UVXY. On fees, ANEW is cheaper at 0.45% per year. On volatility, ANEW has been the lower-risk option at 4.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, ANEW has performed better with a 2.54% return vs -66.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ANEW is cheaper with a 0.45% expense ratio, compared with 0.95% for UVXY.
ANEW has the higher dividend yield at 0.63%, compared with 0.00% for UVXY.
ANEW is categorized as Large Cap Growth Equities, while UVXY is Volatility. ANEW tracks MSCI Global Transformational Changes Index, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.45% for ANEW and 0.95% for UVXY.
ANEW currently has the higher Sharpe Ratio (0.14 vs -0.84), 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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