PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
CSM vs. UVXY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CSM vs. UVXY

Last updated Jun 3, 2026

CSM (Proshares Large Cap Core Plus) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - CSM is a Long-Short fund tracking the Credit Suisse 130/30 Large-Cap 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 10 years, CSM returned 14.46%/yr vs -72.66%/yr for UVXY. At a correlation of -0.76, they often move in opposite directions. CSM charges 0.45%/yr vs 0.95%/yr for UVXY.

Performance

CSM vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Large Cap Core Plus (CSM) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, CSM achieves a 9.53% return, which is significantly higher than UVXY's -18.87% return. Over the past 10 years, CSM has outperformed UVXY with an annualized return of 14.46%, while UVXY has yielded a comparatively lower -72.66% annualized return.

CSM

1D
-0.34%
1M
5.19%
YTD
9.53%
6M
11.44%
1Y
30.50%
3Y*
22.38%
5Y*
13.79%
10Y*
14.46%

UVXY

1D
-2.67%
1M
-20.98%
YTD
-18.87%
6M
-37.65%
1Y
-73.66%
3Y*
-64.52%
5Y*
-68.37%
10Y*
-72.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CSM vs. UVXY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CSM
Proshares Large Cap Core Plus		9.53%21.84%22.09%23.50%-18.27%33.13%10.94%29.26%-7.88%22.52%
UVXY
ProShares Ultra VIX Short-Term Futures ETF		-18.87%-65.32%-50.90%-87.70%-44.81%-88.33%-17.38%-84.23%60.10%-94.17%

Correlation

The correlation between CSM and UVXY is -0.74, 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

-0.75

Correlation (3Y)
Calculated over the trailing 3-year period

-0.72

Correlation (5Y)
Calculated over the trailing 5-year period

-0.74

Correlation (10Y)
Calculated over the trailing 10-year period

-0.74

Correlation (All Time)
Calculated using the full available price history since Oct 5, 2011

-0.76

The correlation between CSM and UVXY has been stable across timeframes, ranging from -0.76 to -0.72 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Proshares Large Cap Core Plus

ProShares Ultra VIX Short-Term Futures ETF

Often compared with CSM:
CSM vs. SPYCSM vs. VOOCSM vs. QQQCSM vs. VTICSM vs. BRK-BCSM vs. BDGSCSM vs. ^GSPC
Often compared with UVXY:
UVXY vs. UVIXUVXY vs. VXXUVXY vs. VIXYUVXY vs. SVXYUVXY vs. SQQQUVXY vs. SPYUVXY vs. SPXS

Return for Risk

CSM vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CSM
CSM Risk / Return Rank: 7474
Overall Rank
CSM Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
CSM Sortino Ratio Rank: 7878
Sortino Ratio Rank
CSM Omega Ratio Rank: 7575
Omega Ratio Rank
CSM Calmar Ratio Rank: 6464
Calmar Ratio Rank
CSM Martin Ratio Rank: 7474
Martin Ratio Rank
UVXY
UVXY Risk / Return Rank: 11
Overall Rank
UVXY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
UVXY Sortino Ratio Rank: 11
Sortino Ratio Rank
UVXY Omega Ratio Rank: 11
Omega Ratio Rank
UVXY Calmar Ratio Rank: 00
Calmar Ratio Rank
UVXY Martin Ratio Rank: 22
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CSM vs. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Large Cap Core Plus (CSM) 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.

CSMUVXYDifference

Sharpe ratio

Return per unit of total volatility

2.57

-0.87

+3.45

Sortino ratio

Return per unit of downside risk

3.52

-1.65

+5.17

Omega ratio

Gain probability vs. loss probability

1.45

0.81

+0.64

Calmar ratio

Return relative to maximum drawdown

3.26

-0.99

+4.25

Martin ratio

Return relative to average drawdown

14.22

-1.34

+15.56

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSM vs. UVXY - Sharpe Ratio Comparison

The current CSM Sharpe Ratio is 2.57, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of CSM and UVXY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

CSMUVXYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.57

-0.87

+3.45

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.81

-0.66

+1.47

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.79

-0.64

+1.43

Sharpe Ratio (All Time)

Calculated using the full available price history

0.86

-0.68

+1.54

Drawdowns

CSM vs. UVXY - Drawdown Comparison

The maximum CSM drawdown since its inception was -36.11%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for CSM and UVXY.

Loading charts...

Drawdown Indicators

CSMUVXYDifference

Max Drawdown

Largest peak-to-trough decline

-36.11%

-100.00%

+63.89%

Max Drawdown (1Y)

Largest decline over 1 year

-9.40%

-75.22%

+65.82%

Max Drawdown (3Y)

Largest decline over 3 years

-18.30%

-95.59%

+77.29%

Max Drawdown (5Y)

Largest decline over 5 years

-23.82%

-99.68%

+75.86%

Max Drawdown (10Y)

Largest decline over 10 years

-36.11%

-100.00%

+63.89%

Current Drawdown

Current decline from peak

-0.34%

-100.00%

+99.66%

Average Drawdown

Average peak-to-trough decline

-4.04%

-98.55%

+94.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.15%

55.43%

-53.28%

Volatility

CSM vs. UVXY - Volatility Comparison

The current volatility for Proshares Large Cap Core Plus (CSM) is 2.74%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.97%. This indicates that CSM 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.

Loading charts...

Volatility by Period

CSMUVXYDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.74%

11.97%

-9.23%

Volatility (6M)

Calculated over the trailing 6-month period

8.78%

62.65%

-53.87%

Volatility (1Y)

Calculated over the trailing 1-year period

11.91%

84.44%

-72.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.11%

103.85%

-86.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.38%

113.85%

-95.47%

CSM vs. UVXY - Expense Ratio Comparison

CSM has a 0.45% expense ratio, which is lower than UVXY's 0.95% expense ratio.

Dividends

CSM vs. UVXY - Dividend Comparison

CSM's dividend yield for the trailing twelve months is around 1.00%, while UVXY has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
CSM
Proshares Large Cap Core Plus		1.00%1.04%1.06%1.17%1.37%0.78%1.21%1.41%1.54%1.28%1.49%1.67%
UVXY
ProShares Ultra VIX Short-Term Futures ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

CSM and UVXY have a correlation of -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UVXY has higher volatility (11.97%) compared to CSM (2.74%). In terms of maximum drawdown, CSM dropped -36.11% vs UVXY's -100.00%.

On 10-year performance, CSM leads with 14.46% vs -72.66% for UVXY. On fees, CSM is cheaper at 0.45% per year. On volatility, CSM has been the lower-risk option at 2.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, CSM has performed better with a 14.46% return vs -72.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

CSM is cheaper with a 0.45% expense ratio, compared with 0.95% for UVXY.

CSM has the higher dividend yield at 1.00%, compared with 0.00% for UVXY.

CSM is categorized as Long-Short, while UVXY is Volatility. CSM tracks Credit Suisse 130/30 Large-Cap Index, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.45% for CSM and 0.95% for UVXY.

CSM currently has the higher Sharpe Ratio (2.57 vs -0.87), 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.

Portfolio Optimizer

Find the right allocation for CSM and UVXY

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer