CSM vs. UVXY
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 13.96%/yr vs -72.05%/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
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Returns By Period
In the year-to-date period, CSM achieves a 8.50% return, which is significantly higher than UVXY's -32.31% return. Over the past 10 years, CSM has outperformed UVXY with an annualized return of 13.96%, while UVXY has yielded a comparatively lower -72.05% annualized return.
CSM
- 1D
- -0.66%
- 1M
- 1.32%
- 6M
- 7.25%
- YTD
- 8.50%
- 1Y
- 22.48%
- 3Y*
- 19.76%
- 5Y*
- 12.63%
- 10Y*
- 13.96%
UVXY
- 1D
- 4.92%
- 1M
- -15.35%
- 6M
- -29.18%
- YTD
- -32.31%
- 1Y
- -71.44%
- 3Y*
- -61.73%
- 5Y*
- -67.56%
- 10Y*
- -72.05%
CSM vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CSM Proshares Large Cap Core Plus | 8.50% | 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 | -32.31% | -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 -0.76, 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 | -0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.74 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.76 |
The correlation between CSM and UVXY has been stable across timeframes, ranging from -0.76 to -0.74 - a consistent structural relationship.
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Return for Risk
CSM vs. UVXY — Risk / Return Rank
CSM
UVXY
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.
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.
| CSM | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.67 | ||
| Sortino ratioReturn per unit of downside risk | +4.03 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.83 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | -0.98 | +3.38 |
| Martin ratioReturn relative to average drawdown | 9.80 | -1.46 | +11.26 |
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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.
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Drawdown Indicators
| CSM | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.11% | -100.00% | +63.89% |
Max Drawdown (1Y)Largest decline over 1 year | -9.40% | -73.42% | +64.02% |
Max Drawdown (3Y)Largest decline over 3 years | -18.30% | -95.32% | +77.02% |
Max Drawdown (5Y)Largest decline over 5 years | -23.82% | -99.74% | +75.92% |
Max Drawdown (10Y)Largest decline over 10 years | -36.11% | -100.00% | +63.89% |
Current DrawdownCurrent decline from peak | -1.28% | -100.00% | +98.72% |
Average DrawdownAverage peak-to-trough decline | -4.03% | -98.75% | +94.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.30% | 48.91% | -46.61% |
Volatility
CSM vs. UVXY - Volatility Comparison
The current volatility for Proshares Large Cap Core Plus (CSM) is 3.67%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 21.23%. 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.
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Volatility by Period
| CSM | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.67% | 21.23% | -17.56% |
Volatility (6M)Calculated over the trailing 6-month period | 9.56% | 66.69% | -57.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.37% | 85.49% | -73.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.18% | 103.84% | -86.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.36% | 112.03% | -93.67% |
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 1.04%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSM Proshares Large Cap Core Plus | 1.04% | 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 -0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (21.23%) compared to CSM (3.67%). In terms of maximum drawdown, CSM dropped -36.11% vs UVXY's -100.00%.
On 10-year performance, CSM leads with 13.96% vs -72.05% for UVXY. On fees, CSM is cheaper at 0.45% per year. On volatility, CSM has been the lower-risk option at 3.67%. 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 13.96% return vs -72.05%. 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 1.04%, 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 (1.83 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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