CTEX vs. UVXY

Last updated Jun 24, 2026

CTEX (ProShares S&P Kensho Cleantech ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - CTEX is a Alternative Energy Equities fund tracking the S&P Kensho Cleantech 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 3 years, CTEX returned 11.07%/yr vs -61.96%/yr for UVXY. At a correlation of -0.50, they often move in opposite directions. CTEX charges 0.58%/yr vs 0.95%/yr for UVXY.

Performance

CTEX vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P Kensho Cleantech ETF (CTEX) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CTEX achieves a 20.77% return, which is significantly higher than UVXY's -22.07% return.

CTEX

• 1D: -6.36%
• 1M: -8.02%
• YTD: 20.77%
• 6M: 16.43%
• 1Y: 116.42%
• 3Y*: 11.07%
• 5Y*: —
• 10Y*: —

UVXY

• 1D: 8.28%
• 1M: -14.92%
• YTD: -22.07%
• 6M: -24.28%
• 1Y: -74.07%
• 3Y*: -61.96%
• 5Y*: -66.90%
• 10Y*: -73.85%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CTEX vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CTEX ProShares S&P Kensho Cleantech ETF	20.77%	67.74%	-20.38%	-10.25%	-20.38%	-6.68%
UVXY ProShares Ultra VIX Short-Term Futures ETF	-22.07%	-65.32%	-50.90%	-87.70%	-44.81%	-49.33%

Correlation

The correlation between CTEX and UVXY is -0.47, 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	-0.47
Correlation (3Y) Calculated over the trailing 3-year period	-0.46
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	-0.50

The correlation between CTEX and UVXY has been stable across timeframes, ranging from -0.50 to -0.46 - a consistent structural relationship.

Return for Risk

CTEX vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CTEX

CTEX Risk / Return Rank: 79
CTEX Sharpe Ratio Rank: 87
CTEX Sortino Ratio Rank: 71
CTEX Omega Ratio Rank: 69
CTEX Calmar Ratio Rank: 90
CTEX Martin Ratio Rank: 77

UVXY

UVXY Risk / Return Rank: 1
UVXY Sharpe Ratio Rank: 2
UVXY Sortino Ratio Rank: 1
UVXY Omega Ratio Rank: 1
UVXY Calmar Ratio Rank: 0
UVXY Martin Ratio Rank: 1

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.

CTEX vs. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P Kensho Cleantech ETF (CTEX) 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.

	CTEX	UVXY	Difference
Sharpe ratio: Return per unit of total volatility	2.65	-0.87	+3.52
Sortino ratio: Return per unit of downside risk	2.98	-1.64	+4.62
Omega ratio: Gain probability vs. loss probability	1.38	0.81	+0.56
Calmar ratio: Return relative to maximum drawdown	5.35	-1.01	+6.35
Martin ratio: Return relative to average drawdown	13.69	-1.45	+15.15

CTEX vs. UVXY - Sharpe Ratio Comparison

The current CTEX Sharpe Ratio is 2.65, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of CTEX 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.

Drawdowns

CTEX vs. UVXY - Drawdown Comparison

The maximum CTEX drawdown since its inception was -70.31%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for CTEX and UVXY.

Drawdown Indicators

	CTEX	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-70.31%	-100.00%	+29.69%
Max Drawdown (1Y) Largest decline over 1 year	-21.90%	-73.51%	+51.61%
Max Drawdown (3Y) Largest decline over 3 years	-56.83%	-94.93%	+38.10%
Max Drawdown (5Y) Largest decline over 5 years	—	-99.71%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-100.00%	—
Current Drawdown Current decline from peak	-17.23%	-100.00%	+82.77%
Average Drawdown Average peak-to-trough decline	-41.61%	-98.75%	+57.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.53%	55.34%	-46.81%

Volatility

CTEX vs. UVXY - Volatility Comparison

The current volatility for ProShares S&P Kensho Cleantech ETF (CTEX) is 19.24%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.85%. This indicates that CTEX 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.

Volatility by Period

	CTEX	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.24%	25.85%	-6.61%
Volatility (6M) Calculated over the trailing 6-month period	32.48%	66.46%	-33.98%
Volatility (1Y) Calculated over the trailing 1-year period	44.17%	85.46%	-41.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.59%	103.96%	-60.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.59%	112.39%	-68.80%

CTEX vs. UVXY - Expense Ratio Comparison

CTEX has a 0.58% expense ratio, which is lower than UVXY's 0.95% expense ratio.

Dividends

CTEX vs. UVXY - Dividend Comparison

CTEX's dividend yield for the trailing twelve months is around 1.73%, while UVXY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CTEX ProShares S&P Kensho Cleantech ETF	1.73%	2.17%	0.57%	0.12%
UVXY ProShares Ultra VIX Short-Term Futures ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CTEX and UVXY in my portfolio?

CTEX and UVXY have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CTEX or UVXY?

UVXY has higher volatility (25.85%) compared to CTEX (19.24%). In terms of maximum drawdown, CTEX dropped -70.31% vs UVXY's -100.00%.

Which ETF is better, CTEX or UVXY?

On 3-year performance, CTEX leads with 11.07% vs -61.96% for UVXY. On fees, CTEX is cheaper at 0.58% per year. On volatility, CTEX has been the lower-risk option at 19.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CTEX or UVXY?

Over the 3-year period, CTEX has performed better with a 11.07% return vs -61.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CTEX or UVXY?

CTEX is cheaper with a 0.58% expense ratio, compared with 0.95% for UVXY.

Which ETF pays a higher dividend yield, CTEX or UVXY?

CTEX has the higher dividend yield at 1.73%, compared with 0.00% for UVXY.

What is the main difference between CTEX and UVXY?

CTEX is categorized as Alternative Energy Equities, while UVXY is Volatility. CTEX tracks S&P Kensho Cleantech Index, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.58% for CTEX and 0.95% for UVXY.

Which has better risk-adjusted returns?

CTEX currently has the higher Sharpe Ratio (2.65 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.