DDM vs. UVXY
DDM (ProShares Ultra Dow30) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - DDM is a Leveraged Equities fund tracking the Dow Jones Industrial Average Index (200%), 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, DDM returned 20.08%/yr vs -71.14%/yr for UVXY. Their -0.72 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
DDM vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, DDM achieves a 24.32% return, which is significantly higher than UVXY's -38.60% return. Over the past 10 years, DDM has outperformed UVXY with an annualized return of 20.08%, while UVXY has yielded a comparatively lower -71.14% annualized return.
DDM
- 1D
- 0.86%
- 1M
- 4.37%
- 6M
- 17.92%
- YTD
- 24.32%
- 1Y
- 45.60%
- 3Y*
- 27.53%
- 5Y*
- 14.31%
- 10Y*
- 20.08%
- ALL TIME*
- 14.76%
UVXY
- 1D
- -4.83%
- 1M
- -7.27%
- 6M
- -41.44%
- YTD
- -38.60%
- 1Y
- -72.18%
- 3Y*
- -64.22%
- 5Y*
- -67.88%
- 10Y*
- -71.14%
- ALL TIME*
- -80.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.79M | $13.61M | $11.73M | |
| $192.80M | $190.57M | $230.93M |
DDM vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DDM ProShares Ultra Dow30 | 24.32% | 20.59% | 21.60% | 24.34% | -19.48% | 41.97% | 2.14% | 47.98% | -13.46% | 59.56% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -38.60% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between DDM and UVXY is -0.71, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.71 |
Correlation (3Y) Balances recent behavior with more history. | -0.67 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.69 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.69 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.72 |
The correlation between DDM and UVXY has been stable across timeframes, ranging from -0.72 to -0.67 - a consistent structural relationship.
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Return for Risk
DDM vs. UVXY — Risk / Return Rank
DDM
UVXY
DDM vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Dow30 (DDM) 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.
| DDM | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.67 | ||
| Sortino ratioReturn per unit of downside risk | +4.02 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 0.83 | +0.48 |
| Calmar ratioReturn relative to maximum drawdown | 2.37 | -1.02 | +3.39 |
| Martin ratioReturn relative to average drawdown | 8.73 | -1.56 | +10.29 |
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Drawdowns
DDM vs. UVXY - Drawdown Comparison
The maximum DDM drawdown since its inception was -81.70%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for DDM and UVXY.
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Drawdown Indicators
| DDM | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.70% | -100.00% | +18.30% |
Max Drawdown (1Y)Largest decline over 1 year | -19.31% | -71.05% | +51.74% |
Max Drawdown (3Y)Largest decline over 3 years | -31.62% | -95.55% | +63.93% |
Max Drawdown (5Y)Largest decline over 5 years | -40.18% | -99.69% | +59.51% |
Max Drawdown (10Y)Largest decline over 10 years | -63.13% | -100.00% | +36.87% |
Current DrawdownCurrent decline from peak | 0.00% | -100.00% | +100.00% |
Average DrawdownAverage peak-to-trough decline | -17.20% | -98.76% | +81.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.24% | 48.08% | -42.84% |
Volatility
DDM vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra Dow30 (DDM) is 8.29%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.42%. This indicates that DDM 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
| DDM | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.29% | 22.42% | -14.13% |
Volatility (6M)Calculated over the trailing 6-month period | 20.01% | 65.04% | -45.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.12% | 85.86% | -60.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.67% | 103.36% | -73.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.78% | 112.06% | -77.28% |
DDM vs. UVXY - Expense Ratio Comparison
Both DDM and UVXY have an expense ratio of 0.95%.
Dividends
DDM vs. UVXY - Dividend Comparison
DDM's dividend yield for the trailing twelve months is around 0.87%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DDM ProShares Ultra Dow30 | 0.87% | 0.94% | 1.00% | 0.27% | 0.83% | 0.18% | 0.31% | 0.62% | 0.89% | 0.68% | 1.08% | 1.23% |
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
DDM and UVXY have a correlation of -0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.42%) compared to DDM (8.29%). In terms of maximum drawdown, DDM dropped -81.70% vs UVXY's -100.00%.
On 10-year performance, DDM leads with 20.08% vs -71.14% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, DDM has been the lower-risk option at 8.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DDM has performed better with a 20.08% return vs -71.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DDM and UVXY have the same expense ratio: 0.95% per year.
DDM has the higher dividend yield at 0.87%, compared with 0.00% for UVXY.
DDM is categorized as Leveraged Equities, while UVXY is Volatility. DDM tracks Dow Jones Industrial Average Index (200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
DDM currently has the higher Sharpe Ratio (1.82 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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