DLLL vs. UVXY

Last updated Jun 4, 2026

DLLL (GraniteShares 2x Long DELL Daily ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - DLLL is a Leveraged Equities fund tracking the Dell Technologies Inc. (DELL), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past year, DLLL returned 850.63% vs -72.91% for UVXY. At a correlation of -0.43, they often move in opposite directions. DLLL charges 1.50%/yr vs 0.95%/yr for UVXY.

Performance

DLLL vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long DELL Daily ETF (DLLL) 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, DLLL achieves a 757.76% return, which is significantly higher than UVXY's -19.06% return.

DLLL

• 1D: -6.45%
• 1M: 245.92%
• YTD: 757.76%
• 6M: 648.38%
• 1Y: 850.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UVXY

• 1D: -0.24%
• 1M: -22.10%
• YTD: -19.06%
• 6M: -37.37%
• 1Y: -72.91%
• 3Y*: -64.55%
• 5Y*: -67.90%
• 10Y*: -72.67%

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

DLLL vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025
DLLL GraniteShares 2x Long DELL Daily ETF	757.76%	-3.72%
UVXY ProShares Ultra VIX Short-Term Futures ETF	-19.06%	-60.06%

Correlation

The correlation between DLLL and UVXY is -0.31, 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	-0.31
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025	-0.43

The correlation between DLLL and UVXY shifts across timeframes, from -0.43 (all time) to -0.31 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DLLL vs. UVXY — Risk / Return Rank

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

DLLL

DLLL Risk / Return Rank: 95
DLLL Sharpe Ratio Rank: 99
DLLL Sortino Ratio Rank: 94
DLLL Omega Ratio Rank: 91
DLLL Calmar Ratio Rank: 98
DLLL Martin Ratio Rank: 95

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: 1
UVXY Martin Ratio Rank: 2

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.

DLLL vs. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long DELL Daily ETF (DLLL) 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.

	DLLL	UVXY	Difference
Sharpe ratio: Return per unit of total volatility	6.65	-0.87	+7.52
Sortino ratio: Return per unit of downside risk	4.81	-1.60	+6.42
Omega ratio: Gain probability vs. loss probability	1.60	0.82	+0.78
Calmar ratio: Return relative to maximum drawdown	15.02	-0.97	+16.00
Martin ratio: Return relative to average drawdown	31.34	-1.31	+32.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DLLL vs. UVXY - Sharpe Ratio Comparison

The current DLLL Sharpe Ratio is 6.65, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of DLLL 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.

Sharpe Ratios by Period

	DLLL	UVXY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.65	-0.87	+7.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.64	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.16	-0.68	+3.83

Drawdowns

DLLL vs. UVXY - Drawdown Comparison

The maximum DLLL drawdown since its inception was -68.58%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for DLLL and UVXY.

Drawdown Indicators

	DLLL	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-68.58%	-100.00%	+31.42%
Max Drawdown (1Y) Largest decline over 1 year	-57.19%	-75.22%	+18.03%
Max Drawdown (3Y) Largest decline over 3 years	—	-95.45%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-99.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-100.00%	—
Current Drawdown Current decline from peak	-18.86%	-100.00%	+81.14%
Average Drawdown Average peak-to-trough decline	-25.91%	-98.55%	+72.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.36%	55.63%	-28.27%

Volatility

DLLL vs. UVXY - Volatility Comparison

GraniteShares 2x Long DELL Daily ETF (DLLL) has a higher volatility of 69.39% compared to ProShares Ultra VIX Short-Term Futures ETF (UVXY) at 11.77%. This indicates that DLLL's price experiences larger fluctuations and is considered to be riskier than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DLLL	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	69.39%	11.77%	+57.62%
Volatility (6M) Calculated over the trailing 6-month period	102.08%	62.64%	+39.44%
Volatility (1Y) Calculated over the trailing 1-year period	129.28%	84.42%	+44.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	130.55%	103.85%	+26.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	130.55%	113.82%	+16.73%

DLLL vs. UVXY - Expense Ratio Comparison

DLLL has a 1.50% expense ratio, which is higher than UVXY's 0.95% expense ratio.

Dividends

DLLL vs. UVXY - Dividend Comparison

Neither DLLL nor UVXY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DLLL and UVXY in my portfolio?

DLLL and UVXY have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DLLL or UVXY?

DLLL has higher volatility (69.39%) compared to UVXY (11.77%). In terms of maximum drawdown, DLLL dropped -68.58% vs UVXY's -100.00%.

Which ETF is better, DLLL or UVXY?

On 1-year performance, DLLL leads with 850.63% vs -72.91% for UVXY. On fees, UVXY is cheaper at 0.95% per year. On volatility, UVXY has been the lower-risk option at 11.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DLLL or UVXY?

Over the 1-year period, DLLL has performed better with a 850.63% return vs -72.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DLLL or UVXY?

UVXY is cheaper with a 0.95% expense ratio, compared with 1.50% for DLLL.

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

DLLL and UVXY have nearly identical dividend yields, around 0.00%.

What is the main difference between DLLL and UVXY?

DLLL is categorized as Leveraged Equities, while UVXY is Volatility. DLLL tracks Dell Technologies Inc. (DELL), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). They also come from different issuers: GraniteShares and ProShares. Their fees differ too: 1.50% for DLLL and 0.95% for UVXY.

Which has better risk-adjusted returns?

DLLL currently has the higher Sharpe Ratio (6.65 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.