DXD vs. UVXY
DXD (ProShares UltraShort Dow30) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - DXD 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, DXD returned -24.85%/yr vs -71.00%/yr for UVXY. Their 0.72 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.
Performance
DXD vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, DXD achieves a -20.27% return, which is significantly higher than UVXY's -35.49% return. Over the past 10 years, DXD has outperformed UVXY with an annualized return of -24.85%, while UVXY has yielded a comparatively lower -71.00% annualized return.
DXD
- 1D
- -3.36%
- 1M
- -4.22%
- 6M
- -16.65%
- YTD
- -20.27%
- 1Y
- -31.35%
- 3Y*
- -22.34%
- 5Y*
- -16.28%
- 10Y*
- -24.85%
- ALL TIME*
- -23.41%
UVXY
- 1D
- 1.09%
- 1M
- -6.53%
- 6M
- -36.87%
- YTD
- -35.49%
- 1Y
- -70.28%
- 3Y*
- -63.63%
- 5Y*
- -67.81%
- 10Y*
- -71.00%
- ALL TIME*
- -80.16%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $12.93M | $11.34M | $30.23M | |
| $189.58M | $189.56M | $234.35M |
DXD vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DXD ProShares UltraShort Dow30 | -20.27% | -21.11% | -16.07% | -18.77% | 7.09% | -35.18% | -44.57% | -35.33% | 3.07% | -38.64% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.49% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between DXD and UVXY is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| 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 DXD and UVXY has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.
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Return for Risk
DXD vs. UVXY — Risk / Return Rank
DXD
UVXY
DXD vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Dow30 (DXD) 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.
| DXD | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.84 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.99 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.83 | -1.47 | -0.36 |
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Drawdowns
DXD vs. UVXY - Drawdown Comparison
The maximum DXD drawdown since its inception was -99.73%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for DXD and UVXY.
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Drawdown Indicators
| DXD | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.73% | -100.00% | +0.27% |
Max Drawdown (1Y)Largest decline over 1 year | -32.02% | -71.36% | +39.34% |
Max Drawdown (3Y)Largest decline over 3 years | -60.60% | -95.42% | +34.82% |
Max Drawdown (5Y)Largest decline over 5 years | -68.37% | -99.68% | +31.31% |
Max Drawdown (10Y)Largest decline over 10 years | -94.55% | -100.00% | +5.45% |
Current DrawdownCurrent decline from peak | -99.73% | -100.00% | +0.27% |
Average DrawdownAverage peak-to-trough decline | -82.43% | -98.76% | +16.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.15% | 47.86% | -30.71% |
Volatility
DXD vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraShort Dow30 (DXD) is 8.39%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 21.98%. This indicates that DXD 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
| DXD | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.39% | 21.98% | -13.59% |
Volatility (6M)Calculated over the trailing 6-month period | 20.20% | 65.18% | -44.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.32% | 86.32% | -61.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.65% | 103.35% | -73.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.94% | 112.07% | -77.13% |
DXD vs. UVXY - Expense Ratio Comparison
Both DXD and UVXY have an expense ratio of 0.95%.
Dividends
DXD vs. UVXY - Dividend Comparison
DXD's dividend yield for the trailing twelve months is around 4.27%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DXD ProShares UltraShort Dow30 | 4.27% | 4.25% | 5.91% | 3.87% | 0.25% | 0.00% | 0.31% | 1.76% | 1.15% | 0.12% |
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% |
Frequently Asked Questions
DXD 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 (21.98%) compared to DXD (8.39%). In terms of maximum drawdown, DXD dropped -99.73% vs UVXY's -100.00%.
On 10-year performance, DXD leads with -24.85% vs -71.00% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, DXD has been the lower-risk option at 8.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DXD has performed better with a -24.85% return vs -71.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DXD and UVXY have the same expense ratio: 0.95% per year.
DXD has the higher dividend yield at 4.27%, compared with 0.00% for UVXY.
DXD is categorized as Leveraged Equities, while UVXY is Volatility. DXD tracks Dow Jones Industrial Average Index (-200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UVXY currently has the higher Sharpe Ratio (-0.82 vs -1.25), 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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