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 -24.63%/yr vs -72.67%/yr for UVXY. A 0.72 correlation means they provide meaningful diversification when combined. 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 -9.74% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, DXD has outperformed UVXY with an annualized return of -24.63%, while UVXY has yielded a comparatively lower -72.67% annualized return.
DXD
- 1D
- 2.28%
- 1M
- -6.78%
- YTD
- -9.74%
- 6M
- -9.98%
- 1Y
- -27.07%
- 3Y*
- -20.70%
- 5Y*
- -14.66%
- 10Y*
- -24.63%
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%
DXD vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DXD ProShares UltraShort Dow30 | -9.74% | -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 | -19.06% | -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 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | 0.72 |
The correlation between DXD and UVXY has been stable across timeframes, ranging from 0.64 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.
| DXD | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.82 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | -0.97 | +0.07 |
| Martin ratioReturn relative to average drawdown | -1.45 | -1.31 | -0.14 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DXD | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.12 | -0.87 | -0.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.50 | -0.66 | +0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.71 | -0.64 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.64 | -0.68 | +0.04 |
Drawdowns
DXD vs. UVXY - Drawdown Comparison
The maximum DXD drawdown since its inception was -99.70%, 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 | -99.70% | -100.00% | +0.30% |
Max Drawdown (1Y)Largest decline over 1 year | -30.09% | -75.22% | +45.13% |
Max Drawdown (3Y)Largest decline over 3 years | -56.40% | -95.45% | +39.05% |
Max Drawdown (5Y)Largest decline over 5 years | -64.99% | -99.68% | +34.69% |
Max Drawdown (10Y)Largest decline over 10 years | -94.60% | -100.00% | +5.40% |
Current DrawdownCurrent decline from peak | -99.70% | -100.00% | +0.30% |
Average DrawdownAverage peak-to-trough decline | -82.30% | -98.55% | +16.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.64% | 55.63% | -36.99% |
Volatility
DXD vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraShort Dow30 (DXD) is 5.98%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. 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 | 5.98% | 11.77% | -5.79% |
Volatility (6M)Calculated over the trailing 6-month period | 18.80% | 62.64% | -43.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.30% | 84.42% | -60.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.49% | 103.85% | -74.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.91% | 113.82% | -78.91% |
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 4.10%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DXD ProShares UltraShort Dow30 | 4.10% | 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 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (11.77%) compared to DXD (5.98%). In terms of maximum drawdown, DXD dropped -99.70% vs UVXY's -100.00%.
On 10-year performance, DXD leads with -24.63% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, DXD has been the lower-risk option at 5.98%. 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 -24.63% return vs -72.67%. 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 4.10%, 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 (-0.87 vs -1.12), 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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