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EEV vs. UVXY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EEV vs. UVXY

Last updated Jun 4, 2026

EEV (ProShares UltraShort MSCI Emerging Markets) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - EEV is a Leveraged Equities fund tracking the MSCI Emerging Markets 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, EEV returned -24.13%/yr vs -72.67%/yr for UVXY. A 0.60 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

EEV vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort MSCI Emerging Markets (EEV) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EEV achieves a -42.06% return, which is significantly lower than UVXY's -19.06% return. Over the past 10 years, EEV has outperformed UVXY with an annualized return of -24.13%, while UVXY has yielded a comparatively lower -72.67% annualized return.

EEV

1D
2.35%
1M
-17.39%
YTD
-42.06%
6M
-44.23%
1Y
-60.04%
3Y*
-34.25%
5Y*
-15.62%
10Y*
-24.13%

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)

EEV vs. UVXY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EEV
ProShares UltraShort MSCI Emerging Markets		-42.06%-43.35%-8.08%-13.08%37.05%-4.99%-48.93%-30.87%24.06%-49.03%
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 EEV and UVXY is 0.53, 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

0.53

Correlation (3Y)
Calculated over the trailing 3-year period

0.50

Correlation (5Y)
Calculated over the trailing 5-year period

0.53

Correlation (10Y)
Calculated over the trailing 10-year period

0.57

Correlation (All Time)
Calculated using the full available price history since Oct 5, 2011

0.60

The correlation between EEV and UVXY shifts across timeframes, from 0.50 (3 years) to 0.60 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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ProShares UltraShort MSCI Emerging Markets

ProShares Ultra VIX Short-Term Futures ETF

Often compared with EEV:
EEV vs. EFUEEV vs. SHRTEEV vs. ULEEEV vs. UJBEEV vs. SSGVXEEV vs. USTEEV vs. AMDG
Often compared with UVXY:
UVXY vs. UVIXUVXY vs. VXXUVXY vs. VIXYUVXY vs. SVXYUVXY vs. SQQQUVXY vs. SPYUVXY vs. SPXS

Return for Risk

EEV vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EEV
EEV Risk / Return Rank: 00
Overall Rank
EEV Sharpe Ratio Rank: 00
Sharpe Ratio Rank
EEV Sortino Ratio Rank: 00
Sortino Ratio Rank
EEV Omega Ratio Rank: 00
Omega Ratio Rank
EEV Calmar Ratio Rank: 00
Calmar Ratio Rank
EEV Martin Ratio Rank: 00
Martin Ratio Rank
UVXY
UVXY Risk / Return Rank: 11
Overall Rank
UVXY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
UVXY Sortino Ratio Rank: 11
Sortino Ratio Rank
UVXY Omega Ratio Rank: 11
Omega Ratio Rank
UVXY Calmar Ratio Rank: 11
Calmar Ratio Rank
UVXY Martin Ratio Rank: 22
Martin Ratio Rank
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.

EEV vs. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Emerging Markets (EEV) 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.

EEVUVXYDifference

Sharpe ratio

Return per unit of total volatility

-1.49

-0.87

-0.63

Sortino ratio

Return per unit of downside risk

-2.69

-1.60

-1.09

Omega ratio

Gain probability vs. loss probability

0.69

0.82

-0.13

Calmar ratio

Return relative to maximum drawdown

-1.01

-0.97

-0.03

Martin ratio

Return relative to average drawdown

-1.85

-1.31

-0.53

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EEV vs. UVXY - Sharpe Ratio Comparison

The current EEV Sharpe Ratio is -1.49, which is lower than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of EEV 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.

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Sharpe Ratios by Period

EEVUVXYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.49

-0.87

-0.63

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.41

-0.66

+0.25

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.59

-0.64

+0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.48

-0.68

+0.20

Drawdowns

EEV vs. UVXY - Drawdown Comparison

The maximum EEV drawdown since its inception was -99.87%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for EEV and UVXY.

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Drawdown Indicators

EEVUVXYDifference

Max Drawdown

Largest peak-to-trough decline

-99.87%

-100.00%

+0.13%

Max Drawdown (1Y)

Largest decline over 1 year

-59.83%

-75.22%

+15.39%

Max Drawdown (3Y)

Largest decline over 3 years

-76.45%

-95.45%

+19.00%

Max Drawdown (5Y)

Largest decline over 5 years

-80.25%

-99.68%

+19.43%

Max Drawdown (10Y)

Largest decline over 10 years

-94.21%

-100.00%

+5.79%

Current Drawdown

Current decline from peak

-99.87%

-100.00%

+0.13%

Average Drawdown

Average peak-to-trough decline

-93.00%

-98.55%

+5.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

34.15%

55.63%

-21.48%

Volatility

EEV vs. UVXY - Volatility Comparison

ProShares UltraShort MSCI Emerging Markets (EEV) has a higher volatility of 17.59% compared to ProShares Ultra VIX Short-Term Futures ETF (UVXY) at 11.77%. This indicates that EEV'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.

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Volatility by Period

EEVUVXYDifference

Volatility (1M)

Calculated over the trailing 1-month period

17.59%

11.77%

+5.82%

Volatility (6M)

Calculated over the trailing 6-month period

35.59%

62.64%

-27.05%

Volatility (1Y)

Calculated over the trailing 1-year period

40.37%

84.42%

-44.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

38.25%

103.85%

-65.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

41.13%

113.82%

-72.69%

EEV vs. UVXY - Expense Ratio Comparison

Both EEV and UVXY have an expense ratio of 0.95%.

Dividends

EEV vs. UVXY - Dividend Comparison

EEV's dividend yield for the trailing twelve months is around 7.46%, while UVXY has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018
EEV
ProShares UltraShort MSCI Emerging Markets		7.46%5.40%4.45%3.45%0.27%0.00%0.14%1.34%0.38%
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%

Frequently Asked Questions

EEV and UVXY have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EEV has higher volatility (17.59%) compared to UVXY (11.77%). In terms of maximum drawdown, EEV dropped -99.87% vs UVXY's -100.00%.

On 10-year performance, EEV leads with -24.13% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. 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.

Over the 10-year period, EEV has performed better with a -24.13% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EEV and UVXY have the same expense ratio: 0.95% per year.

EEV has the higher dividend yield at 7.46%, compared with 0.00% for UVXY.

EEV is categorized as Leveraged Equities, while UVXY is Volatility. EEV tracks MSCI Emerging Markets Index (-200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).

UVXY currently has the higher Sharpe Ratio (-0.87 vs -1.49), 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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