EEV vs. UVXY
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 -21.99%/yr vs -71.50%/yr for UVXY. Their 0.60 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.
Performance
EEV vs. UVXY - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with EEV having a -35.13% return and UVXY slightly lower at -35.24%. Over the past 10 years, EEV has outperformed UVXY with an annualized return of -21.99%, while UVXY has yielded a comparatively lower -71.50% annualized return.
EEV
- 1D
- -1.33%
- 1M
- 3.14%
- 6M
- -24.14%
- YTD
- -35.13%
- 1Y
- -50.21%
- 3Y*
- -29.41%
- 5Y*
- -16.05%
- 10Y*
- -21.99%
- ALL TIME*
- -25.39%
UVXY
- 1D
- -4.24%
- 1M
- -6.17%
- 6M
- -37.50%
- YTD
- -35.24%
- 1Y
- -73.24%
- 3Y*
- -61.42%
- 5Y*
- -68.18%
- 10Y*
- -71.50%
- ALL TIME*
- -80.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $291.03K | $257.03K | $533.45K | |
| $190.03M | $191.90M | $239.87M |
EEV vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EEV ProShares UltraShort MSCI Emerging Markets | -35.13% | -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 | -35.24% | -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 0.57, 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. | 0.57 |
Correlation (3Y) Balances recent behavior with more history. | 0.52 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.54 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.57 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.60 |
The correlation between EEV and UVXY has been stable across timeframes, ranging from 0.52 to 0.60 - a consistent structural relationship.
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Return for Risk
EEV vs. UVXY — Risk / Return Rank
EEV
UVXY
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.
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.
| EEV | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.85 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | -0.95 | +0.10 |
| Martin ratioReturn relative to average drawdown | -1.42 | -1.35 | -0.06 |
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Drawdowns
EEV vs. UVXY - Drawdown Comparison
The maximum EEV drawdown since its inception was -99.88%, 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
| EEV | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -100.00% | +0.12% |
Max Drawdown (1Y)Largest decline over 1 year | -58.51% | -73.88% | +15.37% |
Max Drawdown (3Y)Largest decline over 3 years | -77.51% | -95.42% | +17.91% |
Max Drawdown (5Y)Largest decline over 5 years | -81.14% | -99.68% | +18.54% |
Max Drawdown (10Y)Largest decline over 10 years | -93.39% | -100.00% | +6.61% |
Current DrawdownCurrent decline from peak | -99.86% | -100.00% | +0.14% |
Average DrawdownAverage peak-to-trough decline | -93.04% | -98.76% | +5.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.01% | 51.60% | -16.59% |
Volatility
EEV vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraShort MSCI Emerging Markets (EEV) is 19.23%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.30%. This indicates that EEV 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
| EEV | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.23% | 22.30% | -3.07% |
Volatility (6M)Calculated over the trailing 6-month period | 45.21% | 65.55% | -20.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.49% | 87.28% | -37.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.12% | 103.39% | -63.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.76% | 112.09% | -70.33% |
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 7.22%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EEV ProShares UltraShort MSCI Emerging Markets | 7.22% | 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 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.30%) compared to EEV (19.23%). In terms of maximum drawdown, EEV dropped -99.88% vs UVXY's -100.00%.
On 10-year performance, EEV leads with -21.99% vs -71.50% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, EEV has been the lower-risk option at 19.23%. 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 -21.99% return vs -71.50%. 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 7.22%, 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 (-0.80 vs -1.00), 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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