EUM vs. UVXY
EUM (ProShares Short MSCI Emerging Markets) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - EUM is a Inverse Equities fund tracking the MSCI Emerging Markets Index (-100%), 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, EUM returned -10.61%/yr vs -73.90%/yr for UVXY. A 0.60 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
EUM vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, EUM achieves a -21.23% return, which is significantly higher than UVXY's -24.94% return. Over the past 10 years, EUM has outperformed UVXY with an annualized return of -10.61%, while UVXY has yielded a comparatively lower -73.90% annualized return.
EUM
- 1D
- -1.02%
- 1M
- -0.61%
- YTD
- -21.23%
- 6M
- -21.58%
- 1Y
- -30.32%
- 3Y*
- -15.89%
- 5Y*
- -5.11%
- 10Y*
- -10.61%
UVXY
- 1D
- -2.46%
- 1M
- -14.14%
- YTD
- -24.94%
- 6M
- -26.89%
- 1Y
- -71.73%
- 3Y*
- -62.37%
- 5Y*
- -66.99%
- 10Y*
- -73.90%
EUM vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUM ProShares Short MSCI Emerging Markets | -21.23% | -22.61% | -0.83% | -3.89% | 21.11% | -1.32% | -24.37% | -15.27% | 14.60% | -28.08% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -24.94% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between EUM 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 | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.60 |
The correlation between EUM and UVXY has been stable across timeframes, ranging from 0.51 to 0.60 - a consistent structural relationship.
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Return for Risk
EUM vs. UVXY — Risk / Return Rank
EUM
UVXY
EUM vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI Emerging Markets (EUM) 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.
| EUM | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 0.83 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.99 | +0.07 |
| Martin ratioReturn relative to average drawdown | -1.84 | -1.43 | -0.41 |
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Drawdowns
EUM vs. UVXY - Drawdown Comparison
The maximum EUM drawdown since its inception was -93.19%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for EUM and UVXY.
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Drawdown Indicators
| EUM | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.19% | -100.00% | +6.81% |
Max Drawdown (1Y)Largest decline over 1 year | -33.23% | -72.74% | +39.51% |
Max Drawdown (3Y)Largest decline over 3 years | -47.97% | -94.91% | +46.94% |
Max Drawdown (5Y)Largest decline over 5 years | -50.87% | -99.71% | +48.84% |
Max Drawdown (10Y)Largest decline over 10 years | -67.83% | -100.00% | +32.17% |
Current DrawdownCurrent decline from peak | -92.89% | -100.00% | +7.11% |
Average DrawdownAverage peak-to-trough decline | -77.20% | -98.75% | +21.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.56% | 50.54% | -33.98% |
Volatility
EUM vs. UVXY - Volatility Comparison
The current volatility for ProShares Short MSCI Emerging Markets (EUM) is 11.91%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.55%. This indicates that EUM 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
| EUM | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.91% | 25.55% | -13.64% |
Volatility (6M)Calculated over the trailing 6-month period | 21.01% | 66.08% | -45.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.14% | 84.93% | -61.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.78% | 103.95% | -84.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.71% | 112.35% | -91.64% |
EUM vs. UVXY - Expense Ratio Comparison
Both EUM and UVXY have an expense ratio of 0.95%.
Dividends
EUM vs. UVXY - Dividend Comparison
EUM's dividend yield for the trailing twelve months is around 4.28%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EUM ProShares Short MSCI Emerging Markets | 4.28% | 3.98% | 4.22% | 3.86% | 0.82% | 0.00% | 0.15% | 1.35% | 0.88% |
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
EUM 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.
UVXY has higher volatility (25.55%) compared to EUM (11.91%). In terms of maximum drawdown, EUM dropped -93.19% vs UVXY's -100.00%.
On 10-year performance, EUM leads with -10.61% vs -73.90% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, EUM has been the lower-risk option at 11.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EUM has performed better with a -10.61% return vs -73.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EUM and UVXY have the same expense ratio: 0.95% per year.
EUM has the higher dividend yield at 4.28%, compared with 0.00% for UVXY.
EUM is categorized as Inverse Equities, while UVXY is Volatility. EUM tracks MSCI Emerging Markets Index (-100%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UVXY currently has the higher Sharpe Ratio (-0.85 vs -1.31), 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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