IGHG vs. UVXY
IGHG (ProShares Investment Grade-Interest Rate Hedged) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - IGHG is a Corporate Bonds fund tracking the Citi Corporate Investment Grade (Treasury Rate-Hedged) Index, 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, IGHG returned 4.72%/yr vs -72.67%/yr for UVXY. At a correlation of -0.39, they often move in opposite directions. IGHG charges 0.30%/yr vs 0.95%/yr for UVXY.
Performance
IGHG vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, IGHG achieves a 2.17% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, IGHG has outperformed UVXY with an annualized return of 4.72%, while UVXY has yielded a comparatively lower -72.67% annualized return.
IGHG
- 1D
- 0.05%
- 1M
- 0.76%
- YTD
- 2.17%
- 6M
- 2.54%
- 1Y
- 5.77%
- 3Y*
- 8.57%
- 5Y*
- 5.24%
- 10Y*
- 4.72%
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%
IGHG vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGHG ProShares Investment Grade-Interest Rate Hedged | 2.17% | 5.65% | 9.20% | 11.58% | -0.90% | 0.88% | 0.61% | 12.73% | -3.96% | 4.49% |
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 IGHG and UVXY is -0.44, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.39 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2013 | -0.39 |
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Return for Risk
IGHG vs. UVXY — Risk / Return Rank
IGHG
UVXY
IGHG vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Investment Grade-Interest Rate Hedged (IGHG) 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.
| IGHG | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.55 | ||
| Sortino ratioReturn per unit of downside risk | +4.13 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.82 | +0.50 |
| Calmar ratioReturn relative to maximum drawdown | 3.31 | -0.97 | +4.28 |
| Martin ratioReturn relative to average drawdown | 11.71 | -1.31 | +13.02 |
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
| IGHG | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.68 | -0.87 | +2.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.05 | -0.66 | +1.70 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.63 | -0.64 | +1.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | -0.68 | +1.21 |
Drawdowns
IGHG vs. UVXY - Drawdown Comparison
The maximum IGHG drawdown since its inception was -25.16%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for IGHG and UVXY.
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Drawdown Indicators
| IGHG | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.16% | -100.00% | +74.84% |
Max Drawdown (1Y)Largest decline over 1 year | -1.75% | -75.22% | +73.47% |
Max Drawdown (3Y)Largest decline over 3 years | -3.74% | -95.45% | +91.71% |
Max Drawdown (5Y)Largest decline over 5 years | -8.75% | -99.68% | +90.93% |
Max Drawdown (10Y)Largest decline over 10 years | -25.16% | -100.00% | +74.84% |
Current DrawdownCurrent decline from peak | -0.11% | -100.00% | +99.89% |
Average DrawdownAverage peak-to-trough decline | -2.30% | -98.55% | +96.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.50% | 55.63% | -55.13% |
Volatility
IGHG vs. UVXY - Volatility Comparison
The current volatility for ProShares Investment Grade-Interest Rate Hedged (IGHG) is 0.62%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. This indicates that IGHG 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
| IGHG | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | 11.77% | -11.15% |
Volatility (6M)Calculated over the trailing 6-month period | 2.53% | 62.64% | -60.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.44% | 84.42% | -80.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.02% | 103.85% | -98.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.46% | 113.82% | -106.36% |
IGHG vs. UVXY - Expense Ratio Comparison
IGHG has a 0.30% expense ratio, which is lower than UVXY's 0.95% expense ratio.
Dividends
IGHG vs. UVXY - Dividend Comparison
IGHG's dividend yield for the trailing twelve months is around 5.11%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGHG ProShares Investment Grade-Interest Rate Hedged | 5.11% | 5.14% | 5.06% | 4.99% | 3.55% | 2.50% | 2.79% | 3.48% | 4.13% | 3.36% | 3.37% | 3.65% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
IGHG and UVXY have a correlation of -0.44, 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 IGHG (0.62%). In terms of maximum drawdown, IGHG dropped -25.16% vs UVXY's -100.00%.
On 10-year performance, IGHG leads with 4.72% vs -72.67% for UVXY. On fees, IGHG is cheaper at 0.30% per year. On volatility, IGHG has been the lower-risk option at 0.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IGHG has performed better with a 4.72% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IGHG is cheaper with a 0.30% expense ratio, compared with 0.95% for UVXY.
IGHG has the higher dividend yield at 5.11%, compared with 0.00% for UVXY.
IGHG is categorized as Corporate Bonds, while UVXY is Volatility. IGHG tracks Citi Corporate Investment Grade (Treasury Rate-Hedged) Index, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.30% for IGHG and 0.95% for UVXY.
IGHG currently has the higher Sharpe Ratio (1.68 vs -0.87), 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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