ION vs. UVXY

Last updated Jun 4, 2026

ION (Proshares S&P Global Core Battery Metals ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - ION is a Energy Equities fund tracking the S&P Global Core Battery Metals Index - Benchmark TR Net, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 3 years, ION returned 18.91%/yr vs -64.55%/yr for UVXY. At a correlation of -0.33, they often move in opposite directions. ION charges 0.58%/yr vs 0.95%/yr for UVXY.

Performance

ION vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares S&P Global Core Battery Metals ETF (ION) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ION achieves a 14.02% return, which is significantly higher than UVXY's -19.06% return.

ION

• 1D: -3.20%
• 1M: -9.27%
• YTD: 14.02%
• 6M: 27.44%
• 1Y: 123.41%
• 3Y*: 18.91%
• 5Y*: —
• 10Y*: —

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)

ION vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ION Proshares S&P Global Core Battery Metals ETF	14.02%	108.37%	-20.02%	-14.10%	-8.86%
UVXY ProShares Ultra VIX Short-Term Futures ETF	-19.06%	-65.32%	-50.90%	-87.70%	-6.28%

Correlation

The correlation between ION and UVXY is -0.26, 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	-0.26
Correlation (3Y) Calculated over the trailing 3-year period	-0.29
Correlation (All Time) Calculated using the full available price history since Dec 2, 2022	-0.33

Return for Risk

ION vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ION

ION Risk / Return Rank: 84
ION Sharpe Ratio Rank: 91
ION Sortino Ratio Rank: 76
ION Omega Ratio Rank: 75
ION Calmar Ratio Rank: 89
ION Martin Ratio Rank: 87

UVXY

UVXY Risk / Return Rank: 1
UVXY Sharpe Ratio Rank: 2
UVXY Sortino Ratio Rank: 1
UVXY Omega Ratio Rank: 1
UVXY Calmar Ratio Rank: 1
UVXY Martin Ratio Rank: 2

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.

ION vs. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares S&P Global Core Battery Metals ETF (ION) 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.

	ION	UVXY	Difference
Sharpe ratio: Return per unit of total volatility	3.27	-0.87	+4.14
Sortino ratio: Return per unit of downside risk	3.45	-1.60	+5.05
Omega ratio: Gain probability vs. loss probability	1.45	0.82	+0.64
Calmar ratio: Return relative to maximum drawdown	5.33	-0.97	+6.30
Martin ratio: Return relative to average drawdown	18.79	-1.31	+20.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ION vs. UVXY - Sharpe Ratio Comparison

The current ION Sharpe Ratio is 3.27, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of ION 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.

Sharpe Ratios by Period

	ION	UVXY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.27	-0.87	+4.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.64	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	-0.68	+1.07

Drawdowns

ION vs. UVXY - Drawdown Comparison

The maximum ION drawdown since its inception was -52.08%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ION and UVXY.

Drawdown Indicators

	ION	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-52.08%	-100.00%	+47.92%
Max Drawdown (1Y) Largest decline over 1 year	-23.30%	-75.22%	+51.92%
Max Drawdown (3Y) Largest decline over 3 years	-46.47%	-95.45%	+48.98%
Max Drawdown (5Y) Largest decline over 5 years	—	-99.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-100.00%	—
Current Drawdown Current decline from peak	-13.99%	-100.00%	+86.01%
Average Drawdown Average peak-to-trough decline	-23.70%	-98.55%	+74.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.59%	55.63%	-49.04%

Volatility

ION vs. UVXY - Volatility Comparison

Proshares S&P Global Core Battery Metals ETF (ION) and ProShares Ultra VIX Short-Term Futures ETF (UVXY) have volatilities of 12.06% and 11.77%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ION	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.06%	11.77%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	29.90%	62.64%	-32.74%
Volatility (1Y) Calculated over the trailing 1-year period	37.92%	84.42%	-46.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.08%	103.85%	-72.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.08%	113.82%	-82.74%

ION vs. UVXY - Expense Ratio Comparison

ION has a 0.58% expense ratio, which is lower than UVXY's 0.95% expense ratio.

Dividends

ION vs. UVXY - Dividend Comparison

ION's dividend yield for the trailing twelve months is around 1.40%, while UVXY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
ION Proshares S&P Global Core Battery Metals ETF	1.40%	1.63%	1.74%	2.23%	0.13%
UVXY ProShares Ultra VIX Short-Term Futures ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ION and UVXY in my portfolio?

ION and UVXY have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ION or UVXY?

ION has higher volatility (12.06%) compared to UVXY (11.77%). In terms of maximum drawdown, ION dropped -52.08% vs UVXY's -100.00%.

Which ETF is better, ION or UVXY?

On 3-year performance, ION leads with 18.91% vs -64.55% for UVXY. On fees, ION is cheaper at 0.58% per year. 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.

Which ETF has performed better, ION or UVXY?

Over the 3-year period, ION has performed better with a 18.91% return vs -64.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ION or UVXY?

ION is cheaper with a 0.58% expense ratio, compared with 0.95% for UVXY.

Which ETF pays a higher dividend yield, ION or UVXY?

ION has the higher dividend yield at 1.40%, compared with 0.00% for UVXY.

What is the main difference between ION and UVXY?

ION is categorized as Energy Equities, while UVXY is Volatility. ION tracks S&P Global Core Battery Metals Index - Benchmark TR Net, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.58% for ION and 0.95% for UVXY.

Which has better risk-adjusted returns?

ION currently has the higher Sharpe Ratio (3.27 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.