ISPY vs. UVXY
ISPY (ProShares S&P 500 High Income ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - ISPY is a Derivative Income fund tracking the S&P 500 Daily Covered Call 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 year, ISPY returned 25.33% vs -72.91% for UVXY. At a correlation of -0.73, they often move in opposite directions. ISPY charges 0.55%/yr vs 0.95%/yr for UVXY.
Performance
ISPY vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, ISPY achieves a 9.60% return, which is significantly higher than UVXY's -19.06% return.
ISPY
- 1D
- -0.71%
- 1M
- 5.60%
- YTD
- 9.60%
- 6M
- 9.77%
- 1Y
- 25.33%
- 3Y*
- —
- 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%
ISPY vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ISPY ProShares S&P 500 High Income ETF | 9.60% | 13.15% | 21.31% | 1.65% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -19.06% | -65.32% | -50.90% | -15.85% |
Correlation
The correlation between ISPY and UVXY is -0.71, 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 | -0.71 |
Correlation (All Time) Calculated using the full available price history since Dec 21, 2023 | -0.73 |
The correlation between ISPY and UVXY has been stable across timeframes, ranging from -0.73 to -0.71 - a consistent structural relationship.
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Return for Risk
ISPY vs. UVXY — Risk / Return Rank
ISPY
UVXY
ISPY vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 High Income ETF (ISPY) 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.
| ISPY | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.09 | ||
| Sortino ratioReturn per unit of downside risk | +4.54 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 0.82 | +0.57 |
| Calmar ratioReturn relative to maximum drawdown | 3.02 | -0.97 | +3.99 |
| Martin ratioReturn relative to average drawdown | 12.90 | -1.31 | +14.21 |
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
| ISPY | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.22 | -0.87 | +3.09 |
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 | 1.41 | -0.68 | +2.09 |
Drawdowns
ISPY vs. UVXY - Drawdown Comparison
The maximum ISPY drawdown since its inception was -16.88%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ISPY and UVXY.
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Drawdown Indicators
| ISPY | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.88% | -100.00% | +83.12% |
Max Drawdown (1Y)Largest decline over 1 year | -8.43% | -75.22% | +66.79% |
Max Drawdown (3Y)Largest decline over 3 years | — | -95.45% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -99.68% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -0.71% | -100.00% | +99.29% |
Average DrawdownAverage peak-to-trough decline | -2.08% | -98.55% | +96.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 55.63% | -53.66% |
Volatility
ISPY vs. UVXY - Volatility Comparison
The current volatility for ProShares S&P 500 High Income ETF (ISPY) is 3.72%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. This indicates that ISPY 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
| ISPY | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.72% | 11.77% | -8.05% |
Volatility (6M)Calculated over the trailing 6-month period | 8.62% | 62.64% | -54.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.47% | 84.42% | -72.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.56% | 103.85% | -90.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.56% | 113.82% | -100.26% |
ISPY vs. UVXY - Expense Ratio Comparison
ISPY has a 0.55% expense ratio, which is lower than UVXY's 0.95% expense ratio.
Dividends
ISPY vs. UVXY - Dividend Comparison
ISPY's dividend yield for the trailing twelve months is around 4.41%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
ISPY ProShares S&P 500 High Income ETF | 4.41% | 8.56% | 9.84% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ISPY and UVXY have a correlation of -0.71, 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 ISPY (3.72%). In terms of maximum drawdown, ISPY dropped -16.88% vs UVXY's -100.00%.
On 1-year performance, ISPY leads with 25.33% vs -72.91% for UVXY. On fees, ISPY is cheaper at 0.55% per year. On volatility, ISPY has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ISPY has performed better with a 25.33% return vs -72.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ISPY is cheaper with a 0.55% expense ratio, compared with 0.95% for UVXY.
ISPY has the higher dividend yield at 4.41%, compared with 0.00% for UVXY.
ISPY is categorized as Derivative Income, while UVXY is Volatility. ISPY tracks S&P 500 Daily Covered Call Index, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.55% for ISPY and 0.95% for UVXY.
ISPY currently has the higher Sharpe Ratio (2.22 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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