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 19.88% vs -70.28% for UVXY. Their -0.74 correlation means they have often moved in opposite directions in the past. 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 10.87% return, which is significantly higher than UVXY's -35.49% return.
ISPY
- 1D
- 1.14%
- 1M
- 2.32%
- 6M
- 9.51%
- YTD
- 10.87%
- 1Y
- 19.88%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 17.52%
UVXY
- 1D
- 1.09%
- 1M
- -6.53%
- 6M
- -36.87%
- YTD
- -35.49%
- 1Y
- -70.28%
- 3Y*
- -63.63%
- 5Y*
- -67.81%
- 10Y*
- -71.00%
- ALL TIME*
- -80.16%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.45M | $3.99M | $4.91M | |
| $189.58M | $189.56M | $234.35M |
ISPY vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ISPY ProShares S&P 500 High Income ETF | 10.87% | 13.15% | 21.31% | 0.35% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.49% | -65.32% | -50.90% | -8.46% |
Correlation
The correlation between ISPY and UVXY is -0.75, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.75 |
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023 | -0.74 |
The correlation between ISPY and UVXY has been stable across timeframes, ranging from -0.75 to -0.74 - 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.
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.
| ISPY | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.41 | ||
| Sortino ratioReturn per unit of downside risk | +3.55 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 0.84 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 2.37 | -0.99 | +3.36 |
| Martin ratioReturn relative to average drawdown | 9.20 | -1.47 | +10.66 |
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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% | -71.36% | +62.93% |
Max Drawdown (3Y)Largest decline over 3 years | — | -95.42% | — |
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 | 0.00% | -100.00% | +100.00% |
Average DrawdownAverage peak-to-trough decline | -2.08% | -98.76% | +96.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.17% | 47.86% | -45.69% |
Volatility
ISPY vs. UVXY - Volatility Comparison
The current volatility for ProShares S&P 500 High Income ETF (ISPY) is 3.99%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 21.98%. 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 | 3.99% | 21.98% | -17.99% |
Volatility (6M)Calculated over the trailing 6-month period | 10.23% | 65.18% | -54.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.62% | 86.32% | -73.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.76% | 103.35% | -89.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.76% | 112.07% | -98.31% |
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 4.99%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
ISPY ProShares S&P 500 High Income ETF | 4.99% | 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 -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (21.98%) compared to ISPY (3.99%). In terms of maximum drawdown, ISPY dropped -16.88% vs UVXY's -100.00%.
On 1-year performance, ISPY leads with 19.88% vs -70.28% for UVXY. On fees, ISPY is cheaper at 0.55% per year. On volatility, ISPY has been the lower-risk option at 3.99%. 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 19.88% return vs -70.28%. 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 4.99%, 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 (1.59 vs -0.82), 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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