LTL vs. UVXY
LTL (ProShares Ultra Telecommunications) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - LTL is a Leveraged Equities fund tracking the Dow Jones U.S. Select Telecommunications Index (200%), 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, LTL returned 7.45%/yr vs -73.85%/yr for UVXY. At a correlation of -0.41, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
LTL vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, LTL achieves a -19.03% return, which is significantly higher than UVXY's -22.07% return. Over the past 10 years, LTL has outperformed UVXY with an annualized return of 7.45%, while UVXY has yielded a comparatively lower -73.85% annualized return.
LTL
- 1D
- 0.73%
- 1M
- -13.91%
- YTD
- -19.03%
- 6M
- -18.57%
- 1Y
- 1.21%
- 3Y*
- 31.21%
- 5Y*
- 14.70%
- 10Y*
- 7.45%
UVXY
- 1D
- 8.28%
- 1M
- -14.92%
- YTD
- -22.07%
- 6M
- -24.28%
- 1Y
- -74.07%
- 3Y*
- -61.96%
- 5Y*
- -66.90%
- 10Y*
- -73.85%
LTL vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LTL ProShares Ultra Telecommunications | -19.03% | 37.06% | 65.15% | 62.03% | -41.14% | 40.42% | -3.25% | 30.16% | -23.44% | -26.85% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -22.07% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between LTL and UVXY is -0.51, 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 | -0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.49 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.41 |
The correlation between LTL and UVXY shifts across timeframes, from -0.60 (5 years) to -0.41 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
LTL vs. UVXY — Risk / Return Rank
LTL
UVXY
LTL vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Telecommunications (LTL) 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.
| LTL | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.91 | ||
| Sortino ratioReturn per unit of downside risk | +1.89 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.81 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.05 | -1.01 | +1.06 |
| Martin ratioReturn relative to average drawdown | 0.15 | -1.45 | +1.60 |
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Drawdowns
LTL vs. UVXY - Drawdown Comparison
The maximum LTL drawdown since its inception was -80.20%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for LTL and UVXY.
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Drawdown Indicators
| LTL | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.20% | -100.00% | +19.80% |
Max Drawdown (1Y)Largest decline over 1 year | -22.45% | -73.51% | +51.06% |
Max Drawdown (3Y)Largest decline over 3 years | -34.37% | -94.93% | +60.56% |
Max Drawdown (5Y)Largest decline over 5 years | -52.60% | -99.71% | +47.11% |
Max Drawdown (10Y)Largest decline over 10 years | -64.15% | -100.00% | +35.85% |
Current DrawdownCurrent decline from peak | -21.88% | -100.00% | +78.12% |
Average DrawdownAverage peak-to-trough decline | -28.62% | -98.75% | +70.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.23% | 55.34% | -47.11% |
Volatility
LTL vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra Telecommunications (LTL) is 9.64%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.85%. This indicates that LTL 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
| LTL | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.64% | 25.85% | -16.21% |
Volatility (6M)Calculated over the trailing 6-month period | 20.70% | 66.46% | -45.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.40% | 85.46% | -58.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.70% | 103.96% | -69.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.97% | 112.39% | -75.42% |
LTL vs. UVXY - Expense Ratio Comparison
Both LTL and UVXY have an expense ratio of 0.95%.
Dividends
LTL vs. UVXY - Dividend Comparison
LTL's dividend yield for the trailing twelve months is around 1.00%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LTL ProShares Ultra Telecommunications | 1.00% | 0.64% | 0.29% | 0.97% | 2.01% | 1.14% | 1.57% | 0.83% | 1.99% | 1.96% | 0.70% | 1.55% |
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
LTL and UVXY have a correlation of -0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.85%) compared to LTL (9.64%). In terms of maximum drawdown, LTL dropped -80.20% vs UVXY's -100.00%.
On 10-year performance, LTL leads with 7.45% vs -73.85% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, LTL has been the lower-risk option at 9.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, LTL has performed better with a 7.45% return vs -73.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LTL and UVXY have the same expense ratio: 0.95% per year.
LTL has the higher dividend yield at 1.00%, compared with 0.00% for UVXY.
LTL is categorized as Leveraged Equities, while UVXY is Volatility. LTL tracks Dow Jones U.S. Select Telecommunications Index (200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
LTL currently has the higher Sharpe Ratio (0.04 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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