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MVV vs. UVXY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MVV vs. UVXY

Last updated Jun 3, 2026

MVV (ProShares Ultra Midcap 400) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - MVV is a Leveraged Equities fund tracking the S&P MidCap 400 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, MVV returned 13.68%/yr vs -72.66%/yr for UVXY. At a correlation of -0.70, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

MVV vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Midcap 400 (MVV) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MVV achieves a 26.09% return, which is significantly higher than UVXY's -18.87% return. Over the past 10 years, MVV has outperformed UVXY with an annualized return of 13.68%, while UVXY has yielded a comparatively lower -72.66% annualized return.

MVV

1D
1.75%
1M
6.05%
YTD
26.09%
6M
27.71%
1Y
48.71%
3Y*
22.19%
5Y*
6.86%
10Y*
13.68%

UVXY

1D
-2.67%
1M
-20.98%
YTD
-18.87%
6M
-37.65%
1Y
-73.66%
3Y*
-64.52%
5Y*
-68.37%
10Y*
-72.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MVV vs. UVXY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MVV
ProShares Ultra Midcap 400		26.09%3.48%17.75%22.51%-31.96%48.57%6.20%49.50%-25.44%30.81%
UVXY
ProShares Ultra VIX Short-Term Futures ETF		-18.87%-65.32%-50.90%-87.70%-44.81%-88.33%-17.38%-84.23%60.10%-94.17%

Correlation

The correlation between MVV and UVXY is -0.62, 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

-0.62

Correlation (3Y)
Calculated over the trailing 3-year period

-0.62

Correlation (5Y)
Calculated over the trailing 5-year period

-0.68

Correlation (10Y)
Calculated over the trailing 10-year period

-0.67

Correlation (All Time)
Calculated using the full available price history since Oct 5, 2011

-0.70

The correlation between MVV and UVXY has been stable across timeframes, ranging from -0.70 to -0.62 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra Midcap 400

ProShares Ultra VIX Short-Term Futures ETF

Often compared with MVV:
MVV vs. SAAMVV vs. MIDUMVV vs. UMDDMVV vs. MDYMVV vs. QQQMVV vs. AMAGXMVV vs. VOO
Often compared with UVXY:
UVXY vs. UVIXUVXY vs. VXXUVXY vs. VIXYUVXY vs. SVXYUVXY vs. SQQQUVXY vs. SPYUVXY vs. SPXS

Return for Risk

MVV vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MVV
MVV Risk / Return Rank: 4747
Overall Rank
MVV Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
MVV Sortino Ratio Rank: 4444
Sortino Ratio Rank
MVV Omega Ratio Rank: 4141
Omega Ratio Rank
MVV Calmar Ratio Rank: 5454
Calmar Ratio Rank
MVV Martin Ratio Rank: 5454
Martin Ratio Rank
UVXY
UVXY Risk / Return Rank: 11
Overall Rank
UVXY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
UVXY Sortino Ratio Rank: 11
Sortino Ratio Rank
UVXY Omega Ratio Rank: 11
Omega Ratio Rank
UVXY Calmar Ratio Rank: 00
Calmar Ratio Rank
UVXY Martin Ratio Rank: 22
Martin Ratio Rank
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.

MVV vs. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Midcap 400 (MVV) 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.

MVVUVXYDifference

Sharpe ratio

Return per unit of total volatility

1.57

-0.87

+2.44

Sortino ratio

Return per unit of downside risk

2.22

-1.65

+3.87

Omega ratio

Gain probability vs. loss probability

1.27

0.81

+0.45

Calmar ratio

Return relative to maximum drawdown

2.73

-0.99

+3.72

Martin ratio

Return relative to average drawdown

9.38

-1.34

+10.72

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MVV vs. UVXY - Sharpe Ratio Comparison

The current MVV Sharpe Ratio is 1.57, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of MVV 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.

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Sharpe Ratios by Period

MVVUVXYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.57

-0.87

+2.44

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.17

-0.66

+0.83

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.32

-0.64

+0.96

Sharpe Ratio (All Time)

Calculated using the full available price history

0.26

-0.68

+0.93

Drawdowns

MVV vs. UVXY - Drawdown Comparison

The maximum MVV drawdown since its inception was -85.54%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for MVV and UVXY.

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Drawdown Indicators

MVVUVXYDifference

Max Drawdown

Largest peak-to-trough decline

-85.54%

-100.00%

+14.46%

Max Drawdown (1Y)

Largest decline over 1 year

-17.68%

-75.22%

+57.54%

Max Drawdown (3Y)

Largest decline over 3 years

-44.80%

-95.59%

+50.79%

Max Drawdown (5Y)

Largest decline over 5 years

-45.53%

-99.68%

+54.15%

Max Drawdown (10Y)

Largest decline over 10 years

-69.19%

-100.00%

+30.81%

Current Drawdown

Current decline from peak

0.00%

-100.00%

+100.00%

Average Drawdown

Average peak-to-trough decline

-20.55%

-98.55%

+78.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.14%

55.43%

-50.29%

Volatility

MVV vs. UVXY - Volatility Comparison

The current volatility for ProShares Ultra Midcap 400 (MVV) is 8.69%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.97%. This indicates that MVV 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

MVVUVXYDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.69%

11.97%

-3.28%

Volatility (6M)

Calculated over the trailing 6-month period

22.69%

62.65%

-39.96%

Volatility (1Y)

Calculated over the trailing 1-year period

31.22%

84.44%

-53.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

39.64%

103.85%

-64.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

42.37%

113.85%

-71.48%

MVV vs. UVXY - Expense Ratio Comparison

Both MVV and UVXY have an expense ratio of 0.95%.

Dividends

MVV vs. UVXY - Dividend Comparison

MVV's dividend yield for the trailing twelve months is around 0.67%, while UVXY has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
MVV
ProShares Ultra Midcap 400		0.67%0.77%0.39%0.77%0.93%0.16%0.29%0.62%0.62%0.21%0.43%0.17%
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

MVV and UVXY have a correlation of -0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UVXY has higher volatility (11.97%) compared to MVV (8.69%). In terms of maximum drawdown, MVV dropped -85.54% vs UVXY's -100.00%.

On 10-year performance, MVV leads with 13.68% vs -72.66% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, MVV has been the lower-risk option at 8.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, MVV has performed better with a 13.68% return vs -72.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MVV and UVXY have the same expense ratio: 0.95% per year.

MVV has the higher dividend yield at 0.67%, compared with 0.00% for UVXY.

MVV is categorized as Leveraged Equities, while UVXY is Volatility. MVV tracks S&P MidCap 400 Index (200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).

MVV currently has the higher Sharpe Ratio (1.57 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.

Portfolio Optimizer

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