MVV vs. UVXY
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 12.98%/yr vs -71.03%/yr for UVXY. Their -0.70 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
MVV vs. UVXY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MVV achieves a 28.19% return, which is significantly higher than UVXY's -36.18% return. Over the past 10 years, MVV has outperformed UVXY with an annualized return of 12.98%, while UVXY has yielded a comparatively lower -71.03% annualized return.
MVV
- 1D
- 2.04%
- 1M
- -0.38%
- 6M
- 17.10%
- YTD
- 28.19%
- 1Y
- 42.36%
- 3Y*
- 17.85%
- 5Y*
- 7.80%
- 10Y*
- 12.98%
- ALL TIME*
- 11.66%
UVXY
- 1D
- -1.46%
- 1M
- -7.54%
- 6M
- -33.79%
- YTD
- -36.18%
- 1Y
- -73.63%
- 3Y*
- -63.76%
- 5Y*
- -68.11%
- 10Y*
- -71.03%
- ALL TIME*
- -80.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $571.21K | $587.07K | $850.63K | |
| $186.30M | $190.88M | $236.21M |
MVV vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MVV ProShares Ultra Midcap 400 | 28.19% | 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 | -36.18% | -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 -0.65, 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. | -0.65 |
Correlation (3Y) Balances recent behavior with more history. | -0.64 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.68 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.67 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.70 |
The correlation between MVV and UVXY has been stable across timeframes, ranging from -0.70 to -0.64 - 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.
Return for Risk
MVV vs. UVXY — Risk / Return Rank
MVV
UVXY
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.
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.
| MVV | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.21 | ||
| Sortino ratioReturn per unit of downside risk | +3.57 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.82 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | -1.03 | +3.44 |
| Martin ratioReturn relative to average drawdown | 8.19 | -1.54 | +9.73 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| MVV | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.54% | -100.00% | +14.46% |
Max Drawdown (1Y)Largest decline over 1 year | -17.68% | -71.36% | +53.68% |
Max Drawdown (3Y)Largest decline over 3 years | -44.80% | -95.42% | +50.62% |
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 DrawdownCurrent decline from peak | -3.22% | -100.00% | +96.78% |
Average DrawdownAverage peak-to-trough decline | -20.40% | -98.76% | +78.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.19% | 51.81% | -46.62% |
Volatility
MVV vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra Midcap 400 (MVV) is 7.32%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.30%. 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.
Loading charts...
Volatility by Period
| MVV | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.32% | 22.30% | -14.98% |
Volatility (6M)Calculated over the trailing 6-month period | 23.30% | 65.53% | -42.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.52% | 86.48% | -54.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.50% | 103.34% | -63.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.28% | 112.09% | -69.81% |
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 0.68%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MVV ProShares Ultra Midcap 400 | 0.68% | 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 -0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.30%) compared to MVV (7.32%). In terms of maximum drawdown, MVV dropped -85.54% vs UVXY's -100.00%.
On 10-year performance, MVV leads with 12.98% vs -71.03% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, MVV has been the lower-risk option at 7.32%. 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 12.98% return vs -71.03%. 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 0.68%, 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 (1.35 vs -0.85), 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.
Find the right allocation for MVV and UVXY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer