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 13.13%/yr vs -72.11%/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
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Returns By Period
In the year-to-date period, MVV achieves a 26.87% return, which is significantly higher than UVXY's -33.76% return. Over the past 10 years, MVV has outperformed UVXY with an annualized return of 13.13%, while UVXY has yielded a comparatively lower -72.11% annualized return.
MVV
- 1D
- 0.94%
- 1M
- -1.31%
- 6M
- 15.28%
- YTD
- 26.87%
- 1Y
- 33.29%
- 3Y*
- 17.50%
- 5Y*
- 8.06%
- 10Y*
- 13.13%
UVXY
- 1D
- -2.14%
- 1M
- -17.16%
- 6M
- -33.16%
- YTD
- -33.76%
- 1Y
- -72.68%
- 3Y*
- -62.00%
- 5Y*
- -67.84%
- 10Y*
- -72.11%
MVV vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MVV ProShares Ultra Midcap 400 | 26.87% | 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 | -33.76% | -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 -0.64, 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 | -0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | -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.
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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 | +1.90 | ||
| Sortino ratioReturn per unit of downside risk | +3.19 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.82 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 1.89 | -0.99 | +2.88 |
| Martin ratioReturn relative to average drawdown | 6.44 | -1.48 | +7.92 |
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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
| 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% | -73.42% | +55.74% |
Max Drawdown (3Y)Largest decline over 3 years | -44.80% | -95.32% | +50.52% |
Max Drawdown (5Y)Largest decline over 5 years | -45.53% | -99.74% | +54.21% |
Max Drawdown (10Y)Largest decline over 10 years | -69.19% | -100.00% | +30.81% |
Current DrawdownCurrent decline from peak | -4.21% | -100.00% | +95.79% |
Average DrawdownAverage peak-to-trough decline | -20.45% | -98.75% | +78.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.19% | 49.12% | -43.93% |
Volatility
MVV vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra Midcap 400 (MVV) is 7.34%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 20.24%. 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
| MVV | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.34% | 20.24% | -12.90% |
Volatility (6M)Calculated over the trailing 6-month period | 23.41% | 66.67% | -43.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.83% | 85.34% | -53.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.62% | 103.83% | -64.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.26% | 112.04% | -69.78% |
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 -0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (20.24%) compared to MVV (7.34%). In terms of maximum drawdown, MVV dropped -85.54% vs UVXY's -100.00%.
On 10-year performance, MVV leads with 13.13% vs -72.11% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, MVV has been the lower-risk option at 7.34%. 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 13.13% return vs -72.11%. 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 (1.05 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.
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