MZZ vs. UVXY
MZZ (ProShares UltraShort MidCap400) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - MZZ 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, MZZ returned -24.79%/yr vs -72.31%/yr for UVXY. A 0.69 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
MZZ vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, MZZ achieves a -23.87% return, which is significantly higher than UVXY's -35.49% return. Over the past 10 years, MZZ has outperformed UVXY with an annualized return of -24.79%, while UVXY has yielded a comparatively lower -72.31% annualized return.
MZZ
- 1D
- -0.17%
- 1M
- 0.80%
- 6M
- -16.61%
- YTD
- -23.87%
- 1Y
- -29.15%
- 3Y*
- -20.89%
- 5Y*
- -16.96%
- 10Y*
- -24.79%
UVXY
- 1D
- -3.58%
- 1M
- -19.32%
- 6M
- -32.32%
- YTD
- -35.49%
- 1Y
- -72.78%
- 3Y*
- -63.56%
- 5Y*
- -68.08%
- 10Y*
- -72.31%
MZZ vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | -23.87% | -14.68% | -17.75% | -23.67% | 13.02% | -42.14% | -53.08% | -38.03% | 22.83% | -27.72% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.49% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between MZZ and UVXY is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.69 |
The correlation between MZZ and UVXY has been stable across timeframes, ranging from 0.63 to 0.69 - a consistent structural relationship.
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Return for Risk
MZZ vs. UVXY — Risk / Return Rank
MZZ
UVXY
MZZ vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MidCap400 (MZZ) 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.
| MZZ | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.82 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | -0.99 | +0.19 |
| Martin ratioReturn relative to average drawdown | -1.48 | -1.49 | +0.01 |
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Drawdowns
MZZ vs. UVXY - Drawdown Comparison
The maximum MZZ drawdown since its inception was -99.90%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for MZZ and UVXY.
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Drawdown Indicators
| MZZ | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.90% | -100.00% | +0.10% |
Max Drawdown (1Y)Largest decline over 1 year | -35.02% | -73.42% | +38.40% |
Max Drawdown (3Y)Largest decline over 3 years | -64.13% | -95.32% | +31.19% |
Max Drawdown (5Y)Largest decline over 5 years | -70.29% | -99.74% | +29.45% |
Max Drawdown (10Y)Largest decline over 10 years | -94.79% | -100.00% | +5.21% |
Current DrawdownCurrent decline from peak | -99.90% | -100.00% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -86.13% | -98.75% | +12.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.96% | 48.70% | -29.74% |
Volatility
MZZ vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraShort MidCap400 (MZZ) is 9.27%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.69%. This indicates that MZZ 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
| MZZ | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.27% | 22.69% | -13.42% |
Volatility (6M)Calculated over the trailing 6-month period | 23.59% | 66.50% | -42.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.72% | 85.17% | -53.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.15% | 103.78% | -64.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.23% | 111.99% | -70.76% |
MZZ vs. UVXY - Expense Ratio Comparison
Both MZZ and UVXY have an expense ratio of 0.95%.
Dividends
MZZ vs. UVXY - Dividend Comparison
MZZ's dividend yield for the trailing twelve months is around 5.67%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | 5.67% | 5.27% | 6.36% | 4.52% | 0.25% | 0.00% | 0.22% | 1.53% | 0.53% |
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% |
Frequently Asked Questions
MZZ and UVXY have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.69%) compared to MZZ (9.27%). In terms of maximum drawdown, MZZ dropped -99.90% vs UVXY's -100.00%.
On 10-year performance, MZZ leads with -24.79% vs -72.31% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, MZZ has been the lower-risk option at 9.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MZZ has performed better with a -24.79% return vs -72.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MZZ and UVXY have the same expense ratio: 0.95% per year.
MZZ has the higher dividend yield at 5.67%, compared with 0.00% for UVXY.
MZZ is categorized as Leveraged Equities, while UVXY is Volatility. MZZ tracks S&P MidCap 400 Index (-200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UVXY currently has the higher Sharpe Ratio (-0.85 vs -0.88), 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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