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 -25.27%/yr vs -72.66%/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 -22.57% return, which is significantly lower than UVXY's -18.87% return. Over the past 10 years, MZZ has outperformed UVXY with an annualized return of -25.27%, while UVXY has yielded a comparatively lower -72.66% annualized return.
MZZ
- 1D
- -1.64%
- 1M
- -5.89%
- YTD
- -22.57%
- 6M
- -23.66%
- 1Y
- -35.66%
- 3Y*
- -23.59%
- 5Y*
- -16.74%
- 10Y*
- -25.27%
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%
MZZ vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | -22.57% | -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 | -18.87% | -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 0.62, 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 | 0.62 |
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 | 0.66 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | 0.69 |
The correlation between MZZ and UVXY has been stable across timeframes, ranging from 0.62 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.
| MZZ | UVXY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.15 | -0.87 | -0.27 |
Sortino ratioReturn per unit of downside risk | -1.65 | -1.65 | -0.01 |
Omega ratioGain probability vs. loss probability | 0.81 | 0.81 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.99 | 0.00 |
Martin ratioReturn relative to average drawdown | -1.73 | -1.34 | -0.39 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MZZ | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | -0.87 | -0.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.43 | -0.66 | +0.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.61 | -0.64 | +0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.60 | -0.68 | +0.08 |
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 | -35.22% | -75.22% | +40.00% |
Max Drawdown (3Y)Largest decline over 3 years | -62.13% | -95.59% | +33.46% |
Max Drawdown (5Y)Largest decline over 5 years | -68.64% | -99.68% | +31.04% |
Max Drawdown (10Y)Largest decline over 10 years | -95.10% | -100.00% | +4.90% |
Current DrawdownCurrent decline from peak | -99.90% | -100.00% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -86.07% | -98.55% | +12.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.39% | 55.43% | -35.04% |
Volatility
MZZ vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraShort MidCap400 (MZZ) is 8.88%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.97%. 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 | 8.88% | 11.97% | -3.09% |
Volatility (6M)Calculated over the trailing 6-month period | 22.99% | 62.65% | -39.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.15% | 84.44% | -53.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.16% | 103.85% | -64.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.39% | 113.85% | -72.46% |
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 6.70%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | 6.70% | 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 0.62, 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 MZZ (8.88%). In terms of maximum drawdown, MZZ dropped -99.90% vs UVXY's -100.00%.
On 10-year performance, MZZ leads with -25.27% vs -72.66% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, MZZ has been the lower-risk option at 8.88%. 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 -25.27% return vs -72.66%. 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 6.70%, 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 (-0.87 vs -1.15), 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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