NUG vs. UVXY

Last updated Aug 2, 2026

NUG (Leverage Shares 2X Long NU Daily ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - NUG is a Leveraged Equities fund actively managed by Leverage Shares, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). NUG is actively managed, while UVXY is passively managed. Their -0.57 correlation means they have often moved in opposite directions in the past. NUG charges 0.75%/yr vs 0.95%/yr for UVXY.

Performance

NUG vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long NU Daily ETF (NUG) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NUG achieves a -38.20% return, which is significantly lower than UVXY's -35.24% return.

NUG

• 1D: -2.32%
• 1M: 9.27%
• 6M: -43.84%
• YTD: -38.20%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

UVXY

• 1D: -4.24%
• 1M: -6.17%
• 6M: -37.50%
• YTD: -35.24%
• 1Y: -73.24%
• 3Y*: -61.42%
• 5Y*: -68.18%
• 10Y*: -71.50%
• ALL TIME*: -80.18%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NUG Leverage Shares 2X Long NU Daily ETF	$95.16K	$98.38K	$124.99K
UVXY ProShares Ultra VIX Short-Term Futures ETF	$190.03M	$191.90M	$239.87M

NUG vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025
NUG Leverage Shares 2X Long NU Daily ETF	-38.20%	9.30%
UVXY ProShares Ultra VIX Short-Term Futures ETF	-35.24%	-33.65%

Correlation

The correlation between NUG and UVXY is -0.57, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 17, 2025	-0.57

Return for Risk

NUG vs. UVXY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NUG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

UVXY

UVXY Risk / Return Rank: 2
UVXY Sharpe Ratio Rank: 3
UVXY Sortino Ratio Rank: 2
UVXY Omega Ratio Rank: 2
UVXY Calmar Ratio Rank: 1
UVXY Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NUG vs. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long NU Daily ETF (NUG) 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.

	NUG	UVXY	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.80	—
Sortino ratio: Return per unit of downside risk	—	-1.35	—
Omega ratio: Gain probability vs. loss probability	—	0.85	—
Calmar ratio: Return relative to maximum drawdown	—	-0.95	—
Martin ratio: Return relative to average drawdown	—	-1.35	—

Drawdowns

NUG vs. UVXY - Drawdown Comparison

The maximum NUG drawdown since its inception was -66.15%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for NUG and UVXY.

Drawdown Indicators

	NUG	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-66.15%	-100.00%	+33.85%
Max Drawdown (1Y) Largest decline over 1 year	—	-73.88%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-95.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-99.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-100.00%	—
Current Drawdown Current decline from peak	-50.00%	-100.00%	+50.00%
Average Drawdown Average peak-to-trough decline	-35.24%	-98.76%	+63.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	51.60%	—

Volatility

Volatility by Period

	NUG	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	22.30%	—
Volatility (6M) Calculated over the trailing 6-month period	—	65.55%	—
Volatility (1Y) Calculated over the trailing 1-year period	79.01%	87.28%	-8.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	79.01%	103.39%	-24.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	79.01%	112.09%	-33.08%

NUG vs. UVXY - Expense Ratio Comparison

NUG has a 0.75% expense ratio, which is lower than UVXY's 0.95% expense ratio.

Dividends

NUG vs. UVXY - Dividend Comparison

Neither NUG nor UVXY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NUG and UVXY in my portfolio?

NUG and UVXY have a correlation of -0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NUG or UVXY?

On fees, NUG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NUG or UVXY?

NUG is cheaper with a 0.75% expense ratio, compared with 0.95% for UVXY.

Which ETF pays a higher dividend yield, NUG or UVXY?

NUG and UVXY have nearly identical dividend yields, around 0.00%.

What is the main difference between NUG and UVXY?

NUG is categorized as Leveraged Equities, while UVXY is Volatility. They also come from different issuers: Leverage Shares and ProShares. Their fees differ too: 0.75% for NUG and 0.95% for UVXY.