ONLN vs. UVXY
ONLN (ProShares Online Retail ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - ONLN is a Consumer Discretionary Equities fund tracking the ProShares Online Retail Index, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 5 years, ONLN returned -7.66%/yr vs -66.90%/yr for UVXY. At a correlation of -0.58, they often move in opposite directions. ONLN charges 0.58%/yr vs 0.95%/yr for UVXY.
Performance
ONLN vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, ONLN achieves a -8.58% return, which is significantly higher than UVXY's -22.07% return.
ONLN
- 1D
- 0.99%
- 1M
- -5.60%
- YTD
- -8.58%
- 6M
- -9.03%
- 1Y
- 10.27%
- 3Y*
- 19.82%
- 5Y*
- -7.66%
- 10Y*
- —
UVXY
- 1D
- 8.28%
- 1M
- -14.92%
- YTD
- -22.07%
- 6M
- -24.28%
- 1Y
- -74.07%
- 3Y*
- -61.96%
- 5Y*
- -66.90%
- 10Y*
- -73.85%
ONLN vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ONLN ProShares Online Retail ETF | -8.58% | 33.03% | 24.85% | 27.37% | -50.07% | -25.22% | 111.82% | 19.93% | -24.66% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -22.07% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 70.09% |
Correlation
The correlation between ONLN and UVXY is -0.54, 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 | -0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.58 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2018 | -0.58 |
The correlation between ONLN and UVXY has been stable across timeframes, ranging from -0.58 to -0.54 - a consistent structural relationship.
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Return for Risk
ONLN vs. UVXY — Risk / Return Rank
ONLN
UVXY
ONLN vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Online Retail ETF (ONLN) 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.
| ONLN | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.29 | ||
| Sortino ratioReturn per unit of downside risk | +2.37 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.81 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.52 | -1.01 | +1.53 |
| Martin ratioReturn relative to average drawdown | 1.23 | -1.45 | +2.68 |
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Drawdowns
ONLN vs. UVXY - Drawdown Comparison
The maximum ONLN drawdown since its inception was -71.77%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ONLN and UVXY.
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Drawdown Indicators
| ONLN | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.77% | -100.00% | +28.23% |
Max Drawdown (1Y)Largest decline over 1 year | -19.75% | -73.51% | +53.76% |
Max Drawdown (3Y)Largest decline over 3 years | -27.97% | -94.93% | +66.96% |
Max Drawdown (5Y)Largest decline over 5 years | -69.19% | -99.71% | +30.52% |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -40.80% | -100.00% | +59.20% |
Average DrawdownAverage peak-to-trough decline | -35.45% | -98.75% | +63.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.35% | 55.34% | -46.99% |
Volatility
ONLN vs. UVXY - Volatility Comparison
The current volatility for ProShares Online Retail ETF (ONLN) is 7.48%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.85%. This indicates that ONLN 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
| ONLN | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.48% | 25.85% | -18.37% |
Volatility (6M)Calculated over the trailing 6-month period | 18.30% | 66.46% | -48.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.36% | 85.46% | -61.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.15% | 103.96% | -70.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.08% | 112.39% | -80.31% |
ONLN vs. UVXY - Expense Ratio Comparison
ONLN has a 0.58% expense ratio, which is lower than UVXY's 0.95% expense ratio.
Dividends
ONLN vs. UVXY - Dividend Comparison
ONLN's dividend yield for the trailing twelve months is around 0.36%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
ONLN ProShares Online Retail ETF | 0.36% | 0.30% | 0.75% | 0.00% | 0.00% | 0.00% | 1.24% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ONLN and UVXY have a correlation of -0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.85%) compared to ONLN (7.48%). In terms of maximum drawdown, ONLN dropped -71.77% vs UVXY's -100.00%.
On 5-year performance, ONLN leads with -7.66% vs -66.90% for UVXY. On fees, ONLN is cheaper at 0.58% per year. On volatility, ONLN has been the lower-risk option at 7.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, ONLN has performed better with a -7.66% return vs -66.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ONLN is cheaper with a 0.58% expense ratio, compared with 0.95% for UVXY.
ONLN has the higher dividend yield at 0.36%, compared with 0.00% for UVXY.
ONLN is categorized as Consumer Discretionary Equities, while UVXY is Volatility. ONLN tracks ProShares Online Retail Index, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.58% for ONLN and 0.95% for UVXY.
ONLN currently has the higher Sharpe Ratio (0.42 vs -0.87), 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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