REW vs. ^VVIX

Last updated Jun 4, 2026

REW (ProShares UltraShort Technology) is Leveraged Equities fund tracking the Dow Jones U.S. Technology Index (-200%), while ^VVIX (CBOE VIX Volatility Index) is an index. Over the past 10 years, REW returned -45.16%/yr vs 1.28%/yr for ^VVIX. A 0.52 correlation means they provide meaningful diversification when combined.

Performance

REW vs. ^VVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Technology (REW) and CBOE VIX Volatility Index (^VVIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, REW achieves a -48.44% return, which is significantly lower than ^VVIX's -3.10% return. Over the past 10 years, REW has underperformed ^VVIX with an annualized return of -45.16%, while ^VVIX has yielded a comparatively higher 1.28% annualized return.

REW

• 1D: 2.13%
• 1M: -32.71%
• YTD: -48.44%
• 6M: -47.77%
• 1Y: -65.29%
• 3Y*: -47.19%
• 5Y*: -40.21%
• 10Y*: -45.16%

^VVIX

• 1D: -0.81%
• 1M: -8.64%
• YTD: -3.10%
• 6M: -2.80%
• 1Y: -1.20%
• 3Y*: 1.39%
• 5Y*: -3.65%
• 10Y*: 1.28%

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

REW vs. ^VVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
REW ProShares UltraShort Technology	-48.44%	-43.15%	-33.70%	-61.35%	65.72%	-53.61%	-71.34%	-56.83%	-10.02%	-49.11%
^VVIX CBOE VIX Volatility Index	-3.10%	-11.18%	19.97%	12.86%	-29.74%	-1.96%	18.87%	8.02%	-13.55%	10.00%

Correlation

The correlation between REW and ^VVIX is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Feb 5, 2007	0.52

The correlation between REW and ^VVIX has been stable across timeframes, ranging from 0.52 to 0.57 - a consistent structural relationship.

Return for Risk

REW vs. ^VVIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

REW

REW Risk / Return Rank: 0
REW Sharpe Ratio Rank: 0
REW Sortino Ratio Rank: 0
REW Omega Ratio Rank: 0
REW Calmar Ratio Rank: 0
REW Martin Ratio Rank: 0

^VVIX

^VVIX Risk / Return Rank: 15
^VVIX Sharpe Ratio Rank: 11
^VVIX Sortino Ratio Rank: 22
^VVIX Omega Ratio Rank: 22
^VVIX Calmar Ratio Rank: 10
^VVIX Martin Ratio Rank: 11

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

REW vs. ^VVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Technology (REW) and CBOE VIX Volatility Index (^VVIX). 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.

	REW	^VVIX	Difference
Sharpe ratio: Return per unit of total volatility	-1.56	-0.01	-1.54
Sortino ratio: Return per unit of downside risk	-3.03	0.59	-3.61
Omega ratio: Gain probability vs. loss probability	0.69	1.07	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.99	-0.03	-0.96
Martin ratio: Return relative to average drawdown	-2.00	-0.05	-1.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

REW vs. ^VVIX - Sharpe Ratio Comparison

The current REW Sharpe Ratio is -1.56, which is lower than the ^VVIX Sharpe Ratio of -0.01. The chart below compares the historical Sharpe Ratios of REW and ^VVIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	REW	^VVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.56	-0.01	-1.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.78	-0.04	-0.74
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.93	0.01	-0.94
Sharpe Ratio (All Time) Calculated using the full available price history	-0.79	0.01	-0.80

Drawdowns

REW vs. ^VVIX - Drawdown Comparison

The maximum REW drawdown since its inception was -99.99%, which is greater than ^VVIX's maximum drawdown of -78.10%. Use the drawdown chart below to compare losses from any high point for REW and ^VVIX.

Drawdown Indicators

	REW	^VVIX	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-78.10%	-21.89%
Max Drawdown (1Y) Largest decline over 1 year	-66.25%	-38.94%	-27.31%
Max Drawdown (3Y) Largest decline over 3 years	-86.76%	-52.75%	-34.01%
Max Drawdown (5Y) Largest decline over 5 years	-93.62%	-53.07%	-40.55%
Max Drawdown (10Y) Largest decline over 10 years	-99.79%	-64.71%	-35.08%
Current Drawdown Current decline from peak	-99.99%	-56.74%	-43.25%
Average Drawdown Average peak-to-trough decline	-86.88%	-43.41%	-43.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.60%	23.07%	+9.53%

Volatility

REW vs. ^VVIX - Volatility Comparison

ProShares UltraShort Technology (REW) has a higher volatility of 14.84% compared to CBOE VIX Volatility Index (^VVIX) at 12.10%. This indicates that REW's price experiences larger fluctuations and is considered to be riskier than ^VVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	REW	^VVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.84%	12.10%	+2.74%
Volatility (6M) Calculated over the trailing 6-month period	34.14%	59.20%	-25.06%
Volatility (1Y) Calculated over the trailing 1-year period	42.11%	82.74%	-40.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.64%	87.14%	-35.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.83%	85.81%	-36.98%

Frequently Asked Questions

Can I hold both REW and ^VVIX in my portfolio?

REW and ^VVIX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, REW or ^VVIX?

REW has higher volatility (14.84%) compared to ^VVIX (12.10%). In terms of maximum drawdown, REW dropped -99.99% vs ^VVIX's -78.10%.

Which has better risk-adjusted returns?

^VVIX currently has the higher Sharpe Ratio (-0.01 vs -1.56), 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.