REW vs. UVXY
REW (ProShares UltraShort Technology) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - REW is a Leveraged Equities fund tracking the Dow Jones U.S. Technology 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, REW returned -45.16%/yr vs -72.67%/yr for UVXY. A 0.64 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
REW vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, REW achieves a -48.44% return, which is significantly lower than UVXY's -19.06% return. Over the past 10 years, REW has outperformed UVXY with an annualized return of -45.16%, while UVXY has yielded a comparatively lower -72.67% 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%
UVXY
- 1D
- -0.24%
- 1M
- -22.10%
- YTD
- -19.06%
- 6M
- -37.37%
- 1Y
- -72.91%
- 3Y*
- -64.55%
- 5Y*
- -67.90%
- 10Y*
- -72.67%
REW vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -19.06% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between REW and UVXY is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | 0.64 |
The correlation between REW and UVXY has been stable across timeframes, ranging from 0.59 to 0.65 - a consistent structural relationship.
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Return for Risk
REW vs. UVXY — Risk / Return Rank
REW
UVXY
REW vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Technology (REW) 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.
| REW | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -1.42 | ||
| Omega ratioGain probability vs. loss probability | 0.69 | 0.82 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.97 | -0.02 |
| Martin ratioReturn relative to average drawdown | -2.00 | -1.31 | -0.69 |
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
| REW | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.56 | -0.87 | -0.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.78 | -0.66 | -0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.93 | -0.64 | -0.29 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.79 | -0.68 | -0.11 |
Drawdowns
REW vs. UVXY - Drawdown Comparison
The maximum REW drawdown since its inception was -99.99%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for REW and UVXY.
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Drawdown Indicators
| REW | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -100.00% | +0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -66.25% | -75.22% | +8.97% |
Max Drawdown (3Y)Largest decline over 3 years | -86.76% | -95.45% | +8.69% |
Max Drawdown (5Y)Largest decline over 5 years | -93.62% | -99.68% | +6.06% |
Max Drawdown (10Y)Largest decline over 10 years | -99.79% | -100.00% | +0.21% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -86.88% | -98.55% | +11.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.60% | 55.63% | -23.03% |
Volatility
REW vs. UVXY - Volatility Comparison
ProShares UltraShort Technology (REW) has a higher volatility of 14.84% compared to ProShares Ultra VIX Short-Term Futures ETF (UVXY) at 11.77%. This indicates that REW's price experiences larger fluctuations and is considered to be riskier 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
| REW | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.84% | 11.77% | +3.07% |
Volatility (6M)Calculated over the trailing 6-month period | 34.14% | 62.64% | -28.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.11% | 84.42% | -42.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.64% | 103.85% | -52.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.83% | 113.82% | -64.99% |
REW vs. UVXY - Expense Ratio Comparison
Both REW and UVXY have an expense ratio of 0.95%.
Dividends
REW vs. UVXY - Dividend Comparison
REW's dividend yield for the trailing twelve months is around 11.04%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | 11.04% | 6.69% | 5.68% | 5.97% | 0.65% | 0.00% | 0.27% | 1.80% | 0.51% |
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
REW and UVXY have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
REW has higher volatility (14.84%) compared to UVXY (11.77%). In terms of maximum drawdown, REW dropped -99.99% vs UVXY's -100.00%.
On 10-year performance, REW leads with -45.16% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UVXY has been the lower-risk option at 11.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, REW has performed better with a -45.16% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
REW and UVXY have the same expense ratio: 0.95% per year.
REW has the higher dividend yield at 11.04%, compared with 0.00% for UVXY.
REW is categorized as Leveraged Equities, while UVXY is Volatility. REW tracks Dow Jones U.S. Technology Index (-200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UVXY currently has the higher Sharpe Ratio (-0.87 vs -1.56), 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.
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