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 -45.33%/yr vs -73.90%/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 -43.64% return, which is significantly lower than UVXY's -24.94% return. Over the past 10 years, REW has outperformed UVXY with an annualized return of -45.33%, while UVXY has yielded a comparatively lower -73.90% annualized return.
REW
- 1D
- -2.01%
- 1M
- -2.83%
- YTD
- -43.64%
- 6M
- -41.62%
- 1Y
- -57.85%
- 3Y*
- -45.39%
- 5Y*
- -37.94%
- 10Y*
- -45.33%
UVXY
- 1D
- -2.46%
- 1M
- -14.14%
- YTD
- -24.94%
- 6M
- -26.89%
- 1Y
- -71.73%
- 3Y*
- -62.37%
- 5Y*
- -66.99%
- 10Y*
- -73.90%
REW vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | -43.64% | -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 | -24.94% | -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 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.64 |
The correlation between REW and UVXY has been stable across timeframes, ranging from 0.60 to 0.66 - 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.
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.
| REW | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.38 | ||
| Sortino ratioReturn per unit of downside risk | -0.68 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 0.83 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.99 | +0.05 |
| Martin ratioReturn relative to average drawdown | -2.00 | -1.43 | -0.57 |
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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 | -61.83% | -72.74% | +10.91% |
Max Drawdown (3Y)Largest decline over 3 years | -86.76% | -94.91% | +8.15% |
Max Drawdown (5Y)Largest decline over 5 years | -93.62% | -99.71% | +6.09% |
Max Drawdown (10Y)Largest decline over 10 years | -99.78% | -100.00% | +0.22% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -86.90% | -98.75% | +11.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.52% | 50.54% | -21.02% |
Volatility
REW vs. UVXY - Volatility Comparison
ProShares UltraShort Technology (REW) and ProShares Ultra VIX Short-Term Futures ETF (UVXY) have volatilities of 24.33% and 25.55%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 24.33% | 25.55% | -1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 39.77% | 66.08% | -26.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.39% | 84.93% | -37.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.56% | 103.95% | -51.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.29% | 112.35% | -63.06% |
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 8.84%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | 8.84% | 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 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.55%) compared to REW (24.33%). In terms of maximum drawdown, REW dropped -99.99% vs UVXY's -100.00%.
On 10-year performance, REW leads with -45.33% vs -73.90% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, REW has been the lower-risk option at 24.33%. 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 -45.33% return vs -73.90%. 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 8.84%, 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 (-0.85 vs -1.22), 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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