SDOW vs. UVXY

Last updated Jun 3, 2026

SDOW (ProShares UltraPro Short Dow30) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SDOW is a Leveraged Equities fund tracking the Dow Jones Industrial Average (-300%), 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, SDOW returned -38.16%/yr vs -72.66%/yr for UVXY. A 0.72 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

SDOW vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short Dow30 (SDOW) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SDOW having a -18.49% return and UVXY slightly lower at -18.87%. Over the past 10 years, SDOW has outperformed UVXY with an annualized return of -38.16%, while UVXY has yielded a comparatively lower -72.66% annualized return.

SDOW

• 1D: -1.52%
• 1M: -10.30%
• YTD: -18.49%
• 6M: -21.02%
• 1Y: -42.78%
• 3Y*: -33.02%
• 5Y*: -25.27%
• 10Y*: -38.16%

UVXY

• 1D: -2.67%
• 1M: -20.98%
• YTD: -18.87%
• 6M: -37.65%
• 1Y: -73.66%
• 3Y*: -64.52%
• 5Y*: -68.37%
• 10Y*: -72.66%

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

SDOW vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDOW ProShares UltraPro Short Dow30	-18.49%	-33.94%	-25.95%	-28.78%	4.00%	-49.00%	-66.48%	-49.54%	-0.30%	-52.26%
UVXY ProShares Ultra VIX Short-Term Futures ETF	-18.87%	-65.32%	-50.90%	-87.70%	-44.81%	-88.33%	-17.38%	-84.23%	60.10%	-94.17%

Correlation

The correlation between SDOW and UVXY is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011	0.72

The correlation between SDOW and UVXY has been stable across timeframes, ranging from 0.64 to 0.72 - a consistent structural relationship.

Return for Risk

SDOW vs. UVXY — Risk / Return Rank

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

SDOW

SDOW Risk / Return Rank: 1
SDOW Sharpe Ratio Rank: 1
SDOW Sortino Ratio Rank: 1
SDOW Omega Ratio Rank: 1
SDOW Calmar Ratio Rank: 0
SDOW Martin Ratio Rank: 1

UVXY

UVXY Risk / Return Rank: 1
UVXY Sharpe Ratio Rank: 2
UVXY Sortino Ratio Rank: 1
UVXY Omega Ratio Rank: 1
UVXY Calmar Ratio Rank: 0
UVXY Martin Ratio Rank: 2

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.

SDOW vs. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short Dow30 (SDOW) 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.

	SDOW	UVXY	Difference
Sharpe ratio Return per unit of total volatility	-1.19	-0.87	-0.32
Sortino ratio Return per unit of downside risk	-1.81	-1.65	-0.16
Omega ratio Gain probability vs. loss probability	0.80	0.81	-0.01
Calmar ratio Return relative to maximum drawdown	-0.99	-0.99	-0.01
Martin ratio Return relative to average drawdown	-1.58	-1.34	-0.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SDOW vs. UVXY - Sharpe Ratio Comparison

The current SDOW Sharpe Ratio is -1.19, which is lower than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of SDOW and UVXY, 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

	SDOW	UVXY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.19	-0.87	-0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.57	-0.66	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.73	-0.64	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	-0.78	-0.68	-0.10

Drawdowns

SDOW vs. UVXY - Drawdown Comparison

The maximum SDOW drawdown since its inception was -99.96%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SDOW and UVXY.

Drawdown Indicators

	SDOW	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-99.96%	-100.00%	+0.04%
Max Drawdown (1Y) Largest decline over 1 year	-43.45%	-75.22%	+31.77%
Max Drawdown (3Y) Largest decline over 3 years	-74.39%	-95.59%	+21.20%
Max Drawdown (5Y) Largest decline over 5 years	-82.35%	-99.68%	+17.33%
Max Drawdown (10Y) Largest decline over 10 years	-99.26%	-100.00%	+0.74%
Current Drawdown Current decline from peak	-99.96%	-100.00%	+0.04%
Average Drawdown Average peak-to-trough decline	-89.43%	-98.55%	+9.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.35%	55.43%	-28.08%

Volatility

SDOW vs. UVXY - Volatility Comparison

The current volatility for ProShares UltraPro Short Dow30 (SDOW) is 8.83%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.97%. This indicates that SDOW 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.

Volatility by Period

	SDOW	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.83%	11.97%	-3.14%
Volatility (6M) Calculated over the trailing 6-month period	27.90%	62.65%	-34.75%
Volatility (1Y) Calculated over the trailing 1-year period	36.02%	84.44%	-48.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.26%	103.85%	-59.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.13%	113.85%	-61.72%

SDOW vs. UVXY - Expense Ratio Comparison

Both SDOW and UVXY have an expense ratio of 0.95%.

Dividends

SDOW vs. UVXY - Dividend Comparison

SDOW's dividend yield for the trailing twelve months is around 5.71%, while UVXY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDOW ProShares UltraPro Short Dow30	5.71%	5.80%	8.30%	5.38%	0.36%	0.00%	0.52%	2.17%	1.23%	0.09%
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%	0.00%

Frequently Asked Questions

Can I hold both SDOW and UVXY in my portfolio?

SDOW and UVXY have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDOW or UVXY?

UVXY has higher volatility (11.97%) compared to SDOW (8.83%). In terms of maximum drawdown, SDOW dropped -99.96% vs UVXY's -100.00%.

Which ETF is better, SDOW or UVXY?

On 10-year performance, SDOW leads with -38.16% vs -72.66% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, SDOW has been the lower-risk option at 8.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDOW or UVXY?

Over the 10-year period, SDOW has performed better with a -38.16% return vs -72.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDOW or UVXY?

SDOW and UVXY have the same expense ratio: 0.95% per year.

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

SDOW has the higher dividend yield at 5.71%, compared with 0.00% for UVXY.

What is the main difference between SDOW and UVXY?

SDOW is categorized as Leveraged Equities, while UVXY is Volatility. SDOW tracks Dow Jones Industrial Average (-300%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).

Which has better risk-adjusted returns?

UVXY currently has the higher Sharpe Ratio (-0.87 vs -1.19), 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.