SDOW vs. UVXY
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 -38.66%/yr vs -73.85%/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
Loading charts...
Returns By Period
In the year-to-date period, SDOW achieves a -20.41% return, which is significantly higher than UVXY's -22.07% return. Over the past 10 years, SDOW has outperformed UVXY with an annualized return of -38.66%, while UVXY has yielded a comparatively lower -73.85% annualized return.
SDOW
- 1D
- 0.32%
- 1M
- -6.58%
- YTD
- -20.41%
- 6M
- -18.40%
- 1Y
- -43.24%
- 3Y*
- -33.77%
- 5Y*
- -25.99%
- 10Y*
- -38.66%
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%
SDOW vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDOW ProShares UltraPro Short Dow30 | -20.41% | -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 | -22.07% | -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 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
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 4, 2011 | 0.72 |
The correlation between SDOW and UVXY has been stable across timeframes, ranging from 0.66 to 0.72 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SDOW vs. UVXY — Risk / Return Rank
SDOW
UVXY
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.
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.
| SDOW | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.81 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -1.01 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.70 | -1.45 | -0.25 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| SDOW | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -100.00% | +0.04% |
Max Drawdown (1Y)Largest decline over 1 year | -42.83% | -73.51% | +30.68% |
Max Drawdown (3Y)Largest decline over 3 years | -75.55% | -94.93% | +19.38% |
Max Drawdown (5Y)Largest decline over 5 years | -83.15% | -99.71% | +16.56% |
Max Drawdown (10Y)Largest decline over 10 years | -99.29% | -100.00% | +0.71% |
Current DrawdownCurrent decline from peak | -99.96% | -100.00% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -89.59% | -98.75% | +9.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.36% | 55.34% | -27.98% |
Volatility
SDOW vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraPro Short Dow30 (SDOW) is 12.39%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.85%. 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.
Loading charts...
Volatility by Period
| SDOW | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.39% | 25.85% | -13.46% |
Volatility (6M)Calculated over the trailing 6-month period | 29.43% | 66.46% | -37.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.16% | 85.46% | -48.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.43% | 103.96% | -59.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.13% | 112.39% | -60.26% |
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 5.85%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SDOW ProShares UltraPro Short Dow30 | 5.85% | 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
SDOW and UVXY have a correlation of 0.69, 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 SDOW (12.39%). In terms of maximum drawdown, SDOW dropped -99.96% vs UVXY's -100.00%.
On 10-year performance, SDOW leads with -38.66% vs -73.85% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, SDOW has been the lower-risk option at 12.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SDOW has performed better with a -38.66% return vs -73.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDOW and UVXY have the same expense ratio: 0.95% per year.
SDOW has the higher dividend yield at 5.85%, compared with 0.00% for 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%).
UVXY currently has the higher Sharpe Ratio (-0.87 vs -1.17), 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.
Find the right allocation for SDOW and UVXY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer