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 -37.72%/yr vs -72.05%/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
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Returns By Period
In the year-to-date period, SDOW achieves a -23.82% return, which is significantly higher than UVXY's -32.31% return. Over the past 10 years, SDOW has outperformed UVXY with an annualized return of -37.72%, while UVXY has yielded a comparatively lower -72.05% annualized return.
SDOW
- 1D
- 0.80%
- 1M
- -6.83%
- 6M
- -16.47%
- YTD
- -23.82%
- 1Y
- -38.80%
- 3Y*
- -33.34%
- 5Y*
- -25.64%
- 10Y*
- -37.72%
UVXY
- 1D
- 4.92%
- 1M
- -15.35%
- 6M
- -29.18%
- YTD
- -32.31%
- 1Y
- -71.44%
- 3Y*
- -61.73%
- 5Y*
- -67.56%
- 10Y*
- -72.05%
SDOW vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDOW ProShares UltraPro Short Dow30 | -23.82% | -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 | -32.31% | -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 0.70, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
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 0.67 to 0.72 - a consistent structural relationship.
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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 | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.83 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | -0.98 | +0.09 |
| Martin ratioReturn relative to average drawdown | -1.54 | -1.46 | -0.08 |
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Drawdowns
SDOW vs. UVXY - Drawdown Comparison
The maximum SDOW drawdown since its inception was -99.97%, 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.
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Drawdown Indicators
| SDOW | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.97% | -100.00% | +0.03% |
Max Drawdown (1Y)Largest decline over 1 year | -44.20% | -73.42% | +29.22% |
Max Drawdown (3Y)Largest decline over 3 years | -76.85% | -95.32% | +18.47% |
Max Drawdown (5Y)Largest decline over 5 years | -84.05% | -99.74% | +15.69% |
Max Drawdown (10Y)Largest decline over 10 years | -99.21% | -100.00% | +0.79% |
Current DrawdownCurrent decline from peak | -99.96% | -100.00% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -89.62% | -98.75% | +9.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.17% | 48.91% | -23.74% |
Volatility
SDOW vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraPro Short Dow30 (SDOW) is 9.08%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 21.23%. 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.
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Volatility by Period
| SDOW | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.08% | 21.23% | -12.15% |
Volatility (6M)Calculated over the trailing 6-month period | 29.15% | 66.69% | -37.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.78% | 85.49% | -48.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.40% | 103.84% | -59.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.05% | 112.03% | -59.98% |
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 5.44%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SDOW ProShares UltraPro Short Dow30 | 5.44% | 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 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (21.23%) compared to SDOW (9.08%). In terms of maximum drawdown, SDOW dropped -99.97% vs UVXY's -100.00%.
On 10-year performance, SDOW leads with -37.72% vs -72.05% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, SDOW has been the lower-risk option at 9.08%. 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 -37.72% return vs -72.05%. 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 5.44%, 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 (-0.84 vs -1.06), 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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