SETH vs. UVXY

Last updated Jun 4, 2026

SETH (ProShares Short Ether Strategy ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SETH is a Cryptocurrency fund tracking the Bloomberg Galaxy Ethereum (--100%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past year, SETH returned -1.33% vs -72.91% for UVXY. At a 0.37 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

SETH vs. UVXY - Performance Comparison

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

Returns By Period

In the year-to-date period, SETH achieves a 40.93% return, which is significantly higher than UVXY's -19.06% return.

SETH

• 1D: 5.62%
• 1M: 29.74%
• YTD: 40.93%
• 6M: 46.51%
• 1Y: -1.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

SETH vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SETH ProShares Short Ether Strategy ETF	40.93%	-29.41%	-49.59%	-22.80%
UVXY ProShares Ultra VIX Short-Term Futures ETF	-19.06%	-65.32%	-50.90%	-40.23%

Correlation

The correlation between SETH and UVXY is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Nov 3, 2023	0.37

Return for Risk

SETH vs. UVXY — Risk / Return Rank

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

SETH

SETH Risk / Return Rank: 10
SETH Sharpe Ratio Rank: 8
SETH Sortino Ratio Rank: 12
SETH Omega Ratio Rank: 12
SETH Calmar Ratio Rank: 9
SETH Martin Ratio Rank: 9

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: 1
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.

SETH vs. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Ether Strategy ETF (SETH) 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.

	SETH	UVXY	Difference
Sharpe ratio: Return per unit of total volatility	-0.02	-0.87	+0.85
Sortino ratio: Return per unit of downside risk	0.45	-1.60	+2.06
Omega ratio: Gain probability vs. loss probability	1.05	0.82	+0.24
Calmar ratio: Return relative to maximum drawdown	-0.02	-0.97	+0.95
Martin ratio: Return relative to average drawdown	-0.04	-1.31	+1.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SETH vs. UVXY - Sharpe Ratio Comparison

The current SETH Sharpe Ratio is -0.02, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of SETH 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

	SETH	UVXY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.02	-0.87	+0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.64	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.45	-0.68	+0.23

Drawdowns

SETH vs. UVXY - Drawdown Comparison

The maximum SETH drawdown since its inception was -80.74%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SETH and UVXY.

Drawdown Indicators

	SETH	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-80.74%	-100.00%	+19.26%
Max Drawdown (1Y) Largest decline over 1 year	-56.01%	-75.22%	+19.21%
Max Drawdown (3Y) Largest decline over 3 years	—	-95.45%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-99.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-100.00%	—
Current Drawdown Current decline from peak	-61.29%	-100.00%	+38.71%
Average Drawdown Average peak-to-trough decline	-54.79%	-98.55%	+43.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.77%	55.63%	-19.86%

Volatility

SETH vs. UVXY - Volatility Comparison

The current volatility for ProShares Short Ether Strategy ETF (SETH) is 9.81%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. This indicates that SETH 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

	SETH	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.81%	11.77%	-1.96%
Volatility (6M) Calculated over the trailing 6-month period	46.07%	62.64%	-16.57%
Volatility (1Y) Calculated over the trailing 1-year period	68.54%	84.42%	-15.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.53%	103.85%	-34.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.53%	113.82%	-44.29%

SETH vs. UVXY - Expense Ratio Comparison

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

Dividends

SETH vs. UVXY - Dividend Comparison

SETH's dividend yield for the trailing twelve months is around 10.91%, while UVXY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
SETH ProShares Short Ether Strategy ETF	10.91%	7.01%	3.44%	0.38%
UVXY ProShares Ultra VIX Short-Term Futures ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SETH and UVXY in my portfolio?

SETH and UVXY have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SETH or UVXY?

UVXY has higher volatility (11.77%) compared to SETH (9.81%). In terms of maximum drawdown, SETH dropped -80.74% vs UVXY's -100.00%.

Which ETF is better, SETH or UVXY?

On 1-year performance, SETH leads with -1.33% vs -72.91% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, SETH has been the lower-risk option at 9.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SETH or UVXY?

Over the 1-year period, SETH has performed better with a -1.33% return vs -72.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SETH or UVXY?

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

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

SETH has the higher dividend yield at 10.91%, compared with 0.00% for UVXY.

What is the main difference between SETH and UVXY?

SETH is categorized as Cryptocurrency, while UVXY is Volatility. SETH tracks Bloomberg Galaxy Ethereum (--100%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).

Which has better risk-adjusted returns?

SETH currently has the higher Sharpe Ratio (-0.02 vs -0.87), 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.