SKYU vs. UVXY
SKYU (ProShares Ultra Nasdaq Cloud Computing ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SKYU is a Leveraged Equities fund tracking the ISE Cloud Computing 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 5 years, SKYU returned 2.14%/yr vs -68.23%/yr for UVXY. At a correlation of -0.56, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SKYU vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, SKYU achieves a 20.72% return, which is significantly higher than UVXY's -23.07% return.
SKYU
- 1D
- 0.53%
- 1M
- 27.03%
- YTD
- 20.72%
- 6M
- 18.01%
- 1Y
- 41.23%
- 3Y*
- 38.09%
- 5Y*
- 2.14%
- 10Y*
- —
UVXY
- 1D
- -4.95%
- 1M
- -26.21%
- YTD
- -23.07%
- 6M
- -39.47%
- 1Y
- -74.10%
- 3Y*
- -64.78%
- 5Y*
- -68.23%
- 10Y*
- -72.73%
SKYU vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SKYU ProShares Ultra Nasdaq Cloud Computing ETF | 20.72% | 2.76% | 65.79% | 105.76% | -75.95% | 7.15% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -23.07% | -65.32% | -50.90% | -87.70% | -44.81% | -87.57% |
Correlation
The correlation between SKYU and UVXY is -0.43, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.56 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2021 | -0.56 |
The correlation between SKYU and UVXY shifts across timeframes, from -0.56 (5 years) to -0.43 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SKYU vs. UVXY — Risk / Return Rank
SKYU
UVXY
SKYU vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) 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.
| SKYU | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.62 | ||
| Sortino ratioReturn per unit of downside risk | +3.02 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.81 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 0.82 | -0.97 | +1.80 |
| Martin ratioReturn relative to average drawdown | 1.73 | -1.33 | +3.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SKYU | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.74 | -0.88 | +1.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | -0.66 | +0.69 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.03 | -0.68 | +0.70 |
Drawdowns
SKYU vs. UVXY - Drawdown Comparison
The maximum SKYU drawdown since its inception was -83.01%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SKYU and UVXY.
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Drawdown Indicators
| SKYU | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.01% | -100.00% | +16.99% |
Max Drawdown (1Y)Largest decline over 1 year | -50.23% | -76.19% | +25.96% |
Max Drawdown (3Y)Largest decline over 3 years | -55.71% | -95.25% | +39.54% |
Max Drawdown (5Y)Largest decline over 5 years | -83.01% | -99.69% | +16.68% |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -22.26% | -100.00% | +77.74% |
Average DrawdownAverage peak-to-trough decline | -49.16% | -98.55% | +49.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.88% | 55.83% | -31.95% |
Volatility
SKYU vs. UVXY - Volatility Comparison
ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) has a higher volatility of 22.68% compared to ProShares Ultra VIX Short-Term Futures ETF (UVXY) at 12.26%. This indicates that SKYU's price experiences larger fluctuations and is considered to be riskier 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
| SKYU | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.68% | 12.26% | +10.42% |
Volatility (6M)Calculated over the trailing 6-month period | 46.60% | 62.79% | -16.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.92% | 84.51% | -28.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 61.88% | 103.82% | -41.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.12% | 113.81% | -52.69% |
SKYU vs. UVXY - Expense Ratio Comparison
Both SKYU and UVXY have an expense ratio of 0.95%.
Dividends
SKYU vs. UVXY - Dividend Comparison
SKYU's dividend yield for the trailing twelve months is around 0.58%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
SKYU ProShares Ultra Nasdaq Cloud Computing ETF | 0.58% | 0.56% | 0.21% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SKYU and UVXY have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SKYU has higher volatility (22.68%) compared to UVXY (12.26%). In terms of maximum drawdown, SKYU dropped -83.01% vs UVXY's -100.00%.
On 5-year performance, SKYU leads with 2.14% vs -68.23% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UVXY has been the lower-risk option at 12.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SKYU has performed better with a 2.14% return vs -68.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SKYU and UVXY have the same expense ratio: 0.95% per year.
SKYU has the higher dividend yield at 0.58%, compared with 0.00% for UVXY.
SKYU is categorized as Leveraged Equities, while UVXY is Volatility. SKYU tracks ISE Cloud Computing Index (200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
SKYU currently has the higher Sharpe Ratio (0.74 vs -0.88), 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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