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 -3.11%/yr vs -67.79%/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 0.49% return, which is significantly higher than UVXY's -29.20% return.
SKYU
- 1D
- -0.31%
- 1M
- 5.74%
- 6M
- 10.58%
- YTD
- 0.49%
- 1Y
- 8.45%
- 3Y*
- 24.28%
- 5Y*
- -3.11%
- 10Y*
- —
UVXY
- 1D
- 8.81%
- 1M
- -7.29%
- 6M
- -28.42%
- YTD
- -29.20%
- 1Y
- -70.71%
- 3Y*
- -60.83%
- 5Y*
- -67.79%
- 10Y*
- -71.80%
SKYU vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SKYU ProShares Ultra Nasdaq Cloud Computing ETF | 0.49% | 2.76% | 65.79% | 105.76% | -75.95% | 6.83% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -29.20% | -65.32% | -50.90% | -87.70% | -44.81% | -87.73% |
Correlation
The correlation between SKYU and UVXY is -0.42, 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 | -0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.56 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2021 | -0.56 |
The correlation between SKYU and UVXY shifts across timeframes, from -0.56 (5 years) to -0.42 (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.
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.
| SKYU | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.97 | ||
| Sortino ratioReturn per unit of downside risk | +2.06 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 0.84 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.17 | -0.96 | +1.13 |
| Martin ratioReturn relative to average drawdown | 0.33 | -1.43 | +1.76 |
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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% | -73.88% | +23.65% |
Max Drawdown (3Y)Largest decline over 3 years | -55.71% | -95.42% | +39.71% |
Max Drawdown (5Y)Largest decline over 5 years | -83.01% | -99.75% | +16.74% |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -35.29% | -100.00% | +64.71% |
Average DrawdownAverage peak-to-trough decline | -48.84% | -98.76% | +49.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.35% | 49.63% | -24.28% |
Volatility
SKYU vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) is 13.66%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 19.34%. This indicates that SKYU 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
| SKYU | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.66% | 19.34% | -5.68% |
Volatility (6M)Calculated over the trailing 6-month period | 48.76% | 67.22% | -18.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.91% | 85.95% | -28.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.27% | 103.85% | -41.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 60.97% | 112.04% | -51.07% |
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 0.82%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
SKYU ProShares Ultra Nasdaq Cloud Computing ETF | 0.82% | 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 -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (19.34%) compared to SKYU (13.66%). In terms of maximum drawdown, SKYU dropped -83.01% vs UVXY's -100.00%.
On 5-year performance, SKYU leads with -3.11% vs -67.79% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, SKYU has been the lower-risk option at 13.66%. 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 -3.11% return vs -67.79%. 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 0.82%, 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 (0.15 vs -0.82), 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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