SLON vs. UVXY

Last updated Aug 4, 2026

SLON (ProShares Ultra Solana ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SLON is a Cryptocurrency fund tracking the Bloomberg Solana Index, 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, SLON returned -90.51% vs -73.63% for UVXY. Their -0.38 correlation means they have often moved in opposite directions in the past. SLON charges 2.14%/yr vs 0.95%/yr for UVXY.

Performance

SLON vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Solana ETF (SLON) 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, SLON achieves a -74.87% return, which is significantly lower than UVXY's -36.18% return.

SLON

• 1D: 2.15%
• 1M: -17.19%
• 6M: -61.81%
• YTD: -74.87%
• 1Y: -90.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -89.53%

UVXY

• 1D: -1.46%
• 1M: -7.54%
• 6M: -33.79%
• YTD: -36.18%
• 1Y: -73.63%
• 3Y*: -63.76%
• 5Y*: -68.11%
• 10Y*: -71.03%
• ALL TIME*: -80.18%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SLON ProShares Ultra Solana ETF	$656.95K	$744.85K	$1.18M
UVXY ProShares Ultra VIX Short-Term Futures ETF	$186.30M	$190.88M	$236.21M

SLON vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025
SLON ProShares Ultra Solana ETF	-74.87%	-62.89%
UVXY ProShares Ultra VIX Short-Term Futures ETF	-36.18%	-58.75%

Correlation

The correlation between SLON and UVXY is -0.39, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.39
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	-0.38

Return for Risk

SLON vs. UVXY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SLON

SLON Risk / Return Rank: 3
SLON Sharpe Ratio Rank: 4
SLON Sortino Ratio Rank: 3
SLON Omega Ratio Rank: 3
SLON Calmar Ratio Rank: 1
SLON Martin Ratio Rank: 3

UVXY

UVXY Risk / Return Rank: 1
UVXY Sharpe Ratio Rank: 2
UVXY Sortino Ratio Rank: 2
UVXY Omega Ratio Rank: 2
UVXY Calmar Ratio Rank: 0
UVXY Martin Ratio Rank: 0

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SLON vs. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Solana ETF (SLON) 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.

	SLON	UVXY	Difference
Sharpe ratio: Return per unit of total volatility	-0.63	-0.85	+0.23
Sortino ratio: Return per unit of downside risk	-1.25	-1.58	+0.34
Omega ratio: Gain probability vs. loss probability	0.86	0.82	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.94	-1.03	+0.09
Martin ratio: Return relative to average drawdown	-1.17	-1.54	+0.37

SLON vs. UVXY - Sharpe Ratio Comparison

The current SLON Sharpe Ratio is -0.63, which is comparable to the UVXY Sharpe Ratio of -0.85. The chart below compares the historical Sharpe Ratios of SLON 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.

Drawdowns

SLON vs. UVXY - Drawdown Comparison

The maximum SLON drawdown since its inception was -96.31%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SLON and UVXY.

Drawdown Indicators

	SLON	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-96.31%	-100.00%	+3.69%
Max Drawdown (1Y) Largest decline over 1 year	-96.31%	-71.36%	-24.95%
Max Drawdown (3Y) Largest decline over 3 years	—	-95.42%	—
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	-95.28%	-100.00%	+4.72%
Average Drawdown Average peak-to-trough decline	-68.45%	-98.76%	+30.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	77.28%	51.81%	+25.47%

Volatility

SLON vs. UVXY - Volatility Comparison

ProShares Ultra Solana ETF (SLON) and ProShares Ultra VIX Short-Term Futures ETF (UVXY) have volatilities of 21.26% and 22.30%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLON	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.26%	22.30%	-1.04%
Volatility (6M) Calculated over the trailing 6-month period	101.03%	65.53%	+35.50%
Volatility (1Y) Calculated over the trailing 1-year period	144.71%	86.48%	+58.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	144.49%	103.34%	+41.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	144.49%	112.09%	+32.40%

SLON vs. UVXY - Expense Ratio Comparison

SLON has a 2.14% expense ratio, which is higher than UVXY's 0.95% expense ratio.

Dividends

SLON vs. UVXY - Dividend Comparison

SLON's dividend yield for the trailing twelve months is around 22.84%, while UVXY has not paid dividends to shareholders.

Position	TTM	2025
SLON ProShares Ultra Solana ETF	22.84%	5.74%
UVXY ProShares Ultra VIX Short-Term Futures ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both SLON and UVXY in my portfolio?

SLON and UVXY have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLON or UVXY?

UVXY has higher volatility (22.30%) compared to SLON (21.26%). In terms of maximum drawdown, SLON dropped -96.31% vs UVXY's -100.00%.

Which ETF is better, SLON or UVXY?

On 1-year performance, UVXY leads with -73.63% vs -90.51% for SLON. On fees, UVXY is cheaper at 0.95% per year. On volatility, SLON has been the lower-risk option at 21.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLON or UVXY?

Over the 1-year period, UVXY has performed better with a -73.63% return vs -90.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLON or UVXY?

UVXY is cheaper with a 0.95% expense ratio, compared with 2.14% for SLON.

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

SLON has the higher dividend yield at 22.84%, compared with 0.00% for UVXY.

What is the main difference between SLON and UVXY?

SLON is categorized as Cryptocurrency, while UVXY is Volatility. SLON tracks Bloomberg Solana Index, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 2.14% for SLON and 0.95% for UVXY.

Which has better risk-adjusted returns?

SLON currently has the higher Sharpe Ratio (-0.63 vs -0.85), 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.