SMDV vs. UVXY

Last updated Jun 5, 2026

SMDV (ProShares Russell 2000 Dividend Growers ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SMDV is a Small Cap Blend Equities fund tracking the Russell 2000 Dividend Growth 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 10 years, SMDV returned 7.13%/yr vs -72.73%/yr for UVXY. At a correlation of -0.52, they often move in opposite directions. SMDV charges 0.40%/yr vs 0.95%/yr for UVXY.

Performance

SMDV vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Russell 2000 Dividend Growers ETF (SMDV) 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, SMDV achieves a 10.34% return, which is significantly higher than UVXY's -23.07% return. Over the past 10 years, SMDV has outperformed UVXY with an annualized return of 7.13%, while UVXY has yielded a comparatively lower -72.73% annualized return.

SMDV

• 1D: 1.41%
• 1M: -0.34%
• YTD: 10.34%
• 6M: 9.74%
• 1Y: 16.31%
• 3Y*: 10.43%
• 5Y*: 4.17%
• 10Y*: 7.13%

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%

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

SMDV vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMDV ProShares Russell 2000 Dividend Growers ETF	10.34%	0.26%	7.03%	8.99%	-5.90%	18.98%	-4.74%	17.23%	-0.58%	4.63%
UVXY ProShares Ultra VIX Short-Term Futures ETF	-23.07%	-65.32%	-50.90%	-87.70%	-44.81%	-88.33%	-17.38%	-84.23%	60.10%	-94.17%

Correlation

The correlation between SMDV and UVXY is -0.47, 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	-0.47
Correlation (3Y) Calculated over the trailing 3-year period	-0.46
Correlation (5Y) Calculated over the trailing 5-year period	-0.53
Correlation (10Y) Calculated over the trailing 10-year period	-0.52
Correlation (All Time) Calculated using the full available price history since Feb 6, 2015	-0.52

The correlation between SMDV and UVXY has been stable across timeframes, ranging from -0.53 to -0.46 - a consistent structural relationship.

Return for Risk

SMDV vs. UVXY — Risk / Return Rank

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

SMDV

SMDV Risk / Return Rank: 31
SMDV Sharpe Ratio Rank: 29
SMDV Sortino Ratio Rank: 31
SMDV Omega Ratio Rank: 28
SMDV Calmar Ratio Rank: 34
SMDV Martin Ratio Rank: 34

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: 0
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.

SMDV vs. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Russell 2000 Dividend Growers ETF (SMDV) 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.

	SMDV	UVXY	Difference
Sharpe ratio: Return per unit of total volatility	1.03	-0.88	+1.91
Sortino ratio: Return per unit of downside risk	1.65	-1.67	+3.32
Omega ratio: Gain probability vs. loss probability	1.19	0.81	+0.38
Calmar ratio: Return relative to maximum drawdown	1.67	-0.97	+2.65
Martin ratio: Return relative to average drawdown	5.04	-1.33	+6.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMDV vs. UVXY - Sharpe Ratio Comparison

The current SMDV Sharpe Ratio is 1.03, which is higher than the UVXY Sharpe Ratio of -0.88. The chart below compares the historical Sharpe Ratios of SMDV 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

	SMDV	UVXY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.03	-0.88	+1.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	-0.66	+0.88
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	-0.64	+0.98
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	-0.68	+1.07

Drawdowns

SMDV vs. UVXY - Drawdown Comparison

The maximum SMDV drawdown since its inception was -34.12%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SMDV and UVXY.

Drawdown Indicators

	SMDV	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-34.12%	-100.00%	+65.88%
Max Drawdown (1Y) Largest decline over 1 year	-9.79%	-76.19%	+66.40%
Max Drawdown (3Y) Largest decline over 3 years	-21.23%	-95.25%	+74.02%
Max Drawdown (5Y) Largest decline over 5 years	-21.23%	-99.69%	+78.46%
Max Drawdown (10Y) Largest decline over 10 years	-34.12%	-100.00%	+65.88%
Current Drawdown Current decline from peak	-1.39%	-100.00%	+98.61%
Average Drawdown Average peak-to-trough decline	-5.93%	-98.55%	+92.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	55.83%	-52.58%

Volatility

SMDV vs. UVXY - Volatility Comparison

The current volatility for ProShares Russell 2000 Dividend Growers ETF (SMDV) is 4.42%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 12.26%. This indicates that SMDV 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

	SMDV	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	12.26%	-7.84%
Volatility (6M) Calculated over the trailing 6-month period	10.63%	62.79%	-52.16%
Volatility (1Y) Calculated over the trailing 1-year period	15.88%	84.51%	-68.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.70%	103.82%	-85.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.73%	113.81%	-93.08%

SMDV vs. UVXY - Expense Ratio Comparison

SMDV has a 0.40% expense ratio, which is lower than UVXY's 0.95% expense ratio.

Dividends

SMDV vs. UVXY - Dividend Comparison

SMDV's dividend yield for the trailing twelve months is around 2.38%, while UVXY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMDV ProShares Russell 2000 Dividend Growers ETF	2.38%	2.67%	2.68%	2.69%	2.51%	2.02%	2.13%	2.03%	1.97%	1.84%	1.35%	1.81%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMDV and UVXY in my portfolio?

SMDV and UVXY have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMDV or UVXY?

UVXY has higher volatility (12.26%) compared to SMDV (4.42%). In terms of maximum drawdown, SMDV dropped -34.12% vs UVXY's -100.00%.

Which ETF is better, SMDV or UVXY?

On 10-year performance, SMDV leads with 7.13% vs -72.73% for UVXY. On fees, SMDV is cheaper at 0.40% per year. On volatility, SMDV has been the lower-risk option at 4.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMDV or UVXY?

Over the 10-year period, SMDV has performed better with a 7.13% return vs -72.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMDV or UVXY?

SMDV is cheaper with a 0.40% expense ratio, compared with 0.95% for UVXY.

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

SMDV has the higher dividend yield at 2.38%, compared with 0.00% for UVXY.

What is the main difference between SMDV and UVXY?

SMDV is categorized as Small Cap Blend Equities, while UVXY is Volatility. SMDV tracks Russell 2000 Dividend Growth Index, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.40% for SMDV and 0.95% for UVXY.

Which has better risk-adjusted returns?

SMDV currently has the higher Sharpe Ratio (1.03 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.