SPXB vs. UVXY

Last updated Jun 24, 2026

SPXB (ProShares S&P 500 Bond ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SPXB is a Corporate Bonds fund tracking the S&P 500 MarketAxess Investment Grade Corporate Bond Index, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. At a correlation of -0.11, they often move in opposite directions. SPXB charges 0.15%/yr vs 0.95%/yr for UVXY.

Performance

SPXB vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Bond ETF (SPXB) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPXB

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

UVXY

• 1D: 8.28%
• 1M: -14.92%
• YTD: -22.07%
• 6M: -24.28%
• 1Y: -74.07%
• 3Y*: -61.96%
• 5Y*: -66.90%
• 10Y*: -73.85%

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

SPXB vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SPXB ProShares S&P 500 Bond ETF	0.00%	0.00%	-3.45%	8.83%	-16.66%	-1.89%	10.33%	15.34%	1.05%
UVXY ProShares Ultra VIX Short-Term Futures ETF	-22.07%	-65.32%	-50.90%	-87.70%	-44.81%	-88.33%	-17.38%	-84.23%	12.19%

Correlation

The correlation between SPXB and UVXY is -0.11, 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 (3Y) Calculated over the trailing 3-year period	-0.11
Correlation (5Y) Calculated over the trailing 5-year period	-0.12
Correlation (All Time) Calculated using the full available price history since May 3, 2018	-0.11

Return for Risk

SPXB vs. UVXY — Risk / Return Rank

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

SPXB

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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: 1

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.

SPXB vs. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Bond ETF (SPXB) 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.

	SPXB	UVXY	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.87	—
Sortino ratio: Return per unit of downside risk	—	-1.64	—
Omega ratio: Gain probability vs. loss probability	—	0.81	—
Calmar ratio: Return relative to maximum drawdown	—	-1.01	—
Martin ratio: Return relative to average drawdown	—	-1.45	—

Drawdowns

Drawdown Indicators

	SPXB	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	—	-100.00%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-73.51%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-94.93%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-99.71%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-100.00%	—
Current Drawdown Current decline from peak	—	-100.00%	—
Average Drawdown Average peak-to-trough decline	—	-98.75%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	55.34%	—

Volatility

Volatility by Period

	SPXB	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	25.85%	—
Volatility (6M) Calculated over the trailing 6-month period	—	66.46%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	85.46%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	103.96%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	112.39%	—

SPXB vs. UVXY - Expense Ratio Comparison

SPXB has a 0.15% expense ratio, which is lower than UVXY's 0.95% expense ratio.

Dividends

SPXB vs. UVXY - Dividend Comparison

Neither SPXB nor UVXY has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SPXB ProShares S&P 500 Bond ETF	0.00%	0.00%	1.22%	4.04%	3.14%	2.00%	2.64%	3.48%	2.52%
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%

Frequently Asked Questions

Can I hold both SPXB and UVXY in my portfolio?

SPXB and UVXY have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPXB or UVXY?

On fees, SPXB is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXB or UVXY?

SPXB is cheaper with a 0.15% expense ratio, compared with 0.95% for UVXY.

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

SPXB and UVXY have nearly identical dividend yields, around 0.00%.

What is the main difference between SPXB and UVXY?

SPXB is categorized as Corporate Bonds, while UVXY is Volatility. SPXB tracks S&P 500 MarketAxess Investment Grade Corporate Bond Index, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.15% for SPXB and 0.95% for UVXY.