SPXE vs. UVXY

Last updated Jul 18, 2026

SPXE (ProShares S&P 500 Ex-Energy ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SPXE is a S&P 500 fund tracking the S&P 500 Ex-Energy Index, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. SPXE charges 0.09%/yr vs 0.95%/yr for UVXY.

Performance

SPXE vs. UVXY - Performance Comparison

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

Returns By Period

SPXE

• 1D: 0.00%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 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%

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

SPXE vs. UVXY - Yearly Performance Comparison

	2026 (YTD)
SPXE ProShares S&P 500 Ex-Energy ETF	0.00%
UVXY ProShares Ultra VIX Short-Term Futures ETF	8.81%

Return for Risk

SPXE vs. UVXY — Risk / Return Rank

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

SPXE

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

UVXY

UVXY Risk / Return Rank: 2
UVXY Sharpe Ratio Rank: 3
UVXY Sortino Ratio Rank: 2
UVXY Omega Ratio Rank: 2
UVXY Calmar Ratio Rank: 1
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.

SPXE vs. UVXY - Risk-Adjusted Trends Comparison

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

	SPXE	UVXY	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.82	—
Sortino ratio: Return per unit of downside risk	—	-1.44	—
Omega ratio: Gain probability vs. loss probability	—	0.84	—
Calmar ratio: Return relative to maximum drawdown	—	-0.96	—
Martin ratio: Return relative to average drawdown	—	-1.43	—

Drawdowns

SPXE vs. UVXY - Drawdown Comparison

The maximum SPXE drawdown since its inception was 0.00%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SPXE and UVXY.

Drawdown Indicators

	SPXE	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-100.00%	+100.00%
Max Drawdown (1Y) Largest decline over 1 year	—	-73.88%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-95.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-99.75%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-100.00%	—
Current Drawdown Current decline from peak	0.00%	-100.00%	+100.00%
Average Drawdown Average peak-to-trough decline	0.00%	-98.76%	+98.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	49.63%	—

Volatility

Volatility by Period

	SPXE	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	19.34%	—
Volatility (6M) Calculated over the trailing 6-month period	—	67.22%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	85.95%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	103.85%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	112.04%	—

SPXE vs. UVXY - Expense Ratio Comparison

SPXE has a 0.09% expense ratio, which is lower than UVXY's 0.95% expense ratio.

Dividends

SPXE vs. UVXY - Dividend Comparison

Neither SPXE nor UVXY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Which ETF is better, SPXE or UVXY?

On fees, SPXE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXE or UVXY?

SPXE is cheaper with a 0.09% expense ratio, compared with 0.95% for UVXY.

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

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

What is the main difference between SPXE and UVXY?

SPXE is categorized as S&P 500, while UVXY is Volatility. SPXE tracks S&P 500 Ex-Energy Index, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.09% for SPXE and 0.95% for UVXY.