SPXE vs. UVXY
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. Over the past 10 years, SPXE returned 15.77%/yr vs -73.85%/yr for UVXY. At a correlation of -0.64, they often move in opposite directions. SPXE charges 0.09%/yr vs 0.95%/yr for UVXY.
Performance
SPXE vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, SPXE achieves a 7.86% return, which is significantly higher than UVXY's -22.07% return. Over the past 10 years, SPXE has outperformed UVXY with an annualized return of 15.77%, while UVXY has yielded a comparatively lower -73.85% annualized return.
SPXE
- 1D
- -1.35%
- 1M
- -0.99%
- YTD
- 7.86%
- 6M
- 6.98%
- 1Y
- 23.59%
- 3Y*
- 20.92%
- 5Y*
- 12.85%
- 10Y*
- 15.77%
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%
SPXE vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXE ProShares S&P 500 Ex-Energy ETF | 7.86% | 18.03% | 25.72% | 27.71% | -20.58% | 27.93% | 20.62% | 32.45% | -5.52% | 24.99% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -22.07% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between SPXE and UVXY is -0.75, 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 | -0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.65 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015 | -0.64 |
The correlation between SPXE and UVXY shifts across timeframes, from -0.75 (1 year) to -0.64 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPXE vs. UVXY — Risk / Return Rank
SPXE
UVXY
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 ratioReturn per unit of total volatility | +2.69 | ||
| Sortino ratioReturn per unit of downside risk | +4.17 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 0.81 | +0.51 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | -1.01 | +3.36 |
| Martin ratioReturn relative to average drawdown | 10.35 | -1.45 | +11.80 |
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Drawdowns
SPXE vs. UVXY - Drawdown Comparison
The maximum SPXE drawdown since its inception was -32.27%, 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.
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Drawdown Indicators
| SPXE | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.27% | -100.00% | +67.73% |
Max Drawdown (1Y)Largest decline over 1 year | -10.09% | -73.51% | +63.42% |
Max Drawdown (3Y)Largest decline over 3 years | -18.90% | -94.93% | +76.03% |
Max Drawdown (5Y)Largest decline over 5 years | -26.50% | -99.71% | +73.21% |
Max Drawdown (10Y)Largest decline over 10 years | -32.27% | -100.00% | +67.73% |
Current DrawdownCurrent decline from peak | -2.91% | -100.00% | +97.09% |
Average DrawdownAverage peak-to-trough decline | -4.45% | -98.75% | +94.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 55.34% | -53.06% |
Volatility
SPXE vs. UVXY - Volatility Comparison
The current volatility for ProShares S&P 500 Ex-Energy ETF (SPXE) is 4.74%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.85%. This indicates that SPXE 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
| SPXE | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.74% | 25.85% | -21.11% |
Volatility (6M)Calculated over the trailing 6-month period | 10.36% | 66.46% | -56.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.02% | 85.46% | -72.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.01% | 103.96% | -86.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.43% | 112.39% | -94.96% |
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
SPXE's dividend yield for the trailing twelve months is around 0.94%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPXE ProShares S&P 500 Ex-Energy ETF | 0.94% | 0.99% | 1.09% | 1.29% | 1.49% | 0.94% | 1.16% | 1.38% | 1.61% | 1.65% | 1.53% | 0.51% |
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
SPXE and UVXY have a correlation of -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.85%) compared to SPXE (4.74%). In terms of maximum drawdown, SPXE dropped -32.27% vs UVXY's -100.00%.
On 10-year performance, SPXE leads with 15.77% vs -73.85% for UVXY. On fees, SPXE is cheaper at 0.09% per year. On volatility, SPXE has been the lower-risk option at 4.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXE has performed better with a 15.77% return vs -73.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXE is cheaper with a 0.09% expense ratio, compared with 0.95% for UVXY.
SPXE has the higher dividend yield at 0.94%, compared with 0.00% for 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.
SPXE currently has the higher Sharpe Ratio (1.83 vs -0.87), 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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