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SPXN vs. UVXY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPXN vs. UVXY

Last updated Jun 4, 2026

SPXN (ProShares S&P 500 Ex-Financials ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SPXN is a S&P 500 fund tracking the S&P 500 Ex-Financials and Real Estate 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, SPXN returned 16.26%/yr vs -72.67%/yr for UVXY. At a correlation of -0.59, they often move in opposite directions. SPXN charges 0.09%/yr vs 0.95%/yr for UVXY.

Performance

SPXN vs. UVXY - Performance Comparison

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

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Returns By Period

In the year-to-date period, SPXN achieves a 13.57% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, SPXN has outperformed UVXY with an annualized return of 16.26%, while UVXY has yielded a comparatively lower -72.67% annualized return.

SPXN

1D
-0.59%
1M
6.16%
YTD
13.57%
6M
13.21%
1Y
32.98%
3Y*
23.31%
5Y*
14.93%
10Y*
16.26%

UVXY

1D
-0.24%
1M
-22.10%
YTD
-19.06%
6M
-37.37%
1Y
-72.91%
3Y*
-64.55%
5Y*
-67.90%
10Y*
-72.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPXN vs. UVXY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPXN
ProShares S&P 500 Ex-Financials ETF		13.57%18.74%24.35%28.57%-18.87%27.04%22.15%31.50%-3.85%20.84%
UVXY
ProShares Ultra VIX Short-Term Futures ETF		-19.06%-65.32%-50.90%-87.70%-44.81%-88.33%-17.38%-84.23%60.10%-94.17%

Correlation

The correlation between SPXN and UVXY is -0.71, 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

-0.71

Correlation (3Y)
Calculated over the trailing 3-year period

-0.71

Correlation (5Y)
Calculated over the trailing 5-year period

-0.73

Correlation (10Y)
Calculated over the trailing 10-year period

-0.62

Correlation (All Time)
Calculated using the full available price history since Sep 25, 2015

-0.59

The correlation between SPXN and UVXY shifts across timeframes, from -0.73 (5 years) to -0.59 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares S&P 500 Ex-Financials ETF

ProShares Ultra VIX Short-Term Futures ETF

Often compared with SPXN:
SPXN vs. SPYSPXN vs. SPXLSPXN vs. SPXVSPXN vs. QQQSPXN vs. LITSPXN vs. VOOSPXN vs. IWY
Often compared with UVXY:
UVXY vs. UVIXUVXY vs. VXXUVXY vs. VIXYUVXY vs. SVXYUVXY vs. SQQQUVXY vs. SPYUVXY vs. SPXS

Return for Risk

SPXN vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPXN
SPXN Risk / Return Rank: 7878
Overall Rank
SPXN Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
SPXN Sortino Ratio Rank: 7777
Sortino Ratio Rank
SPXN Omega Ratio Rank: 7878
Omega Ratio Rank
SPXN Calmar Ratio Rank: 7171
Calmar Ratio Rank
SPXN Martin Ratio Rank: 8282
Martin Ratio Rank
UVXY
UVXY Risk / Return Rank: 11
Overall Rank
UVXY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
UVXY Sortino Ratio Rank: 11
Sortino Ratio Rank
UVXY Omega Ratio Rank: 11
Omega Ratio Rank
UVXY Calmar Ratio Rank: 11
Calmar Ratio Rank
UVXY Martin Ratio Rank: 22
Martin Ratio Rank
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.

SPXN vs. UVXY - Risk-Adjusted Trends Comparison

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

SPXNUVXYDifference
Sharpe ratioReturn per unit of total volatility
2.61
-0.87

+3.48

Sortino ratioReturn per unit of downside risk
3.49
-1.60

+5.09

Omega ratioGain probability vs. loss probability

1.47

0.82

+0.65

Calmar ratioReturn relative to maximum drawdown

3.58

-0.97

+4.55

Martin ratioReturn relative to average drawdown

16.43

-1.31

+17.74

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXN vs. UVXY - Sharpe Ratio Comparison

The current SPXN Sharpe Ratio is 2.61, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of SPXN 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.

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Sharpe Ratios by Period

SPXNUVXYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.61

-0.87

+3.48

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.87

-0.66

+1.53

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.92

-0.64

+1.56

Sharpe Ratio (All Time)

Calculated using the full available price history

0.92

-0.68

+1.60

Drawdowns

SPXN vs. UVXY - Drawdown Comparison

The maximum SPXN drawdown since its inception was -32.10%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SPXN and UVXY.

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Drawdown Indicators

SPXNUVXYDifference

Max Drawdown

Largest peak-to-trough decline

-32.10%

-100.00%

+67.90%

Max Drawdown (1Y)

Largest decline over 1 year

-9.26%

-75.22%

+65.96%

Max Drawdown (3Y)

Largest decline over 3 years

-19.56%

-95.45%

+75.89%

Max Drawdown (5Y)

Largest decline over 5 years

-24.47%

-99.68%

+75.21%

Max Drawdown (10Y)

Largest decline over 10 years

-32.10%

-100.00%

+67.90%

Current Drawdown

Current decline from peak

-0.59%

-100.00%

+99.41%

Average Drawdown

Average peak-to-trough decline

-4.00%

-98.55%

+94.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.01%

55.63%

-53.62%

Volatility

SPXN vs. UVXY - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Financials ETF (SPXN) is 3.16%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. This indicates that SPXN 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

SPXNUVXYDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.16%

11.77%

-8.61%

Volatility (6M)

Calculated over the trailing 6-month period

9.69%

62.64%

-52.95%

Volatility (1Y)

Calculated over the trailing 1-year period

12.70%

84.42%

-71.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.16%

103.85%

-86.69%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.64%

113.82%

-96.18%

SPXN vs. UVXY - Expense Ratio Comparison

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

Dividends

SPXN vs. UVXY - Dividend Comparison

SPXN's dividend yield for the trailing twelve months is around 0.87%, while UVXY has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
SPXN
ProShares S&P 500 Ex-Financials ETF		0.87%0.98%1.12%1.19%1.35%0.94%1.09%1.41%1.76%1.54%2.60%0.52%
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%0.00%0.00%0.00%

Frequently Asked Questions

SPXN and UVXY have a correlation of -0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UVXY has higher volatility (11.77%) compared to SPXN (3.16%). In terms of maximum drawdown, SPXN dropped -32.10% vs UVXY's -100.00%.

On 10-year performance, SPXN leads with 16.26% vs -72.67% for UVXY. On fees, SPXN is cheaper at 0.09% per year. On volatility, SPXN has been the lower-risk option at 3.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPXN has performed better with a 16.26% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SPXN has the higher dividend yield at 0.87%, compared with 0.00% for UVXY.

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

SPXN currently has the higher Sharpe Ratio (2.61 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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