SPXN vs. UVXY
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 15.79%/yr vs -73.88%/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
Loading charts...
Returns By Period
In the year-to-date period, SPXN achieves a 8.93% return, which is significantly higher than UVXY's -23.04% return. Over the past 10 years, SPXN has outperformed UVXY with an annualized return of 15.79%, while UVXY has yielded a comparatively lower -73.88% annualized return.
SPXN
- 1D
- -0.53%
- 1M
- -2.48%
- YTD
- 8.93%
- 6M
- 7.76%
- 1Y
- 24.75%
- 3Y*
- 20.84%
- 5Y*
- 13.53%
- 10Y*
- 15.79%
UVXY
- 1D
- -1.25%
- 1M
- -15.98%
- YTD
- -23.04%
- 6M
- -25.05%
- 1Y
- -71.58%
- 3Y*
- -62.12%
- 5Y*
- -66.83%
- 10Y*
- -73.88%
SPXN vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXN ProShares S&P 500 Ex-Financials ETF | 8.93% | 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 | -23.04% | -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 -0.72, 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 | -0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.73 |
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 24, 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.
Return for Risk
SPXN vs. UVXY — Risk / Return Rank
SPXN
UVXY
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.
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.
| SPXN | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.69 | ||
| Sortino ratioReturn per unit of downside risk | +4.01 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 0.83 | +0.50 |
| Calmar ratioReturn relative to maximum drawdown | 2.69 | -0.98 | +3.67 |
| Martin ratioReturn relative to average drawdown | 11.51 | -1.42 | +12.93 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| SPXN | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.10% | -100.00% | +67.90% |
Max Drawdown (1Y)Largest decline over 1 year | -9.26% | -72.99% | +63.73% |
Max Drawdown (3Y)Largest decline over 3 years | -19.56% | -94.91% | +75.35% |
Max Drawdown (5Y)Largest decline over 5 years | -24.47% | -99.71% | +75.24% |
Max Drawdown (10Y)Largest decline over 10 years | -32.10% | -100.00% | +67.90% |
Current DrawdownCurrent decline from peak | -4.65% | -100.00% | +95.35% |
Average DrawdownAverage peak-to-trough decline | -3.99% | -98.75% | +94.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 51.19% | -49.03% |
Volatility
SPXN vs. UVXY - Volatility Comparison
The current volatility for ProShares S&P 500 Ex-Financials ETF (SPXN) is 5.37%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.80%. 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.
Loading charts...
Volatility by Period
| SPXN | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.37% | 25.80% | -20.43% |
Volatility (6M)Calculated over the trailing 6-month period | 10.72% | 66.21% | -55.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.50% | 85.44% | -71.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.30% | 103.95% | -86.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.72% | 112.37% | -94.65% |
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 0.91%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPXN ProShares S&P 500 Ex-Financials ETF | 0.91% | 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 -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.80%) compared to SPXN (5.37%). In terms of maximum drawdown, SPXN dropped -32.10% vs UVXY's -100.00%.
On 10-year performance, SPXN leads with 15.79% vs -73.88% for UVXY. On fees, SPXN is cheaper at 0.09% per year. On volatility, SPXN has been the lower-risk option at 5.37%. 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 15.79% return vs -73.88%. 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 0.91%, 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 (1.85 vs -0.84), 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.
Find the right allocation for SPXN and UVXY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer