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 15.44%/yr vs -72.05%/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
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Returns By Period
In the year-to-date period, SPXN achieves a 11.33% return, which is significantly higher than UVXY's -34.93% return. Over the past 10 years, SPXN has outperformed UVXY with an annualized return of 15.44%, while UVXY has yielded a comparatively lower -72.05% annualized return.
SPXN
- 1D
- -0.71%
- 1M
- -0.48%
- 6M
- 9.55%
- YTD
- 11.33%
- 1Y
- 23.46%
- 3Y*
- 20.25%
- 5Y*
- 13.72%
- 10Y*
- 15.44%
UVXY
- 1D
- 2.95%
- 1M
- -9.52%
- 6M
- -33.79%
- YTD
- -34.93%
- 1Y
- -73.19%
- 3Y*
- -62.17%
- 5Y*
- -68.33%
- 10Y*
- -72.05%
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 | 11.33% | 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 | -34.93% | -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 -0.74, 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 | -0.74 |
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 | -0.63 |
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 -0.74 (5 years) to -0.59 (all time), reflecting how their relationship changes across market environments.
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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 | +2.59 | ||
| Sortino ratioReturn per unit of downside risk | +3.95 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 0.82 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 2.55 | -0.99 | +3.54 |
| Martin ratioReturn relative to average drawdown | 10.41 | -1.48 | +11.89 |
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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
| 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% | -73.88% | +64.62% |
Max Drawdown (3Y)Largest decline over 3 years | -19.56% | -95.42% | +75.86% |
Max Drawdown (5Y)Largest decline over 5 years | -24.47% | -99.75% | +75.28% |
Max Drawdown (10Y)Largest decline over 10 years | -32.10% | -100.00% | +67.90% |
Current DrawdownCurrent decline from peak | -2.55% | -100.00% | +97.45% |
Average DrawdownAverage peak-to-trough decline | -3.99% | -98.76% | +94.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.26% | 49.56% | -47.30% |
Volatility
SPXN vs. UVXY - Volatility Comparison
The current volatility for ProShares S&P 500 Ex-Financials ETF (SPXN) is 3.83%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 17.16%. 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
| SPXN | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.83% | 17.16% | -13.33% |
Volatility (6M)Calculated over the trailing 6-month period | 10.89% | 66.78% | -55.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.58% | 85.47% | -71.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.32% | 103.82% | -86.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.67% | 112.00% | -94.33% |
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 0.90%, 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 | 0.90% | 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 -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (17.16%) compared to SPXN (3.83%). In terms of maximum drawdown, SPXN dropped -32.10% vs UVXY's -100.00%.
On 10-year performance, SPXN leads with 15.44% vs -72.05% for UVXY. On fees, SPXN is cheaper at 0.09% per year. On volatility, SPXN has been the lower-risk option at 3.83%. 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 15.44% return vs -72.05%. 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 0.90%, 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 (1.74 vs -0.86), 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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