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SPXT vs. UVXY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPXT vs. UVXY

Last updated Jun 4, 2026

SPXT (ProShares S&P 500 Ex-Technology ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SPXT is a S&P 500 fund tracking the S&P 500 Ex-Information Technology 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, SPXT returned 11.34%/yr vs -72.67%/yr for UVXY. At a correlation of -0.58, they often move in opposite directions. SPXT charges 0.09%/yr vs 0.95%/yr for UVXY.

Performance

SPXT vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Technology ETF (SPXT) 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, SPXT achieves a 2.70% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, SPXT has outperformed UVXY with an annualized return of 11.34%, while UVXY has yielded a comparatively lower -72.67% annualized return.

SPXT

1D
-0.15%
1M
-1.41%
YTD
2.70%
6M
3.39%
1Y
15.02%
3Y*
16.34%
5Y*
9.16%
10Y*
11.34%

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)

SPXT vs. UVXY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPXT
ProShares S&P 500 Ex-Technology ETF		2.70%15.10%19.93%16.23%-14.24%26.36%10.44%26.88%-7.06%16.99%
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 SPXT and UVXY is -0.69, 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

-0.69

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

-0.68

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

-0.72

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

-0.61

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

-0.58

The correlation between SPXT and UVXY shifts across timeframes, from -0.72 (5 years) to -0.58 (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-Technology ETF

ProShares Ultra VIX Short-Term Futures ETF

Often compared with SPXT:
SPXT vs. SPYSPXT vs. SPXCSPXT vs. XMAGSPXT vs. VOOSPXT vs. QQQSPXT vs. USMVSPXT vs. SPXV
Often compared with UVXY:
UVXY vs. UVIXUVXY vs. VXXUVXY vs. VIXYUVXY vs. SVXYUVXY vs. SQQQUVXY vs. SPYUVXY vs. SPXS

Return for Risk

SPXT vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPXT
SPXT Risk / Return Rank: 4141
Overall Rank
SPXT Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
SPXT Sortino Ratio Rank: 4141
Sortino Ratio Rank
SPXT Omega Ratio Rank: 3838
Omega Ratio Rank
SPXT Calmar Ratio Rank: 3838
Calmar Ratio Rank
SPXT Martin Ratio Rank: 4949
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.

SPXT vs. UVXY - Risk-Adjusted Trends Comparison

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

SPXTUVXYDifference
Sharpe ratioReturn per unit of total volatility
1.46
-0.87

+2.33

Sortino ratioReturn per unit of downside risk
2.11
-1.60

+3.71

Omega ratioGain probability vs. loss probability

1.26

0.82

+0.44

Calmar ratioReturn relative to maximum drawdown

1.91

-0.97

+2.88

Martin ratioReturn relative to average drawdown

8.32

-1.31

+9.63

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

SPXT vs. UVXY - Sharpe Ratio Comparison

The current SPXT Sharpe Ratio is 1.46, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of SPXT 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

SPXTUVXYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.46

-0.87

+2.33

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.63

-0.66

+1.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.70

-0.64

+1.34

Sharpe Ratio (All Time)

Calculated using the full available price history

0.72

-0.68

+1.40

Drawdowns

SPXT vs. UVXY - Drawdown Comparison

The maximum SPXT drawdown since its inception was -34.38%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SPXT and UVXY.

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Drawdown Indicators

SPXTUVXYDifference

Max Drawdown

Largest peak-to-trough decline

-34.38%

-100.00%

+65.62%

Max Drawdown (1Y)

Largest decline over 1 year

-7.90%

-75.22%

+67.32%

Max Drawdown (3Y)

Largest decline over 3 years

-15.58%

-95.45%

+79.87%

Max Drawdown (5Y)

Largest decline over 5 years

-21.47%

-99.68%

+78.21%

Max Drawdown (10Y)

Largest decline over 10 years

-34.38%

-100.00%

+65.62%

Current Drawdown

Current decline from peak

-2.52%

-100.00%

+97.48%

Average Drawdown

Average peak-to-trough decline

-4.14%

-98.55%

+94.41%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.81%

55.63%

-53.82%

Volatility

SPXT vs. UVXY - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Technology ETF (SPXT) is 2.57%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. This indicates that SPXT 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

SPXTUVXYDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.57%

11.77%

-9.20%

Volatility (6M)

Calculated over the trailing 6-month period

7.53%

62.64%

-55.11%

Volatility (1Y)

Calculated over the trailing 1-year period

10.34%

84.42%

-74.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.71%

103.85%

-89.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.23%

113.82%

-97.59%

SPXT vs. UVXY - Expense Ratio Comparison

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

Dividends

SPXT vs. UVXY - Dividend Comparison

SPXT's dividend yield for the trailing twelve months is around 1.39%, while UVXY has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
SPXT
ProShares S&P 500 Ex-Technology ETF		1.39%1.38%1.29%1.53%1.86%1.15%1.63%1.63%2.03%1.55%2.67%0.56%
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

SPXT and UVXY have a correlation of -0.69, 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 SPXT (2.57%). In terms of maximum drawdown, SPXT dropped -34.38% vs UVXY's -100.00%.

On 10-year performance, SPXT leads with 11.34% vs -72.67% for UVXY. On fees, SPXT is cheaper at 0.09% per year. On volatility, SPXT has been the lower-risk option at 2.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPXT has performed better with a 11.34% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SPXT has the higher dividend yield at 1.39%, compared with 0.00% for UVXY.

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

SPXT currently has the higher Sharpe Ratio (1.46 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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