SPXT vs. UVXY
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 11.45%/yr vs -72.05%/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
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Returns By Period
In the year-to-date period, SPXT achieves a 6.69% return, which is significantly higher than UVXY's -32.31% return. Over the past 10 years, SPXT has outperformed UVXY with an annualized return of 11.45%, while UVXY has yielded a comparatively lower -72.05% annualized return.
SPXT
- 1D
- 0.03%
- 1M
- 2.33%
- 6M
- 4.11%
- YTD
- 6.69%
- 1Y
- 15.94%
- 3Y*
- 15.93%
- 5Y*
- 9.66%
- 10Y*
- 11.45%
UVXY
- 1D
- 4.92%
- 1M
- -15.35%
- 6M
- -29.18%
- YTD
- -32.31%
- 1Y
- -71.44%
- 3Y*
- -61.73%
- 5Y*
- -67.56%
- 10Y*
- -72.05%
SPXT vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXT ProShares S&P 500 Ex-Technology ETF | 6.69% | 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 | -32.31% | -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 -0.67, 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 | -0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.69 |
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 24, 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.
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Return for Risk
SPXT vs. UVXY — Risk / Return Rank
SPXT
UVXY
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.
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.
| SPXT | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.35 | ||
| Sortino ratioReturn per unit of downside risk | +3.65 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.83 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 2.03 | -0.98 | +3.00 |
| Martin ratioReturn relative to average drawdown | 8.66 | -1.46 | +10.12 |
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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
| SPXT | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.38% | -100.00% | +65.62% |
Max Drawdown (1Y)Largest decline over 1 year | -7.90% | -73.42% | +65.52% |
Max Drawdown (3Y)Largest decline over 3 years | -15.58% | -95.32% | +79.74% |
Max Drawdown (5Y)Largest decline over 5 years | -21.47% | -99.74% | +78.27% |
Max Drawdown (10Y)Largest decline over 10 years | -34.38% | -100.00% | +65.62% |
Current DrawdownCurrent decline from peak | -0.66% | -100.00% | +99.34% |
Average DrawdownAverage peak-to-trough decline | -4.11% | -98.75% | +94.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.85% | 48.91% | -47.06% |
Volatility
SPXT vs. UVXY - Volatility Comparison
The current volatility for ProShares S&P 500 Ex-Technology ETF (SPXT) is 3.18%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 21.23%. 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
| SPXT | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.18% | 21.23% | -18.05% |
Volatility (6M)Calculated over the trailing 6-month period | 7.98% | 66.69% | -58.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.59% | 85.49% | -74.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.75% | 103.84% | -89.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.20% | 112.03% | -95.83% |
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 1.34%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPXT ProShares S&P 500 Ex-Technology ETF | 1.34% | 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 -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (21.23%) compared to SPXT (3.18%). In terms of maximum drawdown, SPXT dropped -34.38% vs UVXY's -100.00%.
On 10-year performance, SPXT leads with 11.45% vs -72.05% for UVXY. On fees, SPXT is cheaper at 0.09% per year. On volatility, SPXT has been the lower-risk option at 3.18%. 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 11.45% return vs -72.05%. 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 1.34%, 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 (1.52 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.
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