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 11.62%/yr vs -73.85%/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 3.59% return, which is significantly higher than UVXY's -22.07% return. Over the past 10 years, SPXT has outperformed UVXY with an annualized return of 11.62%, while UVXY has yielded a comparatively lower -73.85% annualized return.
SPXT
- 1D
- 0.06%
- 1M
- -1.20%
- YTD
- 3.59%
- 6M
- 2.96%
- 1Y
- 15.71%
- 3Y*
- 16.04%
- 5Y*
- 9.36%
- 10Y*
- 11.62%
UVXY
- 1D
- 8.28%
- 1M
- -14.92%
- YTD
- -22.07%
- 6M
- -24.28%
- 1Y
- -74.07%
- 3Y*
- -61.96%
- 5Y*
- -66.90%
- 10Y*
- -73.85%
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 | 3.59% | 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 | -22.07% | -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 | +2.37 | ||
| Sortino ratioReturn per unit of downside risk | +3.79 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.81 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | -1.01 | +3.01 |
| Martin ratioReturn relative to average drawdown | 8.59 | -1.45 | +10.04 |
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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% | -73.51% | +65.61% |
Max Drawdown (3Y)Largest decline over 3 years | -15.58% | -94.93% | +79.35% |
Max Drawdown (5Y)Largest decline over 5 years | -21.47% | -99.71% | +78.24% |
Max Drawdown (10Y)Largest decline over 10 years | -34.38% | -100.00% | +65.62% |
Current DrawdownCurrent decline from peak | -1.90% | -100.00% | +98.10% |
Average DrawdownAverage peak-to-trough decline | -4.13% | -98.75% | +94.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.83% | 55.34% | -53.51% |
Volatility
SPXT vs. UVXY - Volatility Comparison
The current volatility for ProShares S&P 500 Ex-Technology ETF (SPXT) is 3.49%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.85%. 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 | 3.49% | 25.85% | -22.36% |
Volatility (6M)Calculated over the trailing 6-month period | 7.90% | 66.46% | -58.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.54% | 85.46% | -74.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.74% | 103.96% | -89.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.24% | 112.39% | -96.15% |
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 1.38%, 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 | 1.38% | 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 (25.85%) compared to SPXT (3.49%). In terms of maximum drawdown, SPXT dropped -34.38% vs UVXY's -100.00%.
On 10-year performance, SPXT leads with 11.62% vs -73.85% for UVXY. On fees, SPXT is cheaper at 0.09% per year. On volatility, SPXT has been the lower-risk option at 3.49%. 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 11.62% return vs -73.85%. 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 1.38%, 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 (1.50 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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