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SPXU vs. VXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPXU vs. VXX

Last updated Jun 5, 2026

SPXU (ProShares UltraPro Short S&P500) and VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) are both exchange-traded funds - SPXU is a Leveraged Equities fund tracking the S&P 500 Index (-300%), while VXX is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index Total Return. Both are passively managed. Over the past 10 years, SPXU returned -41.92%/yr vs -46.89%/yr for VXX. A 0.78 correlation means they provide meaningful diversification when combined. SPXU charges 0.93%/yr vs 0.89%/yr for VXX.

Performance

SPXU vs. VXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short S&P500 (SPXU) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPXU achieves a -26.41% return, which is significantly lower than VXX's -11.22% return. Over the past 10 years, SPXU has outperformed VXX with an annualized return of -41.92%, while VXX has yielded a comparatively lower -46.89% annualized return.

SPXU

1D
-1.06%
1M
-12.09%
YTD
-26.41%
6M
-25.70%
1Y
-49.60%
3Y*
-43.32%
5Y*
-35.03%
10Y*
-41.92%

VXX

1D
-3.33%
1M
-18.15%
YTD
-11.22%
6M
-24.41%
1Y
-54.83%
3Y*
-42.32%
5Y*
-46.46%
10Y*
-46.89%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPXU vs. VXX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPXU
ProShares UltraPro Short S&P500		-26.41%-41.73%-43.31%-46.02%36.05%-57.94%-70.39%-56.27%3.97%-44.23%
VXX
iPath Series B S&P 500 VIX Short-Term Futures ETN		-11.22%-42.21%-26.22%-72.52%-23.80%-72.41%11.04%-67.75%67.91%-72.64%

Correlation

The correlation between SPXU and VXX is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.73

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

0.73

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

0.72

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

0.74

Correlation (All Time)
Calculated using the full available price history since Jun 26, 2009

0.78

The correlation between SPXU and VXX has been stable across timeframes, ranging from 0.72 to 0.78 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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ProShares UltraPro Short S&P500

iPath Series B S&P 500 VIX Short-Term Futures ETN

Often compared with SPXU:
SPXU vs. SPXSSPXU vs. SDSSPXU vs. SQQQSPXU vs. UPROSPXU vs. SPXLSPXU vs. SPYSPXU vs. PSQ
Often compared with VXX:
VXX vs. VIXYVXX vs. UVXYVXX vs. VXZVXX vs. UVIXVXX vs. QQQVXX vs. SPYVXX vs. SVXY

Return for Risk

SPXU vs. VXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPXU
SPXU Risk / Return Rank: 00
Overall Rank
SPXU Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SPXU Sortino Ratio Rank: 00
Sortino Ratio Rank
SPXU Omega Ratio Rank: 00
Omega Ratio Rank
SPXU Calmar Ratio Rank: 00
Calmar Ratio Rank
SPXU Martin Ratio Rank: 11
Martin Ratio Rank
VXX
VXX Risk / Return Rank: 11
Overall Rank
VXX Sharpe Ratio Rank: 11
Sharpe Ratio Rank
VXX Sortino Ratio Rank: 11
Sortino Ratio Rank
VXX Omega Ratio Rank: 11
Omega Ratio Rank
VXX Calmar Ratio Rank: 11
Calmar Ratio Rank
VXX 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.

SPXU vs. VXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short S&P500 (SPXU) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX). 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.

SPXUVXXDifference
Sharpe ratioReturn per unit of total volatility
-1.41
-0.99

-0.42

Sortino ratioReturn per unit of downside risk
-2.38
-1.63

-0.74

Omega ratioGain probability vs. loss probability

0.75

0.81

-0.07

Calmar ratioReturn relative to maximum drawdown

-0.98

-0.96

-0.02

Martin ratioReturn relative to average drawdown

-1.64

-1.37

-0.27

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

SPXU vs. VXX - Sharpe Ratio Comparison

The current SPXU Sharpe Ratio is -1.41, which is lower than the VXX Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of SPXU and VXX, 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

SPXUVXXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.41

-0.99

-0.42

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.70

-0.69

-0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.79

-0.66

-0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.84

-0.77

-0.07

Drawdowns

SPXU vs. VXX - Drawdown Comparison

The maximum SPXU drawdown since its inception was -99.99%, roughly equal to the maximum VXX drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SPXU and VXX.

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Drawdown Indicators

SPXUVXXDifference

Max Drawdown

Largest peak-to-trough decline

-99.99%

-100.00%

+0.01%

Max Drawdown (1Y)

Largest decline over 1 year

-50.82%

-57.39%

+6.57%

Max Drawdown (3Y)

Largest decline over 3 years

-84.36%

-79.68%

-4.68%

Max Drawdown (5Y)

Largest decline over 5 years

-90.23%

-95.79%

+5.56%

Max Drawdown (10Y)

Largest decline over 10 years

-99.63%

-99.86%

+0.23%

Current Drawdown

Current decline from peak

-99.99%

-100.00%

+0.01%

Average Drawdown

Average peak-to-trough decline

-93.33%

-95.08%

+1.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

30.23%

40.04%

-9.81%

Volatility

SPXU vs. VXX - Volatility Comparison

ProShares UltraPro Short S&P500 (SPXU) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) have volatilities of 8.41% and 8.62%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPXUVXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.41%

8.62%

-0.21%

Volatility (6M)

Calculated over the trailing 6-month period

26.86%

40.99%

-14.13%

Volatility (1Y)

Calculated over the trailing 1-year period

35.34%

55.62%

-20.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

50.31%

67.94%

-17.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

53.37%

70.95%

-17.58%

SPXU vs. VXX - Expense Ratio Comparison

SPXU has a 0.93% expense ratio, which is higher than VXX's 0.89% expense ratio.

Dividends

SPXU vs. VXX - Dividend Comparison

SPXU's dividend yield for the trailing twelve months is around 7.97%, while VXX has not paid dividends to shareholders.

PositionTTM202520242023202220212020201920182017
SPXU
ProShares UltraPro Short S&P500		7.97%7.02%9.53%7.06%0.39%0.00%0.70%2.14%1.41%0.10%
VXX
iPath Series B S&P 500 VIX Short-Term Futures ETN		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

SPXU and VXX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VXX has higher volatility (8.62%) compared to SPXU (8.41%). In terms of maximum drawdown, SPXU dropped -99.99% vs VXX's -100.00%.

On 10-year performance, SPXU leads with -41.92% vs -46.89% for VXX. On fees, VXX is cheaper at 0.89% per year. On volatility, SPXU has been the lower-risk option at 8.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPXU has performed better with a -41.92% return vs -46.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VXX is cheaper with a 0.89% expense ratio, compared with 0.93% for SPXU.

SPXU has the higher dividend yield at 7.97%, compared with 0.00% for VXX.

SPXU is categorized as Leveraged Equities, while VXX is Volatility. SPXU tracks S&P 500 Index (-300%), while VXX tracks S&P 500 VIX Short-Term Futures Index Total Return. They also come from different issuers: ProShares and Barclays Capital. Their fees differ too: 0.93% for SPXU and 0.89% for VXX.

VXX currently has the higher Sharpe Ratio (-0.99 vs -1.41), 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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