SPXV vs. UVXY
SPXV (ProShares S&P 500 Ex-Health Care ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SPXV is a S&P 500 fund tracking the S&P 500 Ex-Health Care 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, SPXV returned 15.96%/yr vs -73.88%/yr for UVXY. At a correlation of -0.59, they often move in opposite directions. SPXV charges 0.09%/yr vs 0.95%/yr for UVXY.
Performance
SPXV vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, SPXV achieves a 8.39% return, which is significantly higher than UVXY's -23.04% return. Over the past 10 years, SPXV has outperformed UVXY with an annualized return of 15.96%, while UVXY has yielded a comparatively lower -73.88% annualized return.
SPXV
- 1D
- -0.64%
- 1M
- -2.14%
- YTD
- 8.39%
- 6M
- 7.18%
- 1Y
- 22.26%
- 3Y*
- 22.33%
- 5Y*
- 13.76%
- 10Y*
- 15.96%
UVXY
- 1D
- -1.25%
- 1M
- -15.98%
- YTD
- -23.04%
- 6M
- -25.05%
- 1Y
- -71.58%
- 3Y*
- -62.12%
- 5Y*
- -66.83%
- 10Y*
- -73.88%
SPXV vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXV ProShares S&P 500 Ex-Health Care ETF | 8.39% | 18.40% | 28.02% | 30.71% | -20.47% | 28.37% | 18.99% | 33.58% | -3.81% | 17.01% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -23.04% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between SPXV and UVXY is -0.73, 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 | -0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.62 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015 | -0.59 |
The correlation between SPXV 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
SPXV vs. UVXY — Risk / Return Rank
SPXV
UVXY
SPXV vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Health Care ETF (SPXV) 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.
| SPXV | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.53 | ||
| Sortino ratioReturn per unit of downside risk | +3.83 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 0.83 | +0.47 |
| Calmar ratioReturn relative to maximum drawdown | 2.44 | -0.98 | +3.43 |
| Martin ratioReturn relative to average drawdown | 10.19 | -1.42 | +11.61 |
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Drawdowns
SPXV vs. UVXY - Drawdown Comparison
The maximum SPXV drawdown since its inception was -34.34%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SPXV and UVXY.
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Drawdown Indicators
| SPXV | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.34% | -100.00% | +65.66% |
Max Drawdown (1Y)Largest decline over 1 year | -9.15% | -72.99% | +63.84% |
Max Drawdown (3Y)Largest decline over 3 years | -19.89% | -94.91% | +75.02% |
Max Drawdown (5Y)Largest decline over 5 years | -26.58% | -99.71% | +73.13% |
Max Drawdown (10Y)Largest decline over 10 years | -34.34% | -100.00% | +65.66% |
Current DrawdownCurrent decline from peak | -4.27% | -100.00% | +95.73% |
Average DrawdownAverage peak-to-trough decline | -4.51% | -98.75% | +94.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.19% | 51.19% | -49.00% |
Volatility
SPXV vs. UVXY - Volatility Comparison
The current volatility for ProShares S&P 500 Ex-Health Care ETF (SPXV) is 5.02%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.80%. This indicates that SPXV 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
| SPXV | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.02% | 25.80% | -20.78% |
Volatility (6M)Calculated over the trailing 6-month period | 10.54% | 66.21% | -55.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.33% | 85.44% | -72.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.89% | 103.95% | -86.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.07% | 112.37% | -94.30% |
SPXV vs. UVXY - Expense Ratio Comparison
SPXV has a 0.09% expense ratio, which is lower than UVXY's 0.95% expense ratio.
Dividends
SPXV vs. UVXY - Dividend Comparison
SPXV's dividend yield for the trailing twelve months is around 0.92%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPXV ProShares S&P 500 Ex-Health Care ETF | 0.92% | 0.97% | 1.12% | 1.27% | 1.67% | 1.11% | 1.45% | 1.58% | 1.89% | 1.57% | 2.66% | 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
SPXV and UVXY 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.
UVXY has higher volatility (25.80%) compared to SPXV (5.02%). In terms of maximum drawdown, SPXV dropped -34.34% vs UVXY's -100.00%.
On 10-year performance, SPXV leads with 15.96% vs -73.88% for UVXY. On fees, SPXV is cheaper at 0.09% per year. On volatility, SPXV has been the lower-risk option at 5.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXV has performed better with a 15.96% return vs -73.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXV is cheaper with a 0.09% expense ratio, compared with 0.95% for UVXY.
SPXV has the higher dividend yield at 0.92%, compared with 0.00% for UVXY.
SPXV is categorized as S&P 500, while UVXY is Volatility. SPXV tracks S&P 500 Ex-Health Care Index, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.09% for SPXV and 0.95% for UVXY.
SPXV currently has the higher Sharpe Ratio (1.68 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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