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SPXV vs. UVXY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPXV vs. UVXY

Last updated Jun 4, 2026

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 16.38%/yr vs -72.67%/yr for UVXY. At a correlation of -0.58, they often move in opposite directions. SPXV charges 0.09%/yr vs 0.95%/yr for UVXY.

Performance

SPXV vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Health Care ETF (SPXV) 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, SPXV achieves a 12.35% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, SPXV has outperformed UVXY with an annualized return of 16.38%, while UVXY has yielded a comparatively lower -72.67% annualized return.

SPXV

1D
-0.77%
1M
5.44%
YTD
12.35%
6M
12.52%
1Y
29.54%
3Y*
24.48%
5Y*
14.80%
10Y*
16.38%

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)

SPXV vs. UVXY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPXV
ProShares S&P 500 Ex-Health Care ETF		12.35%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		-19.06%-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

-0.71

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

-0.74

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 SPXV and UVXY shifts across timeframes, from -0.74 (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-Health Care ETF

ProShares Ultra VIX Short-Term Futures ETF

Often compared with SPXV:
SPXV vs. SPXTSPXV vs. SPXNSPXV vs. SPXESPXV vs. SPYSPXV vs. FTECSPXV vs. XLKSPXV vs. SPXU
Often compared with UVXY:
UVXY vs. UVIXUVXY vs. VXXUVXY vs. VIXYUVXY vs. SVXYUVXY vs. SQQQUVXY vs. SPYUVXY vs. SPXS

Return for Risk

SPXV vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPXV
SPXV Risk / Return Rank: 7070
Overall Rank
SPXV Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
SPXV Sortino Ratio Rank: 6969
Sortino Ratio Rank
SPXV Omega Ratio Rank: 6969
Omega Ratio Rank
SPXV Calmar Ratio Rank: 6666
Calmar Ratio Rank
SPXV Martin Ratio Rank: 7575
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.

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.

SPXVUVXYDifference
Sharpe ratioReturn per unit of total volatility
2.34
-0.87

+3.21

Sortino ratioReturn per unit of downside risk
3.18
-1.60

+4.78

Omega ratioGain probability vs. loss probability

1.42

0.82

+0.60

Calmar ratioReturn relative to maximum drawdown

3.24

-0.97

+4.21

Martin ratioReturn relative to average drawdown

14.32

-1.31

+15.63

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

SPXV vs. UVXY - Sharpe Ratio Comparison

The current SPXV Sharpe Ratio is 2.34, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of SPXV 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

SPXVUVXYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.34

-0.87

+3.21

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.84

-0.66

+1.49

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.91

-0.64

+1.55

Sharpe Ratio (All Time)

Calculated using the full available price history

0.91

-0.68

+1.59

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

SPXVUVXYDifference

Max Drawdown

Largest peak-to-trough decline

-34.34%

-100.00%

+65.66%

Max Drawdown (1Y)

Largest decline over 1 year

-9.15%

-75.22%

+66.07%

Max Drawdown (3Y)

Largest decline over 3 years

-19.89%

-95.45%

+75.56%

Max Drawdown (5Y)

Largest decline over 5 years

-26.58%

-99.68%

+73.10%

Max Drawdown (10Y)

Largest decline over 10 years

-34.34%

-100.00%

+65.66%

Current Drawdown

Current decline from peak

-0.77%

-100.00%

+99.23%

Average Drawdown

Average peak-to-trough decline

-4.52%

-98.55%

+94.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.07%

55.63%

-53.56%

Volatility

SPXV vs. UVXY - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Health Care ETF (SPXV) is 3.16%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. 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

SPXVUVXYDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.16%

11.77%

-8.61%

Volatility (6M)

Calculated over the trailing 6-month period

9.65%

62.64%

-52.99%

Volatility (1Y)

Calculated over the trailing 1-year period

12.69%

84.42%

-71.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.78%

103.85%

-86.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.01%

113.82%

-95.81%

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 0.89%, while UVXY has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
SPXV
ProShares S&P 500 Ex-Health Care ETF		0.89%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 (11.77%) compared to SPXV (3.16%). In terms of maximum drawdown, SPXV dropped -34.34% vs UVXY's -100.00%.

On 10-year performance, SPXV leads with 16.38% vs -72.67% for UVXY. On fees, SPXV is cheaper at 0.09% per year. On volatility, SPXV has been the lower-risk option at 3.16%. 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 16.38% return vs -72.67%. 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 0.89%, 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 (2.34 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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