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 16.29%/yr vs -72.11%/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 11.50% return, which is significantly higher than UVXY's -33.76% return. Over the past 10 years, SPXV has outperformed UVXY with an annualized return of 16.29%, while UVXY has yielded a comparatively lower -72.11% annualized return.
SPXV
- 1D
- 0.62%
- 1M
- 1.51%
- 6M
- 9.77%
- YTD
- 11.50%
- 1Y
- 21.98%
- 3Y*
- 21.83%
- 5Y*
- 13.99%
- 10Y*
- 16.29%
UVXY
- 1D
- -2.14%
- 1M
- -17.16%
- 6M
- -33.16%
- YTD
- -33.76%
- 1Y
- -72.68%
- 3Y*
- -62.00%
- 5Y*
- -67.84%
- 10Y*
- -72.11%
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 | 11.50% | 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 | -33.76% | -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 -0.75, 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 | -0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.75 |
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 -0.75 (1 year) 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 | +2.50 | ||
| Sortino ratioReturn per unit of downside risk | +3.85 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 0.82 | +0.47 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | -0.99 | +3.40 |
| Martin ratioReturn relative to average drawdown | 9.70 | -1.48 | +11.18 |
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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% | -73.42% | +64.27% |
Max Drawdown (3Y)Largest decline over 3 years | -19.89% | -95.32% | +75.43% |
Max Drawdown (5Y)Largest decline over 5 years | -26.58% | -99.74% | +73.16% |
Max Drawdown (10Y)Largest decline over 10 years | -34.34% | -100.00% | +65.66% |
Current DrawdownCurrent decline from peak | -1.52% | -100.00% | +98.48% |
Average DrawdownAverage peak-to-trough decline | -4.50% | -98.75% | +94.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.27% | 49.12% | -46.85% |
Volatility
SPXV vs. UVXY - Volatility Comparison
The current volatility for ProShares S&P 500 Ex-Health Care ETF (SPXV) is 4.10%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 20.24%. 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 | 4.10% | 20.24% | -16.14% |
Volatility (6M)Calculated over the trailing 6-month period | 10.67% | 66.67% | -56.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.37% | 85.34% | -71.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.90% | 103.83% | -85.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.09% | 112.04% | -93.95% |
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 0.93%, 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 | 0.93% | 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 -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (20.24%) compared to SPXV (4.10%). In terms of maximum drawdown, SPXV dropped -34.34% vs UVXY's -100.00%.
On 10-year performance, SPXV leads with 16.29% vs -72.11% for UVXY. On fees, SPXV is cheaper at 0.09% per year. On volatility, SPXV has been the lower-risk option at 4.10%. 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 16.29% return vs -72.11%. 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 0.93%, 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 (1.65 vs -0.85), 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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