SVXY vs. UVIX
SVXY (ProShares Short VIX Short-Term Futures ETF) and UVIX (Volatility Shares 2x Long VIX Futures ETF) are both Volatility funds - SVXY tracks the S&P 500 VIX Short-Term Futures Index (-100%) while UVIX tracks the Long VIX Futures Index – Benchmark TR Gross (200%). Both are passively managed. Over the past 3 years, SVXY returned 13.21%/yr vs -82.43%/yr for UVIX. At a correlation of -0.99, they often move in opposite directions. SVXY charges 1.38%/yr vs 2.78%/yr for UVIX.
Performance
SVXY vs. UVIX - Performance Comparison
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Returns By Period
In the year-to-date period, SVXY achieves a -0.92% return, which is significantly higher than UVIX's -31.87% return.
SVXY
- 1D
- -0.20%
- 1M
- 8.44%
- YTD
- -0.92%
- 6M
- 7.55%
- 1Y
- 33.37%
- 3Y*
- 13.21%
- 5Y*
- 15.76%
- 10Y*
- -1.59%
UVIX
- 1D
- -0.26%
- 1M
- -29.01%
- YTD
- -31.87%
- 6M
- -51.86%
- 1Y
- -85.80%
- 3Y*
- -82.43%
- 5Y*
- —
- 10Y*
- —
SVXY vs. UVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SVXY ProShares Short VIX Short-Term Futures ETF | -0.92% | 10.63% | -3.17% | 76.21% | 4.75% |
UVIX Volatility Shares 2x Long VIX Futures ETF | -31.87% | -83.21% | -75.24% | -95.28% | -62.08% |
Correlation
The correlation between SVXY and UVIX is -0.99, 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 | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022 | -0.99 |
The correlation between SVXY and UVIX has been stable across timeframes, ranging from -0.99 to -0.99 - a consistent structural relationship.
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Return for Risk
SVXY vs. UVIX — Risk / Return Rank
SVXY
UVIX
SVXY vs. UVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short VIX Short-Term Futures ETF (SVXY) and Volatility Shares 2x Long VIX Futures ETF (UVIX). 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.
| SVXY | UVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.94 | ||
| Sortino ratioReturn per unit of downside risk | +3.34 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.81 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | -0.98 | +2.45 |
| Martin ratioReturn relative to average drawdown | 4.78 | -1.26 | +6.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SVXY | UVIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.17 | -0.77 | +1.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.03 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | -0.62 | +0.83 |
Drawdowns
SVXY vs. UVIX - Drawdown Comparison
The maximum SVXY drawdown since its inception was -95.25%, roughly equal to the maximum UVIX drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for SVXY and UVIX.
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Drawdown Indicators
| SVXY | UVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.25% | -99.97% | +4.72% |
Max Drawdown (1Y)Largest decline over 1 year | -22.94% | -87.35% | +64.41% |
Max Drawdown (3Y)Largest decline over 3 years | -46.45% | -99.44% | +52.99% |
Max Drawdown (5Y)Largest decline over 5 years | -46.45% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | — | — |
Current DrawdownCurrent decline from peak | -80.15% | -99.97% | +19.82% |
Average DrawdownAverage peak-to-trough decline | -56.87% | -88.52% | +31.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.00% | 67.78% | -60.78% |
Volatility
SVXY vs. UVIX - Volatility Comparison
The current volatility for ProShares Short VIX Short-Term Futures ETF (SVXY) is 3.76%, while Volatility Shares 2x Long VIX Futures ETF (UVIX) has a volatility of 15.41%. This indicates that SVXY experiences smaller price fluctuations and is considered to be less risky than UVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SVXY | UVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.76% | 15.41% | -11.65% |
Volatility (6M)Calculated over the trailing 6-month period | 21.42% | 82.35% | -60.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.62% | 111.51% | -82.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.38% | 136.15% | -100.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.75% | 136.15% | -85.40% |
SVXY vs. UVIX - Expense Ratio Comparison
SVXY has a 1.38% expense ratio, which is lower than UVIX's 2.78% expense ratio.
Dividends
SVXY vs. UVIX - Dividend Comparison
Neither SVXY nor UVIX has paid dividends to shareholders.
Frequently Asked Questions
SVXY and UVIX have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVIX has higher volatility (15.41%) compared to SVXY (3.76%). In terms of maximum drawdown, SVXY dropped -95.25% vs UVIX's -99.97%.
On 3-year performance, SVXY leads with 13.21% vs -82.43% for UVIX. On fees, SVXY is cheaper at 1.38% per year. On volatility, SVXY has been the lower-risk option at 3.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SVXY has performed better with a 13.21% return vs -82.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SVXY is cheaper with a 1.38% expense ratio, compared with 2.78% for UVIX.
SVXY and UVIX have nearly identical dividend yields, around 0.00%.
SVXY tracks S&P 500 VIX Short-Term Futures Index (-100%), while UVIX tracks Long VIX Futures Index – Benchmark TR Gross (200%). They also come from different issuers: ProShares and Volatility Shares. Their fees differ too: 1.38% for SVXY and 2.78% for UVIX.
SVXY currently has the higher Sharpe Ratio (1.17 vs -0.77), 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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