SVXY vs. UVXY
SVXY (ProShares Short VIX Short-Term Futures ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both Volatility funds from ProShares - SVXY tracks the S&P 500 VIX Short-Term Futures Index (-0.5x) while UVXY tracks the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, SVXY returned -1.01%/yr vs -71.50%/yr for UVXY. Their -0.99 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
SVXY vs. UVXY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SVXY achieves a 4.84% return, which is significantly higher than UVXY's -35.24% return. Over the past 10 years, SVXY has outperformed UVXY with an annualized return of -1.01%, while UVXY has yielded a comparatively lower -71.50% annualized return.
SVXY
- 1D
- 1.47%
- 1M
- 1.31%
- 6M
- 7.32%
- YTD
- 4.84%
- 1Y
- 33.59%
- 3Y*
- 9.63%
- 5Y*
- 16.64%
- 10Y*
- -1.01%
- ALL TIME*
- 12.70%
UVXY
- 1D
- -4.24%
- 1M
- -6.17%
- 6M
- -37.50%
- YTD
- -35.24%
- 1Y
- -73.24%
- 3Y*
- -61.42%
- 5Y*
- -68.18%
- 10Y*
- -71.50%
- ALL TIME*
- -80.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $95.64M | $79.87M | $82.81M | |
| $190.03M | $191.90M | $239.87M |
SVXY vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SVXY ProShares Short VIX Short-Term Futures ETF | 4.84% | 10.63% | -3.17% | 76.21% | -4.66% | 48.53% | -36.47% | 54.21% | -91.75% | 181.84% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.24% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between SVXY and UVXY is -0.99, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.99 |
Correlation (3Y) Balances recent behavior with more history. | -0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.99 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.99 |
The correlation between SVXY and UVXY has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SVXY vs. UVXY — Risk / Return Rank
SVXY
UVXY
SVXY vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short VIX Short-Term Futures ETF (SVXY) 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.
| SVXY | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.76 | ||
| Sortino ratioReturn per unit of downside risk | +2.75 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.85 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | -0.95 | +2.18 |
| Martin ratioReturn relative to average drawdown | 4.00 | -1.35 | +5.35 |
Loading charts...
Drawdowns
SVXY vs. UVXY - Drawdown Comparison
The maximum SVXY drawdown since its inception was -95.25%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SVXY and UVXY.
Loading charts...
Drawdown Indicators
| SVXY | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.25% | -100.00% | +4.75% |
Max Drawdown (1Y)Largest decline over 1 year | -22.94% | -73.88% | +50.94% |
Max Drawdown (3Y)Largest decline over 3 years | -46.45% | -95.42% | +48.97% |
Max Drawdown (5Y)Largest decline over 5 years | -46.45% | -99.68% | +53.23% |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | -100.00% | +4.75% |
Current DrawdownCurrent decline from peak | -79.00% | -100.00% | +21.00% |
Average DrawdownAverage peak-to-trough decline | -57.10% | -98.76% | +41.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.05% | 51.60% | -44.55% |
Volatility
SVXY vs. UVXY - Volatility Comparison
The current volatility for ProShares Short VIX Short-Term Futures ETF (SVXY) is 7.44%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.30%. This indicates that SVXY 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.
Loading charts...
Volatility by Period
| SVXY | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.44% | 22.30% | -14.86% |
Volatility (6M)Calculated over the trailing 6-month period | 22.23% | 65.55% | -43.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.49% | 87.28% | -57.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.19% | 103.39% | -68.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.47% | 112.09% | -62.62% |
SVXY vs. UVXY - Expense Ratio Comparison
Both SVXY and UVXY have an expense ratio of 0.95%.
Dividends
SVXY vs. UVXY - Dividend Comparison
Neither SVXY nor UVXY has paid dividends to shareholders.
Frequently Asked Questions
SVXY and UVXY 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.
UVXY has higher volatility (22.30%) compared to SVXY (7.44%). In terms of maximum drawdown, SVXY dropped -95.25% vs UVXY's -100.00%.
On 10-year performance, SVXY leads with -1.01% vs -71.50% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, SVXY has been the lower-risk option at 7.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SVXY has performed better with a -1.01% return vs -71.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SVXY and UVXY have the same expense ratio: 0.95% per year.
SVXY and UVXY have nearly identical dividend yields, around 0.00%.
SVXY tracks S&P 500 VIX Short-Term Futures Index (-0.5x), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
SVXY currently has the higher Sharpe Ratio (0.96 vs -0.80), 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.
Find the right allocation for SVXY and UVXY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer