UBR vs. UVXY
UBR (ProShares Ultra MSCI Brazil) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - UBR is a Leveraged Equities fund tracking the MSCI Brazil Index (200%), 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, UBR returned -2.60%/yr vs -73.85%/yr for UVXY. At a correlation of -0.43, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UBR vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, UBR achieves a 10.18% return, which is significantly higher than UVXY's -22.07% return. Over the past 10 years, UBR has outperformed UVXY with an annualized return of -2.60%, while UVXY has yielded a comparatively lower -73.85% annualized return.
UBR
- 1D
- -1.03%
- 1M
- -11.39%
- YTD
- 10.18%
- 6M
- 11.72%
- 1Y
- 46.13%
- 3Y*
- 1.85%
- 5Y*
- -6.46%
- 10Y*
- -2.60%
UVXY
- 1D
- 8.28%
- 1M
- -14.92%
- YTD
- -22.07%
- 6M
- -24.28%
- 1Y
- -74.07%
- 3Y*
- -61.96%
- 5Y*
- -66.90%
- 10Y*
- -73.85%
UBR vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UBR ProShares Ultra MSCI Brazil | 10.18% | 96.11% | -57.05% | 49.98% | 5.60% | -39.03% | -60.67% | 44.19% | -19.11% | 35.36% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -22.07% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between UBR and UVXY is -0.45, 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 | -0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.41 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.43 |
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Return for Risk
UBR vs. UVXY — Risk / Return Rank
UBR
UVXY
UBR vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Brazil (UBR) 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.
| UBR | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.79 | ||
| Sortino ratioReturn per unit of downside risk | +3.09 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.81 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 1.30 | -1.01 | +2.31 |
| Martin ratioReturn relative to average drawdown | 3.56 | -1.45 | +5.01 |
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Drawdowns
UBR vs. UVXY - Drawdown Comparison
The maximum UBR drawdown since its inception was -97.15%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UBR and UVXY.
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Drawdown Indicators
| UBR | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.15% | -100.00% | +2.85% |
Max Drawdown (1Y)Largest decline over 1 year | -35.75% | -73.51% | +37.76% |
Max Drawdown (3Y)Largest decline over 3 years | -58.11% | -94.93% | +36.82% |
Max Drawdown (5Y)Largest decline over 5 years | -65.81% | -99.71% | +33.90% |
Max Drawdown (10Y)Largest decline over 10 years | -87.57% | -100.00% | +12.43% |
Current DrawdownCurrent decline from peak | -93.02% | -100.00% | +6.98% |
Average DrawdownAverage peak-to-trough decline | -77.93% | -98.75% | +20.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.00% | 55.34% | -42.34% |
Volatility
UBR vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra MSCI Brazil (UBR) is 11.56%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.85%. This indicates that UBR 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
| UBR | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.56% | 25.85% | -14.29% |
Volatility (6M)Calculated over the trailing 6-month period | 39.42% | 66.46% | -27.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.06% | 85.46% | -35.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.72% | 103.96% | -48.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.47% | 112.39% | -45.92% |
UBR vs. UVXY - Expense Ratio Comparison
Both UBR and UVXY have an expense ratio of 0.95%.
Dividends
UBR vs. UVXY - Dividend Comparison
UBR's dividend yield for the trailing twelve months is around 1.90%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
UBR ProShares Ultra MSCI Brazil | 1.90% | 2.05% | 8.09% | 1.15% | 0.00% | 0.00% | 0.00% | 0.53% | 0.13% |
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% |
Frequently Asked Questions
UBR and UVXY have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.85%) compared to UBR (11.56%). In terms of maximum drawdown, UBR dropped -97.15% vs UVXY's -100.00%.
On 10-year performance, UBR leads with -2.60% vs -73.85% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UBR has been the lower-risk option at 11.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UBR has performed better with a -2.60% return vs -73.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UBR and UVXY have the same expense ratio: 0.95% per year.
UBR has the higher dividend yield at 1.90%, compared with 0.00% for UVXY.
UBR is categorized as Leveraged Equities, while UVXY is Volatility. UBR tracks MSCI Brazil Index (200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UBR currently has the higher Sharpe Ratio (0.93 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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