UBR vs. UVXY

Last updated Jun 4, 2026

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 -1.90%/yr vs -72.67%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra MSCI Brazil (UBR) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UBR achieves a 13.03% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, UBR has outperformed UVXY with an annualized return of -1.90%, while UVXY has yielded a comparatively lower -72.67% annualized return.

UBR

• 1D: -5.40%
• 1M: -21.46%
• YTD: 13.03%
• 6M: 3.25%
• 1Y: 56.81%
• 3Y*: 8.90%
• 5Y*: -5.17%
• 10Y*: -1.90%

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)

UBR vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UBR ProShares Ultra MSCI Brazil	13.03%	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	-19.06%	-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 5, 2011	-0.43

Return for Risk

UBR vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UBR

UBR Risk / Return Rank: 33
UBR Sharpe Ratio Rank: 32
UBR Sortino Ratio Rank: 31
UBR Omega Ratio Rank: 32
UBR Calmar Ratio Rank: 37
UBR Martin Ratio Rank: 35

UVXY

UVXY Risk / Return Rank: 1
UVXY Sharpe Ratio Rank: 2
UVXY Sortino Ratio Rank: 1
UVXY Omega Ratio Rank: 1
UVXY Calmar Ratio Rank: 1
UVXY Martin Ratio Rank: 2

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.

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.

	UBR	UVXY	Difference
Sharpe ratio Return per unit of total volatility	1.15	-0.87	+2.02
Sortino ratio Return per unit of downside risk	1.67	-1.60	+3.27
Omega ratio Gain probability vs. loss probability	1.21	0.82	+0.40
Calmar ratio Return relative to maximum drawdown	1.81	-0.97	+2.78
Martin ratio Return relative to average drawdown	5.36	-1.31	+6.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UBR vs. UVXY - Sharpe Ratio Comparison

The current UBR Sharpe Ratio is 1.15, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of UBR 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.

Sharpe Ratios by Period

	UBR	UVXY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	-0.87	+2.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.09	-0.66	+0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.03	-0.64	+0.61
Sharpe Ratio (All Time) Calculated using the full available price history	-0.20	-0.68	+0.48

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.

Drawdown Indicators

	UBR	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-97.15%	-100.00%	+2.85%
Max Drawdown (1Y) Largest decline over 1 year	-31.50%	-75.22%	+43.72%
Max Drawdown (3Y) Largest decline over 3 years	-58.11%	-95.45%	+37.34%
Max Drawdown (5Y) Largest decline over 5 years	-67.07%	-99.68%	+32.61%
Max Drawdown (10Y) Largest decline over 10 years	-87.57%	-100.00%	+12.43%
Current Drawdown Current decline from peak	-92.84%	-100.00%	+7.16%
Average Drawdown Average peak-to-trough decline	-77.90%	-98.55%	+20.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.63%	55.63%	-45.00%

Volatility

UBR vs. UVXY - Volatility Comparison

ProShares Ultra MSCI Brazil (UBR) has a higher volatility of 15.51% compared to ProShares Ultra VIX Short-Term Futures ETF (UVXY) at 11.77%. This indicates that UBR's price experiences larger fluctuations and is considered to be riskier than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UBR	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.51%	11.77%	+3.74%
Volatility (6M) Calculated over the trailing 6-month period	41.58%	62.64%	-21.06%
Volatility (1Y) Calculated over the trailing 1-year period	49.62%	84.42%	-34.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.66%	103.85%	-48.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.68%	113.82%	-47.14%

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 1.85%, while UVXY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
UBR ProShares Ultra MSCI Brazil	1.85%	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

Can I hold both UBR and UVXY in my portfolio?

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.

Which is riskier, UBR or UVXY?

UBR has higher volatility (15.51%) compared to UVXY (11.77%). In terms of maximum drawdown, UBR dropped -97.15% vs UVXY's -100.00%.

Which ETF is better, UBR or UVXY?

On 10-year performance, UBR leads with -1.90% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UVXY has been the lower-risk option at 11.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UBR or UVXY?

Over the 10-year period, UBR has performed better with a -1.90% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UBR or UVXY?

UBR and UVXY have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, UBR or UVXY?

UBR has the higher dividend yield at 1.85%, compared with 0.00% for UVXY.

What is the main difference between UBR and 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%).

Which has better risk-adjusted returns?

UBR currently has the higher Sharpe Ratio (1.15 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.