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UDOW vs. UVXY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UDOW vs. UVXY

Last updated Jun 4, 2026

UDOW (ProShares UltraPro Dow30) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - UDOW is a Leveraged Equities fund tracking the Dow Jones Industrial Average (300%), 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, UDOW returned 23.30%/yr vs -72.67%/yr for UVXY. At a correlation of -0.72, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

UDOW vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Dow30 (UDOW) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UDOW achieves a 12.27% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, UDOW has outperformed UVXY with an annualized return of 23.30%, while UVXY has yielded a comparatively lower -72.67% annualized return.

UDOW

1D
-3.38%
1M
10.84%
YTD
12.27%
6M
12.78%
1Y
53.13%
3Y*
33.01%
5Y*
12.75%
10Y*
23.30%

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)

UDOW vs. UVXY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UDOW
ProShares UltraPro Dow30		12.27%24.46%28.47%32.72%-32.39%65.67%-17.15%75.24%-23.86%99.07%
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 UDOW and UVXY is -0.68, 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

-0.68

Correlation (3Y)
Calculated over the trailing 3-year period

-0.64

Correlation (5Y)
Calculated over the trailing 5-year period

-0.69

Correlation (10Y)
Calculated over the trailing 10-year period

-0.69

Correlation (All Time)
Calculated using the full available price history since Oct 5, 2011

-0.72

The correlation between UDOW and UVXY has been stable across timeframes, ranging from -0.72 to -0.64 - 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.

ProShares UltraPro Dow30

ProShares Ultra VIX Short-Term Futures ETF

Often compared with UDOW:
UDOW vs. TQQQUDOW vs. DIAUDOW vs. DDMUDOW vs. SDOWUDOW vs. UPROUDOW vs. SPYUDOW vs. DUSL
Often compared with UVXY:
UVXY vs. UVIXUVXY vs. VXXUVXY vs. VIXYUVXY vs. SVXYUVXY vs. SQQQUVXY vs. SPYUVXY vs. SPXS

Return for Risk

UDOW vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UDOW
UDOW Risk / Return Rank: 4040
Overall Rank
UDOW Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
UDOW Sortino Ratio Rank: 4040
Sortino Ratio Rank
UDOW Omega Ratio Rank: 3838
Omega Ratio Rank
UDOW Calmar Ratio Rank: 3838
Calmar Ratio Rank
UDOW Martin Ratio Rank: 4141
Martin Ratio Rank
UVXY
UVXY Risk / Return Rank: 11
Overall Rank
UVXY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
UVXY Sortino Ratio Rank: 11
Sortino Ratio Rank
UVXY Omega Ratio Rank: 11
Omega Ratio Rank
UVXY Calmar Ratio Rank: 11
Calmar Ratio Rank
UVXY Martin Ratio Rank: 22
Martin Ratio Rank
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.

UDOW vs. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Dow30 (UDOW) 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.

UDOWUVXYDifference
Sharpe ratioReturn per unit of total volatility
1.48
-0.87

+2.34

Sortino ratioReturn per unit of downside risk
2.09
-1.60

+3.69

Omega ratioGain probability vs. loss probability

1.25

0.82

+0.44

Calmar ratioReturn relative to maximum drawdown

1.90

-0.97

+2.87

Martin ratioReturn relative to average drawdown

6.75

-1.31

+8.06

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UDOW vs. UVXY - Sharpe Ratio Comparison

The current UDOW Sharpe Ratio is 1.48, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of UDOW 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.

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Sharpe Ratios by Period

UDOWUVXYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.48

-0.87

+2.34

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.29

-0.66

+0.95

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.45

-0.64

+1.09

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

-0.68

+1.21

Drawdowns

UDOW vs. UVXY - Drawdown Comparison

The maximum UDOW drawdown since its inception was -80.29%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UDOW and UVXY.

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Drawdown Indicators

UDOWUVXYDifference

Max Drawdown

Largest peak-to-trough decline

-80.29%

-100.00%

+19.71%

Max Drawdown (1Y)

Largest decline over 1 year

-28.07%

-75.22%

+47.15%

Max Drawdown (3Y)

Largest decline over 3 years

-44.83%

-95.45%

+50.62%

Max Drawdown (5Y)

Largest decline over 5 years

-55.79%

-99.68%

+43.89%

Max Drawdown (10Y)

Largest decline over 10 years

-80.29%

-100.00%

+19.71%

Current Drawdown

Current decline from peak

-3.38%

-100.00%

+96.62%

Average Drawdown

Average peak-to-trough decline

-14.39%

-98.55%

+84.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.90%

55.63%

-47.73%

Volatility

UDOW vs. UVXY - Volatility Comparison

The current volatility for ProShares UltraPro Dow30 (UDOW) is 8.80%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. This indicates that UDOW 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

UDOWUVXYDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.80%

11.77%

-2.97%

Volatility (6M)

Calculated over the trailing 6-month period

27.61%

62.64%

-35.03%

Volatility (1Y)

Calculated over the trailing 1-year period

36.12%

84.42%

-48.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

44.19%

103.85%

-59.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

51.76%

113.82%

-62.06%

UDOW vs. UVXY - Expense Ratio Comparison

Both UDOW and UVXY have an expense ratio of 0.95%.

Dividends

UDOW vs. UVXY - Dividend Comparison

UDOW's dividend yield for the trailing twelve months is around 1.21%, while UVXY has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
UDOW
ProShares UltraPro Dow30		1.21%1.38%0.95%0.95%0.83%0.26%0.19%0.61%0.73%0.13%0.26%0.21%
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

UDOW and UVXY have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UVXY has higher volatility (11.77%) compared to UDOW (8.80%). In terms of maximum drawdown, UDOW dropped -80.29% vs UVXY's -100.00%.

On 10-year performance, UDOW leads with 23.30% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UDOW has been the lower-risk option at 8.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, UDOW has performed better with a 23.30% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

UDOW has the higher dividend yield at 1.21%, compared with 0.00% for UVXY.

UDOW is categorized as Leveraged Equities, while UVXY is Volatility. UDOW tracks Dow Jones Industrial Average (300%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).

UDOW currently has the higher Sharpe Ratio (1.48 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.

Portfolio Optimizer

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