UDOW vs. VXZ
UDOW (ProShares UltraPro Dow30) is Leveraged Equities fund tracking the Dow Jones Industrial Average (300%), while VXZ (iPath Series B S&P 500® VIX Mid-Term Futures ETN) is a stock. Both are passively managed. Over the past 5 years, UDOW returned 14.52%/yr vs -13.55%/yr for VXZ. At a correlation of -0.61, they often move in opposite directions. UDOW charges 0.95%/yr vs 0.89%/yr for VXZ.
Performance
UDOW vs. VXZ - Performance Comparison
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Returns By Period
In the year-to-date period, UDOW achieves a 22.83% return, which is significantly higher than VXZ's -5.72% return.
UDOW
- 1D
- -0.77%
- 1M
- 7.14%
- 6M
- 12.30%
- YTD
- 22.83%
- 1Y
- 49.50%
- 3Y*
- 34.70%
- 5Y*
- 14.52%
- 10Y*
- 23.05%
VXZ
- 1D
- -0.06%
- 1M
- -5.96%
- 6M
- -3.69%
- YTD
- -5.72%
- 1Y
- -13.08%
- 3Y*
- -9.32%
- 5Y*
- -13.55%
- 10Y*
- —
UDOW vs. VXZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UDOW ProShares UltraPro Dow30 | 22.83% | 24.46% | 28.47% | 32.72% | -32.39% | 65.67% | -17.15% | 75.24% | -35.09% |
VXZ iPath Series B S&P 500® VIX Mid-Term Futures ETN | -5.72% | 5.73% | -12.65% | -43.98% | 0.47% | -16.38% | 72.77% | -20.10% | 31.89% |
Correlation
The correlation between UDOW and VXZ is -0.61, 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 | -0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.65 |
Correlation (All Time) Calculated using the full available price history since Jan 18, 2018 | -0.61 |
The correlation between UDOW and VXZ has been stable across timeframes, ranging from -0.65 to -0.60 - a consistent structural relationship.
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Return for Risk
UDOW vs. VXZ — Risk / Return Rank
UDOW
VXZ
UDOW vs. VXZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Dow30 (UDOW) and iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ). 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.
| UDOW | VXZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.06 | ||
| Sortino ratioReturn per unit of downside risk | +2.85 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.90 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 1.77 | -0.69 | +2.47 |
| Martin ratioReturn relative to average drawdown | 6.29 | -1.43 | +7.72 |
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Drawdowns
UDOW vs. VXZ - Drawdown Comparison
The maximum UDOW drawdown since its inception was -80.29%, which is greater than VXZ's maximum drawdown of -69.00%. Use the drawdown chart below to compare losses from any high point for UDOW and VXZ.
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Drawdown Indicators
| UDOW | VXZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.29% | -69.00% | -11.29% |
Max Drawdown (1Y)Largest decline over 1 year | -28.07% | -18.89% | -9.18% |
Max Drawdown (3Y)Largest decline over 3 years | -44.83% | -36.45% | -8.38% |
Max Drawdown (5Y)Largest decline over 5 years | -55.79% | -62.05% | +6.26% |
Max Drawdown (10Y)Largest decline over 10 years | -80.29% | — | — |
Current DrawdownCurrent decline from peak | -3.36% | -67.29% | +63.93% |
Average DrawdownAverage peak-to-trough decline | -14.31% | -37.12% | +22.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.90% | 9.15% | -1.25% |
Volatility
UDOW vs. VXZ - Volatility Comparison
ProShares UltraPro Dow30 (UDOW) has a higher volatility of 8.99% compared to iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) at 3.29%. This indicates that UDOW's price experiences larger fluctuations and is considered to be riskier than VXZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UDOW | VXZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.99% | 3.29% | +5.70% |
Volatility (6M)Calculated over the trailing 6-month period | 28.79% | 13.60% | +15.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.73% | 18.65% | +18.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.30% | 29.04% | +15.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 51.69% | 33.92% | +17.77% |
UDOW vs. VXZ - Expense Ratio Comparison
UDOW has a 0.95% expense ratio, which is higher than VXZ's 0.89% expense ratio.
Dividends
UDOW vs. VXZ - Dividend Comparison
UDOW's dividend yield for the trailing twelve months is around 1.09%, while VXZ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UDOW ProShares UltraPro Dow30 | 1.09% | 1.38% | 0.95% | 0.95% | 0.83% | 0.26% | 0.19% | 0.61% | 0.73% | 0.13% | 0.26% | 0.21% |
VXZ iPath Series B S&P 500® VIX Mid-Term Futures ETN | 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 VXZ have a correlation of -0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UDOW has higher volatility (8.99%) compared to VXZ (3.29%). In terms of maximum drawdown, UDOW dropped -80.29% vs VXZ's -69.00%.
UDOW currently has the higher Sharpe Ratio (1.36 vs -0.71), 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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