UVIX vs. ^FVX
UVIX (2x Long VIX Futures ETF) is Volatility fund tracking the Long VIX Futures Index (200% Daily), while ^FVX (Treasury Yield 5 Years) is an index. Over the past 3 years, UVIX returned -80.58%/yr vs 2.67%/yr for ^FVX. At a 0.03 correlation, their price movements are largely independent.
Performance
UVIX vs. ^FVX - Performance Comparison
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Returns By Period
In the year-to-date period, UVIX achieves a -47.76% return, which is significantly lower than ^FVX's 17.22% return.
UVIX
- 1D
- 5.76%
- 1M
- -21.08%
- 6M
- -44.45%
- YTD
- -47.76%
- 1Y
- -84.85%
- 3Y*
- -80.58%
- 5Y*
- —
- 10Y*
- —
^FVX
- 1D
- 1.28%
- 1M
- 3.56%
- 6M
- 15.82%
- YTD
- 17.22%
- 1Y
- 9.29%
- 3Y*
- 2.67%
- 5Y*
- 40.43%
- 10Y*
- 14.31%
UVIX vs. ^FVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UVIX 2x Long VIX Futures ETF | -47.76% | -83.21% | -75.24% | -95.28% | -61.86% |
^FVX Treasury Yield 5 Years | 17.22% | -15.02% | 14.06% | -4.00% | 60.97% |
Correlation
The correlation between UVIX and ^FVX is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022 | 0.03 |
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Return for Risk
UVIX vs. ^FVX — Risk / Return Rank
UVIX
^FVX
UVIX vs. ^FVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 2x Long VIX Futures ETF (UVIX) and Treasury Yield 5 Years (^FVX). 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.
| UVIX | ^FVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.27 | ||
| Sortino ratioReturn per unit of downside risk | -2.43 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.10 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 0.70 | -1.69 |
| Martin ratioReturn relative to average drawdown | -1.38 | 1.32 | -2.69 |
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Drawdowns
UVIX vs. ^FVX - Drawdown Comparison
The maximum UVIX drawdown since its inception was -99.98%, roughly equal to the maximum ^FVX drawdown of -98.80%. Use the drawdown chart below to compare losses from any high point for UVIX and ^FVX.
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Drawdown Indicators
| UVIX | ^FVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -98.80% | -1.18% |
Max Drawdown (1Y)Largest decline over 1 year | -86.11% | -13.28% | -72.83% |
Max Drawdown (3Y)Largest decline over 3 years | -99.40% | -31.36% | -68.04% |
Max Drawdown (5Y)Largest decline over 5 years | — | -31.36% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.69% | — |
Current DrawdownCurrent decline from peak | -99.98% | -73.18% | -26.80% |
Average DrawdownAverage peak-to-trough decline | -88.72% | -58.56% | -30.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 61.63% | 7.08% | +54.55% |
Volatility
UVIX vs. ^FVX - Volatility Comparison
2x Long VIX Futures ETF (UVIX) has a higher volatility of 27.95% compared to Treasury Yield 5 Years (^FVX) at 4.96%. This indicates that UVIX's price experiences larger fluctuations and is considered to be riskier than ^FVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UVIX | ^FVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 27.95% | 4.96% | +22.99% |
Volatility (6M)Calculated over the trailing 6-month period | 87.63% | 13.55% | +74.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 112.73% | 18.26% | +94.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 135.47% | 37.39% | +98.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 135.47% | 58.22% | +77.25% |
Frequently Asked Questions
UVIX and ^FVX have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVIX has higher volatility (27.95%) compared to ^FVX (4.96%). In terms of maximum drawdown, UVIX dropped -99.98% vs ^FVX's -98.80%.
^FVX currently has the higher Sharpe Ratio (0.51 vs -0.76), 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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