UVIX vs. ^FVX

Last updated Apr 2, 2026

Compare and contrast key facts about Volatility Shares 2x Long VIX Futures ETF (UVIX) and Treasury Yield 5 Years (^FVX).

UVIX is a passively managed fund by Volatility Shares that tracks the performance of the Long VIX Futures Index – Benchmark TR Gross (200%). It was launched on Mar 28, 2022.

Performance

UVIX vs. ^FVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares 2x Long VIX Futures ETF (UVIX) and Treasury Yield 5 Years (^FVX). The values are adjusted to include any dividend payments, if applicable.

UVIX vs. ^FVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UVIX Volatility Shares 2x Long VIX Futures ETF	45.01%	-83.21%	-75.24%	-95.28%	-62.08%
^FVX Treasury Yield 5 Years	6.26%	-15.02%	14.06%	-4.00%	63.40%

Returns By Period

In the year-to-date period, UVIX achieves a 45.01% return, which is significantly higher than ^FVX's 6.26% return.

UVIX

• 1D: -4.39%
• 1M: 28.37%
• YTD: 45.01%
• 6M: -16.28%
• 1Y: -77.80%
• 3Y*: -82.70%
• 5Y*: —
• 10Y*: —

^FVX

• 1D: 0.25%
• 1M: 9.22%
• YTD: 6.26%
• 6M: 7.47%
• 1Y: 1.15%
• 3Y*: 3.08%
• 5Y*: 34.25%
• 10Y*: 12.28%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

UVIX vs. ^FVX — Risk / Return Rank

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

UVIX

UVIX Risk / Return Rank: 4
UVIX Sharpe Ratio Rank: 4
UVIX Sortino Ratio Rank: 5
UVIX Omega Ratio Rank: 5
UVIX Calmar Ratio Rank: 1
UVIX Martin Ratio Rank: 4

^FVX

^FVX Risk / Return Rank: 16
^FVX Sharpe Ratio Rank: 16
^FVX Sortino Ratio Rank: 17
^FVX Omega Ratio Rank: 17
^FVX Calmar Ratio Rank: 13
^FVX Martin Ratio Rank: 14

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.

UVIX vs. ^FVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 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.

	UVIX	^FVX	Difference
Sharpe ratio Return per unit of total volatility	-0.52	0.05	-0.57
Sortino ratio Return per unit of downside risk	-0.41	0.23	-0.64
Omega ratio Gain probability vs. loss probability	0.95	1.03	-0.08
Calmar ratio Return relative to maximum drawdown	-0.83	-0.05	-0.78
Martin ratio Return relative to average drawdown	-0.94	-0.08	-0.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UVIX vs. ^FVX - Sharpe Ratio Comparison

The current UVIX Sharpe Ratio is -0.52, which is lower than the ^FVX Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of UVIX and ^FVX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	UVIX	^FVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	0.05	-0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.86	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.21	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.59	-0.02	-0.58

Correlation

The correlation between UVIX and ^FVX is 0.01, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

UVIX vs. ^FVX - Drawdown Comparison

The maximum UVIX drawdown since its inception was -99.96%, roughly equal to the maximum ^FVX drawdown of -97.53%. Use the drawdown chart below to compare losses from any high point for UVIX and ^FVX.

Drawdown Indicators

	UVIX	^FVX	Difference
Max Drawdown Largest peak-to-trough decline	-99.96%	-97.53%	-2.43%
Max Drawdown (1Y) Largest decline over 1 year	-94.23%	-15.62%	-78.61%
Max Drawdown (5Y) Largest decline over 5 years	—	-31.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-93.69%	—
Current Drawdown Current decline from peak	-99.94%	-49.91%	-50.03%
Average Drawdown Average peak-to-trough decline	-88.03%	-56.58%	-31.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	82.65%	9.25%	+73.40%

Volatility

UVIX vs. ^FVX - Volatility Comparison

Volatility Shares 2x Long VIX Futures ETF (UVIX) has a higher volatility of 58.92% compared to Treasury Yield 5 Years (^FVX) at 7.46%. 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.

Volatility by Period

	UVIX	^FVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	58.92%	7.46%	+51.46%
Volatility (6M) Calculated over the trailing 6-month period	94.46%	12.93%	+81.53%
Volatility (1Y) Calculated over the trailing 1-year period	149.69%	21.42%	+128.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	138.17%	39.94%	+98.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	138.17%	58.95%	+79.22%