UVIX vs. ^VIX
UVIX (2x Long VIX Futures ETF) is Volatility fund tracking the Long VIX Futures Index (200% Daily), while ^VIX (CBOE Volatility Index) is an index. Over the past 3 years, UVIX returned -80.36%/yr vs 4.70%/yr for ^VIX. Their correlation of 0.88 means they have usually moved in the same direction.
Performance
UVIX vs. ^VIX - Performance Comparison
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Returns By Period
In the year-to-date period, UVIX achieves a -51.21% return, which is significantly lower than ^VIX's 6.96% return.
UVIX
- 1D
- -5.70%
- 1M
- -10.07%
- 6M
- -52.70%
- YTD
- -51.21%
- 1Y
- -86.13%
- 3Y*
- -80.36%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -83.88%
^VIX
- 1D
- -6.44%
- 1M
- -0.99%
- 6M
- -8.31%
- YTD
- 6.96%
- 1Y
- -21.54%
- 3Y*
- 4.70%
- 5Y*
- -2.60%
- 10Y*
- 1.81%
- ALL TIME*
- -0.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $106.53M | $96.18M | $159.38M |
UVIX vs. ^VIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UVIX 2x Long VIX Futures ETF | -51.21% | -83.21% | -75.24% | -95.28% | -61.86% |
^VIX CBOE Volatility Index | 6.96% | -13.83% | 39.36% | -42.55% | 14.66% |
Correlation
The correlation between UVIX and ^VIX is 0.89, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.89 |
Correlation (3Y) Balances recent behavior with more history. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022 | 0.88 |
The correlation between UVIX and ^VIX has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.
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Return for Risk
UVIX vs. ^VIX — Risk / Return Rank
UVIX
^VIX
UVIX vs. ^VIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 2x Long VIX Futures ETF (UVIX) and CBOE Volatility Index (^VIX). 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 | ^VIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.70 | ||
| Sortino ratioReturn per unit of downside risk | -2.40 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.11 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.08 | -0.89 |
| Martin ratioReturn relative to average drawdown | -1.30 | -0.13 | -1.17 |
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Drawdowns
UVIX vs. ^VIX - Drawdown Comparison
The maximum UVIX drawdown since its inception was -99.98%, which is greater than ^VIX's maximum drawdown of -88.70%. Use the drawdown chart below to compare losses from any high point for UVIX and ^VIX.
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Drawdown Indicators
| UVIX | ^VIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -88.70% | -11.28% |
Max Drawdown (1Y)Largest decline over 1 year | -86.37% | -51.59% | -34.78% |
Max Drawdown (3Y)Largest decline over 3 years | -99.42% | -74.26% | -25.16% |
Max Drawdown (5Y)Largest decline over 5 years | — | -74.26% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -85.66% | — |
Current DrawdownCurrent decline from peak | -99.98% | -80.66% | -19.32% |
Average DrawdownAverage peak-to-trough decline | -88.86% | -64.12% | -24.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 64.40% | 33.86% | +30.54% |
Volatility
UVIX vs. ^VIX - Volatility Comparison
The current volatility for 2x Long VIX Futures ETF (UVIX) is 28.39%, while CBOE Volatility Index (^VIX) has a volatility of 37.09%. This indicates that UVIX experiences smaller price fluctuations and is considered to be less risky than ^VIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UVIX | ^VIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.39% | 37.09% | -8.70% |
Volatility (6M)Calculated over the trailing 6-month period | 85.91% | 92.23% | -6.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 114.84% | 127.66% | -12.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 135.16% | 127.54% | +7.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 135.16% | 136.71% | -1.55% |
Frequently Asked Questions
UVIX and ^VIX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^VIX has higher volatility (37.09%) compared to UVIX (28.39%). In terms of maximum drawdown, UVIX dropped -99.98% vs ^VIX's -88.70%.
^VIX currently has the higher Sharpe Ratio (-0.03 vs -0.73), 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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