UVIX vs. ^VVIX
UVIX (2x Long VIX Futures ETF) is Volatility fund tracking the Long VIX Futures Index (200% Daily), while ^VVIX (Cboe VVIX Index) is an index. Over the past 3 years, UVIX returned -81.78%/yr vs -3.04%/yr for ^VVIX. Their correlation of 0.82 means they have usually moved in the same direction.
Performance
UVIX vs. ^VVIX - Performance Comparison
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Returns By Period
In the year-to-date period, UVIX achieves a -51.51% return, which is significantly lower than ^VVIX's -2.01% return.
UVIX
- 1D
- 1.47%
- 1M
- -10.62%
- 6M
- -51.93%
- YTD
- -51.51%
- 1Y
- -84.06%
- 3Y*
- -81.78%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -83.83%
^VVIX
- 1D
- -0.91%
- 1M
- 2.26%
- 6M
- -8.06%
- YTD
- -2.01%
- 1Y
- -17.29%
- 3Y*
- -3.04%
- 5Y*
- -4.81%
- 10Y*
- 0.64%
- ALL TIME*
- 0.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
^VVIX Cboe VVIX Index | $0.00 | $0.00 | $0.00 |
| $103.60M | $95.89M | $153.43M |
UVIX vs. ^VVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UVIX 2x Long VIX Futures ETF | -51.51% | -83.21% | -75.24% | -95.28% | -61.86% |
^VVIX Cboe VVIX Index | -2.01% | -11.18% | 19.97% | 12.86% | -26.16% |
Correlation
The correlation between UVIX and ^VVIX is 0.88, 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. | 0.88 |
Correlation (3Y) Balances recent behavior with more history. | 0.85 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022 | 0.82 |
The correlation between UVIX and ^VVIX has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.
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Return for Risk
UVIX vs. ^VVIX — Risk / Return Rank
UVIX
^VVIX
UVIX vs. ^VVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 2x Long VIX Futures ETF (UVIX) and Cboe VVIX Index (^VVIX). 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 | ^VVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -1.85 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.04 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.45 | -0.55 |
| Martin ratioReturn relative to average drawdown | -1.39 | -0.70 | -0.69 |
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Drawdowns
UVIX vs. ^VVIX - Drawdown Comparison
The maximum UVIX drawdown since its inception was -99.98%, which is greater than ^VVIX's maximum drawdown of -64.71%. Use the drawdown chart below to compare losses from any high point for UVIX and ^VVIX.
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Drawdown Indicators
| UVIX | ^VVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -64.71% | -35.27% |
Max Drawdown (1Y)Largest decline over 1 year | -84.53% | -38.94% | -45.59% |
Max Drawdown (3Y)Largest decline over 3 years | -99.42% | -52.75% | -46.67% |
Max Drawdown (5Y)Largest decline over 5 years | — | -53.07% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -64.71% | — |
Current DrawdownCurrent decline from peak | -99.98% | -56.26% | -43.72% |
Average DrawdownAverage peak-to-trough decline | -88.88% | -44.01% | -44.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 60.56% | 25.11% | +35.45% |
Volatility
UVIX vs. ^VVIX - Volatility Comparison
2x Long VIX Futures ETF (UVIX) has a higher volatility of 27.91% compared to Cboe VVIX Index (^VVIX) at 25.87%. This indicates that UVIX's price experiences larger fluctuations and is considered to be riskier than ^VVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UVIX | ^VVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 27.91% | 25.87% | +2.04% |
Volatility (6M)Calculated over the trailing 6-month period | 85.38% | 64.53% | +20.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.56% | 88.43% | +25.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 135.04% | 88.42% | +46.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 135.04% | 86.30% | +48.74% |
Frequently Asked Questions
UVIX and ^VVIX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVIX has higher volatility (27.91%) compared to ^VVIX (25.87%). In terms of maximum drawdown, UVIX dropped -99.98% vs ^VVIX's -64.71%.
^VVIX currently has the higher Sharpe Ratio (-0.20 vs -0.75), 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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