UVIX vs. ^VVIX
UVIX (Volatility Shares 2x Long VIX Futures ETF) is Volatility fund tracking the Long VIX Futures Index – Benchmark TR Gross (200%), while ^VVIX (CBOE VIX Volatility Index) is an index. Over the past 3 years, UVIX returned -82.43%/yr vs 1.39%/yr for ^VVIX. Their correlation of 0.82 suggests significant overlap in exposure.
Performance
UVIX vs. ^VVIX - Performance Comparison
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Returns By Period
In the year-to-date period, UVIX achieves a -31.87% return, which is significantly lower than ^VVIX's -3.10% return.
UVIX
- 1D
- -0.26%
- 1M
- -29.01%
- YTD
- -31.87%
- 6M
- -51.86%
- 1Y
- -85.80%
- 3Y*
- -82.43%
- 5Y*
- —
- 10Y*
- —
^VVIX
- 1D
- -0.81%
- 1M
- -8.64%
- YTD
- -3.10%
- 6M
- -2.80%
- 1Y
- -1.20%
- 3Y*
- 1.39%
- 5Y*
- -3.65%
- 10Y*
- 1.28%
UVIX vs. ^VVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UVIX Volatility Shares 2x Long VIX Futures ETF | -31.87% | -83.21% | -75.24% | -95.28% | -62.08% |
^VVIX CBOE VIX Volatility Index | -3.10% | -11.18% | 19.97% | 12.86% | -28.27% |
Correlation
The correlation between UVIX and ^VVIX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022 | 0.82 |
The correlation between UVIX and ^VVIX has been stable across timeframes, ranging from 0.82 to 0.87 - 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 Volatility Shares 2x Long VIX Futures ETF (UVIX) and CBOE VIX Volatility 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.
| UVIX | ^VVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -2.28 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.07 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.03 | -0.95 |
| Martin ratioReturn relative to average drawdown | -1.26 | -0.05 | -1.21 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UVIX | ^VVIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.77 | -0.01 | -0.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.04 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.01 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.62 | 0.01 | -0.63 |
Drawdowns
UVIX vs. ^VVIX - Drawdown Comparison
The maximum UVIX drawdown since its inception was -99.97%, which is greater than ^VVIX's maximum drawdown of -78.10%. 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 | -99.97% | -78.10% | -21.87% |
Max Drawdown (1Y)Largest decline over 1 year | -87.35% | -38.94% | -48.41% |
Max Drawdown (3Y)Largest decline over 3 years | -99.44% | -52.75% | -46.69% |
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 | -99.97% | -56.74% | -43.23% |
Average DrawdownAverage peak-to-trough decline | -88.52% | -43.41% | -45.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 67.78% | 23.07% | +44.71% |
Volatility
UVIX vs. ^VVIX - Volatility Comparison
Volatility Shares 2x Long VIX Futures ETF (UVIX) has a higher volatility of 15.41% compared to CBOE VIX Volatility Index (^VVIX) at 12.10%. 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 | 15.41% | 12.10% | +3.31% |
Volatility (6M)Calculated over the trailing 6-month period | 82.35% | 59.20% | +23.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 111.51% | 82.74% | +28.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 136.15% | 87.14% | +49.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 136.15% | 85.81% | +50.34% |
Frequently Asked Questions
UVIX and ^VVIX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVIX has higher volatility (15.41%) compared to ^VVIX (12.10%). In terms of maximum drawdown, UVIX dropped -99.97% vs ^VVIX's -78.10%.
^VVIX currently has the higher Sharpe Ratio (-0.01 vs -0.77), 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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