UVIX vs. ^VVIX

Last updated Apr 2, 2026

Compare and contrast key facts about Volatility Shares 2x Long VIX Futures ETF (UVIX) and CBOE VIX Volatility Index (^VVIX).

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. ^VVIX - Performance Comparison

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

UVIX vs. ^VVIX - 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%
^VVIX CBOE VIX Volatility Index	23.91%	-11.18%	19.97%	12.86%	-28.27%

Returns By Period

In the year-to-date period, UVIX achieves a 45.01% return, which is significantly higher than ^VVIX's 23.91% return.

UVIX

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

^VVIX

• 1D: -1.05%
• 1M: 1.23%
• YTD: 23.91%
• 6M: 23.18%
• 1Y: 17.71%
• 3Y*: 9.47%
• 5Y*: 3.02%
• 10Y*: 3.48%

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

Return for Risk

UVIX vs. ^VVIX — 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

^VVIX

^VVIX Risk / Return Rank: 21
^VVIX Sharpe Ratio Rank: 22
^VVIX Sortino Ratio Rank: 35
^VVIX Omega Ratio Rank: 35
^VVIX Calmar Ratio Rank: 2
^VVIX Martin Ratio Rank: 9

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. ^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 ratio Return per unit of total volatility	-0.52	0.18	-0.70
Sortino ratio Return per unit of downside risk	-0.41	0.97	-1.38
Omega ratio Gain probability vs. loss probability	0.95	1.12	-0.17
Calmar ratio Return relative to maximum drawdown	-0.83	-0.48	-0.35
Martin ratio Return relative to average drawdown	-0.94	-0.61	-0.33
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. ^VVIX - Sharpe Ratio Comparison

The current UVIX Sharpe Ratio is -0.52, which is lower than the ^VVIX Sharpe Ratio of 0.18. The chart below compares the historical Sharpe Ratios of UVIX and ^VVIX, 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	^VVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	0.18	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.03	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.04	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.59	0.03	-0.62

Correlation

The correlation between UVIX and ^VVIX is 0.82, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

UVIX vs. ^VVIX - Drawdown Comparison

The maximum UVIX drawdown since its inception was -99.96%, 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.

Drawdown Indicators

	UVIX	^VVIX	Difference
Max Drawdown Largest peak-to-trough decline	-99.96%	-78.10%	-21.86%
Max Drawdown (1Y) Largest decline over 1 year	-94.23%	-52.04%	-42.19%
Max Drawdown (5Y) Largest decline over 5 years	—	-53.07%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-64.71%	—
Current Drawdown Current decline from peak	-99.94%	-44.68%	-55.26%
Average Drawdown Average peak-to-trough decline	-88.03%	-43.32%	-44.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	82.65%	40.65%	+42.00%

Volatility

UVIX vs. ^VVIX - Volatility Comparison

Volatility Shares 2x Long VIX Futures ETF (UVIX) has a higher volatility of 58.92% compared to CBOE VIX Volatility Index (^VVIX) at 36.93%. 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.

Volatility by Period

	UVIX	^VVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	58.92%	36.93%	+21.99%
Volatility (6M) Calculated over the trailing 6-month period	94.46%	69.57%	+24.89%
Volatility (1Y) Calculated over the trailing 1-year period	149.69%	95.49%	+54.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	138.17%	87.96%	+50.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	138.17%	85.84%	+52.33%