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 -80.89%/yr vs 1.16%/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 -37.30% return, which is significantly lower than ^VVIX's 3.14% return.
UVIX
- 1D
- -1.38%
- 1M
- -22.34%
- YTD
- -37.30%
- 6M
- -39.53%
- 1Y
- -84.89%
- 3Y*
- -80.89%
- 5Y*
- —
- 10Y*
- —
^VVIX
- 1D
- -3.94%
- 1M
- 4.85%
- YTD
- 3.14%
- 6M
- 12.13%
- 1Y
- 3.56%
- 3Y*
- 1.16%
- 5Y*
- -2.03%
- 10Y*
- -2.66%
UVIX vs. ^VVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UVIX 2x Long VIX Futures ETF | -37.30% | -83.21% | -75.24% | -95.28% | -61.86% |
^VVIX Cboe VVIX Index | 3.14% | -11.18% | 19.97% | 12.86% | -26.16% |
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 | 0.84 |
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 0.87 - 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 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 | -0.80 | ||
| Sortino ratioReturn per unit of downside risk | -2.32 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.08 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 0.09 | -1.08 |
| Martin ratioReturn relative to average drawdown | -1.35 | 0.16 | -1.51 |
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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 | -85.79% | -38.94% | -46.85% |
Max Drawdown (3Y)Largest decline over 3 years | -99.36% | -52.75% | -46.61% |
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% | -53.96% | -46.01% |
Average DrawdownAverage peak-to-trough decline | -88.59% | -43.95% | -44.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 63.76% | 22.68% | +41.08% |
Volatility
UVIX vs. ^VVIX - Volatility Comparison
2x Long VIX Futures ETF (UVIX) has a higher volatility of 33.83% compared to Cboe VVIX Index (^VVIX) at 32.06%. 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 | 33.83% | 32.06% | +1.77% |
Volatility (6M)Calculated over the trailing 6-month period | 87.07% | 64.76% | +22.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 112.71% | 87.11% | +25.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 136.06% | 88.18% | +47.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 136.06% | 86.12% | +49.94% |
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 (33.83%) compared to ^VVIX (32.06%). In terms of maximum drawdown, UVIX dropped -99.98% vs ^VVIX's -64.71%.
^VVIX currently has the higher Sharpe Ratio (0.04 vs -0.76), 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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