UVIX vs. ETHU

Last updated Aug 4, 2026

UVIX (2x Long VIX Futures ETF) and ETHU (Volatility Shares 2x Ether ETF) are both exchange-traded funds - UVIX is a Volatility fund tracking the Long VIX Futures Index (200% Daily), while ETHU is a Leveraged Cryptocurrency fund actively managed by Volatility Shares. UVIX is passively managed, while ETHU is actively managed. Over the past year, UVIX returned -86.41% vs -84.67% for ETHU. Their -0.44 correlation means they have often moved in opposite directions in the past. UVIX charges 2.78%/yr vs 2.67%/yr for ETHU.

Performance

UVIX vs. ETHU - Performance Comparison

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

Returns By Period

In the year-to-date period, UVIX achieves a -52.21% return, which is significantly higher than ETHU's -71.31% return.

UVIX

• 1D: -2.05%
• 1M: -11.91%
• 6M: -48.80%
• YTD: -52.21%
• 1Y: -86.41%
• 3Y*: -81.87%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -83.90%

ETHU

• 1D: 0.13%
• 1M: 18.20%
• 6M: -49.62%
• YTD: -71.31%
• 1Y: -84.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -74.42%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ETHU Volatility Shares 2x Ether ETF	$84.08M	$87.05M	$93.41M
UVIX 2x Long VIX Futures ETF	$104.04M	$96.41M	$155.15M

UVIX vs. ETHU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UVIX 2x Long VIX Futures ETF	-52.21%	-83.21%	-45.69%
ETHU Volatility Shares 2x Ether ETF	-71.31%	-64.38%	-48.73%

Correlation

The correlation between UVIX and ETHU is -0.46, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.46
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	-0.44

Return for Risk

UVIX vs. ETHU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UVIX

UVIX Risk / Return Rank: 1
UVIX Sharpe Ratio Rank: 3
UVIX Sortino Ratio Rank: 1
UVIX Omega Ratio Rank: 1
UVIX Calmar Ratio Rank: 0
UVIX Martin Ratio Rank: 1

ETHU

ETHU Risk / Return Rank: 3
ETHU Sharpe Ratio Rank: 4
ETHU Sortino Ratio Rank: 3
ETHU Omega Ratio Rank: 4
ETHU Calmar Ratio Rank: 1
ETHU Martin Ratio Rank: 3

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UVIX vs. ETHU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 2x Long VIX Futures ETF (UVIX) and Volatility Shares 2x Ether ETF (ETHU). 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	ETHU	Difference
Sharpe ratio: Return per unit of total volatility	-0.76	-0.63	-0.13
Sortino ratio: Return per unit of downside risk	-1.69	-1.00	-0.69
Omega ratio: Gain probability vs. loss probability	0.81	0.89	-0.08
Calmar ratio: Return relative to maximum drawdown	-1.02	-0.90	-0.12
Martin ratio: Return relative to average drawdown	-1.43	-1.17	-0.26

UVIX vs. ETHU - Sharpe Ratio Comparison

The current UVIX Sharpe Ratio is -0.76, which is comparable to the ETHU Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of UVIX and ETHU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UVIX vs. ETHU - Drawdown Comparison

The maximum UVIX drawdown since its inception was -99.98%, roughly equal to the maximum ETHU drawdown of -96.46%. Use the drawdown chart below to compare losses from any high point for UVIX and ETHU.

Drawdown Indicators

	UVIX	ETHU	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-96.46%	-3.52%
Max Drawdown (1Y) Largest decline over 1 year	-84.53%	-93.99%	+9.46%
Max Drawdown (3Y) Largest decline over 3 years	-99.42%	—	—
Current Drawdown Current decline from peak	-99.98%	-95.03%	-4.95%
Average Drawdown Average peak-to-trough decline	-88.87%	-71.24%	-17.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	64.63%	72.32%	-7.69%

Volatility

UVIX vs. ETHU - Volatility Comparison

2x Long VIX Futures ETF (UVIX) has a higher volatility of 28.43% compared to Volatility Shares 2x Ether ETF (ETHU) at 24.02%. This indicates that UVIX's price experiences larger fluctuations and is considered to be riskier than ETHU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UVIX	ETHU	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.43%	24.02%	+4.41%
Volatility (6M) Calculated over the trailing 6-month period	85.88%	92.91%	-7.03%
Volatility (1Y) Calculated over the trailing 1-year period	113.77%	134.85%	-21.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	135.10%	141.05%	-5.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	135.10%	141.05%	-5.95%

UVIX vs. ETHU - Expense Ratio Comparison

UVIX has a 2.78% expense ratio, which is higher than ETHU's 2.67% expense ratio.

Dividends

UVIX vs. ETHU - Dividend Comparison

UVIX has not paid dividends to shareholders, while ETHU's dividend yield for the trailing twelve months is around 4.49%.

Position	TTM	2025	2024
ETHU Volatility Shares 2x Ether ETF	4.49%	2.31%	0.41%
UVIX 2x Long VIX Futures ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UVIX and ETHU in my portfolio?

UVIX and ETHU have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UVIX or ETHU?

UVIX has higher volatility (28.43%) compared to ETHU (24.02%). In terms of maximum drawdown, UVIX dropped -99.98% vs ETHU's -96.46%.

Which ETF is better, UVIX or ETHU?

On 1-year performance, ETHU leads with -84.67% vs -86.41% for UVIX. On fees, ETHU is cheaper at 2.67% per year. On volatility, ETHU has been the lower-risk option at 24.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UVIX or ETHU?

Over the 1-year period, ETHU has performed better with a -84.67% return vs -86.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UVIX or ETHU?

ETHU is cheaper with a 2.67% expense ratio, compared with 2.78% for UVIX.

Which ETF pays a higher dividend yield, UVIX or ETHU?

ETHU has the higher dividend yield at 4.49%, compared with 0.00% for UVIX.

What is the main difference between UVIX and ETHU?

UVIX is categorized as Volatility, while ETHU is Leveraged Cryptocurrency. Their fees differ too: 2.78% for UVIX and 2.67% for ETHU.

Which has better risk-adjusted returns?

ETHU currently has the higher Sharpe Ratio (-0.63 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.