UVIX vs. SPMO
UVIX (2x Long VIX Futures ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - UVIX is a Volatility fund tracking the Long VIX Futures Index (200% Daily), while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 3 years, UVIX returned -81.05%/yr vs 40.28%/yr for SPMO. At a correlation of -0.64, they often move in opposite directions. UVIX charges 2.78%/yr vs 0.13%/yr for SPMO.
Performance
UVIX vs. SPMO - Performance Comparison
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Returns By Period
In the year-to-date period, UVIX achieves a -29.77% return, which is significantly lower than SPMO's 24.29% return.
UVIX
- 1D
- -3.37%
- 1M
- -23.18%
- YTD
- -29.77%
- 6M
- -49.30%
- 1Y
- -84.55%
- 3Y*
- -81.05%
- 5Y*
- —
- 10Y*
- —
SPMO
- 1D
- 2.50%
- 1M
- 2.83%
- YTD
- 24.29%
- 6M
- 22.86%
- 1Y
- 39.53%
- 3Y*
- 40.28%
- 5Y*
- 23.06%
- 10Y*
- 20.38%
UVIX vs. SPMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UVIX 2x Long VIX Futures ETF | -29.77% | -83.21% | -75.24% | -95.28% | -61.86% |
SPMO Invesco S&P 500 Momentum ETF | 24.29% | 26.58% | 45.82% | 17.56% | -7.29% |
Correlation
The correlation between UVIX and SPMO is -0.59, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.64 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022 | -0.64 |
The correlation between UVIX and SPMO has been stable across timeframes, ranging from -0.64 to -0.59 - a consistent structural relationship.
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Return for Risk
UVIX vs. SPMO — Risk / Return Rank
UVIX
SPMO
UVIX vs. SPMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 2x Long VIX Futures ETF (UVIX) and Invesco S&P 500 Momentum ETF (SPMO). 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 | SPMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.88 | ||
| Sortino ratioReturn per unit of downside risk | -4.39 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.39 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 3.13 | -4.09 |
| Martin ratioReturn relative to average drawdown | -1.23 | 12.02 | -13.25 |
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 | SPMO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.75 | 2.13 | -2.88 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.19 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.00 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.61 | 0.98 | -1.59 |
Drawdowns
UVIX vs. SPMO - Drawdown Comparison
The maximum UVIX drawdown since its inception was -99.97%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for UVIX and SPMO.
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Drawdown Indicators
| UVIX | SPMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.97% | -30.95% | -69.02% |
Max Drawdown (1Y)Largest decline over 1 year | -88.01% | -12.70% | -75.31% |
Max Drawdown (3Y)Largest decline over 3 years | -99.39% | -20.13% | -79.26% |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -30.95% | — |
Current DrawdownCurrent decline from peak | -99.97% | -4.65% | -95.32% |
Average DrawdownAverage peak-to-trough decline | -88.56% | -4.60% | -83.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.43% | 3.30% | +65.13% |
Volatility
UVIX vs. SPMO - Volatility Comparison
2x Long VIX Futures ETF (UVIX) has a higher volatility of 22.21% compared to Invesco S&P 500 Momentum ETF (SPMO) at 9.44%. This indicates that UVIX's price experiences larger fluctuations and is considered to be riskier than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UVIX | SPMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.21% | 9.44% | +12.77% |
Volatility (6M)Calculated over the trailing 6-month period | 83.76% | 15.82% | +67.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 112.55% | 18.72% | +93.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 136.19% | 19.50% | +116.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 136.19% | 20.41% | +115.78% |
UVIX vs. SPMO - Expense Ratio Comparison
UVIX has a 2.78% expense ratio, which is higher than SPMO's 0.13% expense ratio.
Dividends
UVIX vs. SPMO - Dividend Comparison
UVIX has not paid dividends to shareholders, while SPMO's dividend yield for the trailing twelve months is around 0.69%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPMO Invesco S&P 500 Momentum ETF | 0.69% | 0.73% | 0.48% | 1.63% | 1.66% | 0.52% | 1.27% | 1.39% | 1.05% | 0.77% | 1.94% | 0.36% |
UVIX 2x Long VIX Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UVIX and SPMO have a correlation of -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVIX has higher volatility (22.21%) compared to SPMO (9.44%). In terms of maximum drawdown, UVIX dropped -99.97% vs SPMO's -30.95%.
On 3-year performance, SPMO leads with 40.28% vs -81.05% for UVIX. On fees, SPMO is cheaper at 0.13% per year. On volatility, SPMO has been the lower-risk option at 9.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPMO has performed better with a 40.28% return vs -81.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMO is cheaper with a 0.13% expense ratio, compared with 2.78% for UVIX.
SPMO has the higher dividend yield at 0.69%, compared with 0.00% for UVIX.
UVIX is categorized as Volatility, while SPMO is Momentum. UVIX tracks Long VIX Futures Index (200% Daily), while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: Volatility Shares and Invesco. Their fees differ too: 2.78% for UVIX and 0.13% for SPMO.
SPMO currently has the higher Sharpe Ratio (2.13 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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