UVIX vs. UVXY

Last updated Jun 24, 2026

UVIX (2x Long VIX Futures ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both Volatility funds - UVIX tracks the Long VIX Futures Index (200% Daily) while UVXY tracks the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 3 years, UVIX returned -80.80%/yr vs -61.96%/yr for UVXY. With a 1.00 correlation, they move nearly in lockstep. UVIX charges 2.78%/yr vs 0.95%/yr for UVXY.

Performance

UVIX vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 2x Long VIX Futures ETF (UVIX) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UVIX achieves a -36.43% return, which is significantly lower than UVXY's -22.07% return.

UVIX

• 1D: 10.67%
• 1M: -21.26%
• YTD: -36.43%
• 6M: -38.89%
• 1Y: -86.69%
• 3Y*: -80.80%
• 5Y*: —
• 10Y*: —

UVXY

• 1D: 8.28%
• 1M: -14.92%
• YTD: -22.07%
• 6M: -24.28%
• 1Y: -74.07%
• 3Y*: -61.96%
• 5Y*: -66.90%
• 10Y*: -73.85%

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

UVIX vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UVIX 2x Long VIX Futures ETF	-36.43%	-83.21%	-75.24%	-95.28%	-61.86%
UVXY ProShares Ultra VIX Short-Term Futures ETF	-22.07%	-65.32%	-50.90%	-87.70%	-44.36%

Correlation

The correlation between UVIX and UVXY is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022	1.00

The correlation between UVIX and UVXY has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

UVIX vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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: 2

UVXY

UVXY Risk / Return Rank: 1
UVXY Sharpe Ratio Rank: 2
UVXY Sortino Ratio Rank: 1
UVXY Omega Ratio Rank: 1
UVXY Calmar Ratio Rank: 0
UVXY Martin Ratio Rank: 1

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. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 2x Long VIX Futures ETF (UVIX) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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	UVXY	Difference
Sharpe ratio: Return per unit of total volatility	-0.77	-0.87	+0.10
Sortino ratio: Return per unit of downside risk	-1.74	-1.64	-0.10
Omega ratio: Gain probability vs. loss probability	0.80	0.81	-0.01
Calmar ratio: Return relative to maximum drawdown	-1.01	-1.01	0.00
Martin ratio: Return relative to average drawdown	-1.36	-1.45	+0.09

UVIX vs. UVXY - Sharpe Ratio Comparison

The current UVIX Sharpe Ratio is -0.77, which is comparable to the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of UVIX and UVXY, 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. UVXY - Drawdown Comparison

The maximum UVIX drawdown since its inception was -99.98%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UVIX and UVXY.

Drawdown Indicators

	UVIX	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-100.00%	+0.02%
Max Drawdown (1Y) Largest decline over 1 year	-86.20%	-73.51%	-12.69%
Max Drawdown (3Y) Largest decline over 3 years	-99.36%	-94.93%	-4.43%
Max Drawdown (5Y) Largest decline over 5 years	—	-99.71%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-100.00%	—
Current Drawdown Current decline from peak	-99.97%	-100.00%	+0.03%
Average Drawdown Average peak-to-trough decline	-88.58%	-98.75%	+10.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	67.73%	55.34%	+12.39%

Volatility

UVIX vs. UVXY - Volatility Comparison

2x Long VIX Futures ETF (UVIX) has a higher volatility of 33.94% compared to ProShares Ultra VIX Short-Term Futures ETF (UVXY) at 25.85%. This indicates that UVIX's price experiences larger fluctuations and is considered to be riskier than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UVIX	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.94%	25.85%	+8.09%
Volatility (6M) Calculated over the trailing 6-month period	87.40%	66.46%	+20.94%
Volatility (1Y) Calculated over the trailing 1-year period	112.72%	85.46%	+27.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	136.13%	103.96%	+32.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	136.13%	112.39%	+23.74%

UVIX vs. UVXY - Expense Ratio Comparison

UVIX has a 2.78% expense ratio, which is higher than UVXY's 0.95% expense ratio.

Dividends

UVIX vs. UVXY - Dividend Comparison

Neither UVIX nor UVXY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UVIX and UVXY in my portfolio?

With a correlation of 1.00, UVIX and UVXY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, UVIX or UVXY?

UVIX has higher volatility (33.94%) compared to UVXY (25.85%). In terms of maximum drawdown, UVIX dropped -99.98% vs UVXY's -100.00%.

Which ETF is better, UVIX or UVXY?

On 3-year performance, UVXY leads with -61.96% vs -80.80% for UVIX. On fees, UVXY is cheaper at 0.95% per year. On volatility, UVXY has been the lower-risk option at 25.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UVIX or UVXY?

Over the 3-year period, UVXY has performed better with a -61.96% return vs -80.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UVIX or UVXY?

UVXY is cheaper with a 0.95% expense ratio, compared with 2.78% for UVIX.

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

UVIX and UVXY have nearly identical dividend yields, around 0.00%.

What is the main difference between UVIX and UVXY?

UVIX tracks Long VIX Futures Index (200% Daily), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). They also come from different issuers: Volatility Shares and ProShares. Their fees differ too: 2.78% for UVIX and 0.95% for UVXY.

Which has better risk-adjusted returns?

UVIX currently has the higher Sharpe Ratio (-0.77 vs -0.87), 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.