UVIX vs. VIXM

Last updated Jun 4, 2026

UVIX (Volatility Shares 2x Long VIX Futures ETF) and VIXM (ProShares VIX Mid-Term Futures ETF) are both Volatility funds - UVIX tracks the Long VIX Futures Index – Benchmark TR Gross (200%) while VIXM tracks the S&P 500 VIX Mid-Term Futures Index. Both are passively managed. Over the past 3 years, UVIX returned -82.43%/yr vs -13.22%/yr for VIXM. Their correlation of 0.91 suggests significant overlap in exposure. UVIX charges 2.78%/yr vs 0.85%/yr for VIXM.

Performance

UVIX vs. VIXM - Performance Comparison

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

Returns By Period

In the year-to-date period, UVIX achieves a -31.87% return, which is significantly lower than VIXM's 1.31% return.

UVIX

• 1D: -0.26%
• 1M: -29.01%
• YTD: -31.87%
• 6M: -51.86%
• 1Y: -85.80%
• 3Y*: -82.43%
• 5Y*: —
• 10Y*: —

VIXM

• 1D: 0.39%
• 1M: -2.34%
• YTD: 1.31%
• 6M: -2.83%
• 1Y: -8.35%
• 3Y*: -13.22%
• 5Y*: -13.49%
• 10Y*: -11.17%

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

UVIX vs. VIXM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UVIX Volatility Shares 2x Long VIX Futures ETF	-31.87%	-83.21%	-75.24%	-95.28%	-62.08%
VIXM ProShares VIX Mid-Term Futures ETF	1.31%	5.60%	-13.67%	-44.83%	-2.25%

Correlation

The correlation between UVIX and VIXM is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022	0.91

The correlation between UVIX and VIXM has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

Return for Risk

UVIX vs. VIXM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UVIX

UVIX Risk / Return Rank: 2
UVIX Sharpe Ratio Rank: 3
UVIX Sortino Ratio Rank: 1
UVIX Omega Ratio Rank: 1
UVIX Calmar Ratio Rank: 1
UVIX Martin Ratio Rank: 3

VIXM

VIXM Risk / Return Rank: 4
VIXM Sharpe Ratio Rank: 5
VIXM Sortino Ratio Rank: 5
VIXM Omega Ratio Rank: 4
VIXM Calmar Ratio Rank: 4
VIXM Martin Ratio Rank: 4

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. VIXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 2x Long VIX Futures ETF (UVIX) and ProShares VIX Mid-Term Futures ETF (VIXM). 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	VIXM	Difference
Sharpe ratio Return per unit of total volatility	-0.77	-0.44	-0.33
Sortino ratio Return per unit of downside risk	-1.70	-0.49	-1.20
Omega ratio Gain probability vs. loss probability	0.81	0.94	-0.13
Calmar ratio Return relative to maximum drawdown	-0.98	-0.55	-0.43
Martin ratio Return relative to average drawdown	-1.26	-0.96	-0.31
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. VIXM - Sharpe Ratio Comparison

The current UVIX Sharpe Ratio is -0.77, which is lower than the VIXM Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of UVIX and VIXM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UVIX	VIXM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.77	-0.44	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.44	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.62	-0.55	-0.07

Drawdowns

UVIX vs. VIXM - Drawdown Comparison

The maximum UVIX drawdown since its inception was -99.97%, roughly equal to the maximum VIXM drawdown of -96.23%. Use the drawdown chart below to compare losses from any high point for UVIX and VIXM.

Drawdown Indicators

	UVIX	VIXM	Difference
Max Drawdown Largest peak-to-trough decline	-99.97%	-96.23%	-3.74%
Max Drawdown (1Y) Largest decline over 1 year	-87.35%	-15.22%	-72.13%
Max Drawdown (3Y) Largest decline over 3 years	-99.44%	-41.41%	-58.03%
Max Drawdown (5Y) Largest decline over 5 years	—	-63.40%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.72%	—
Current Drawdown Current decline from peak	-99.97%	-95.75%	-4.22%
Average Drawdown Average peak-to-trough decline	-88.52%	-81.52%	-7.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	67.78%	8.74%	+59.04%

Volatility

UVIX vs. VIXM - Volatility Comparison

Volatility Shares 2x Long VIX Futures ETF (UVIX) has a higher volatility of 15.41% compared to ProShares VIX Mid-Term Futures ETF (VIXM) at 3.19%. This indicates that UVIX's price experiences larger fluctuations and is considered to be riskier than VIXM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UVIX	VIXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.41%	3.19%	+12.22%
Volatility (6M) Calculated over the trailing 6-month period	82.35%	13.91%	+68.44%
Volatility (1Y) Calculated over the trailing 1-year period	111.51%	18.98%	+92.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	136.15%	30.68%	+105.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	136.15%	32.90%	+103.25%

UVIX vs. VIXM - Expense Ratio Comparison

UVIX has a 2.78% expense ratio, which is higher than VIXM's 0.85% expense ratio.

Dividends

UVIX vs. VIXM - Dividend Comparison

Neither UVIX nor VIXM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UVIX and VIXM in my portfolio?

With a correlation of 0.91, UVIX and VIXM 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 VIXM?

UVIX has higher volatility (15.41%) compared to VIXM (3.19%). In terms of maximum drawdown, UVIX dropped -99.97% vs VIXM's -96.23%.

Which ETF is better, UVIX or VIXM?

On 3-year performance, VIXM leads with -13.22% vs -82.43% for UVIX. On fees, VIXM is cheaper at 0.85% per year. On volatility, VIXM has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UVIX or VIXM?

Over the 3-year period, VIXM has performed better with a -13.22% return vs -82.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UVIX or VIXM?

VIXM is cheaper with a 0.85% expense ratio, compared with 2.78% for UVIX.

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

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

What is the main difference between UVIX and VIXM?

UVIX tracks Long VIX Futures Index – Benchmark TR Gross (200%), while VIXM tracks S&P 500 VIX Mid-Term Futures Index. They also come from different issuers: Volatility Shares and ProShares. Their fees differ too: 2.78% for UVIX and 0.85% for VIXM.

Which has better risk-adjusted returns?

VIXM currently has the higher Sharpe Ratio (-0.44 vs -0.77), 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.