UVIX vs. VRIG
UVIX (2x Long VIX Futures ETF) and VRIG (Invesco Variable Rate Investment Grade ETF) are both exchange-traded funds - UVIX is a Volatility fund tracking the Long VIX Futures Index (200% Daily), while VRIG is a Ultrashort Bond fund actively managed by Invesco. UVIX is passively managed, while VRIG is actively managed. Over the past 3 years, UVIX returned -81.05%/yr vs 5.96%/yr for VRIG. At a correlation of -0.13, they often move in opposite directions. UVIX charges 2.78%/yr vs 0.30%/yr for VRIG.
Performance
UVIX vs. VRIG - 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 VRIG's 1.87% return.
UVIX
- 1D
- -3.37%
- 1M
- -23.18%
- YTD
- -29.77%
- 6M
- -49.30%
- 1Y
- -84.55%
- 3Y*
- -81.05%
- 5Y*
- —
- 10Y*
- —
VRIG
- 1D
- 0.04%
- 1M
- 0.39%
- YTD
- 1.87%
- 6M
- 2.24%
- 1Y
- 4.97%
- 3Y*
- 5.96%
- 5Y*
- 4.44%
- 10Y*
- —
UVIX vs. VRIG - 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% |
VRIG Invesco Variable Rate Investment Grade ETF | 1.87% | 5.05% | 6.81% | 7.37% | 1.43% |
Correlation
The correlation between UVIX and VRIG is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022 | -0.13 |
The correlation between UVIX and VRIG shifts across timeframes, from -0.13 (all time) to -0.01 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UVIX vs. VRIG — Risk / Return Rank
UVIX
VRIG
UVIX vs. VRIG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 2x Long VIX Futures ETF (UVIX) and Invesco Variable Rate Investment Grade ETF (VRIG). 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 | VRIG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -10.84 | ||
| Sortino ratioReturn per unit of downside risk | -25.95 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 5.29 | -4.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 62.49 | -63.45 |
| Martin ratioReturn relative to average drawdown | -1.23 | 318.26 | -319.49 |
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 | VRIG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.75 | 10.08 | -10.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 3.46 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.61 | 0.91 | -1.53 |
Drawdowns
UVIX vs. VRIG - Drawdown Comparison
The maximum UVIX drawdown since its inception was -99.97%, which is greater than VRIG's maximum drawdown of -13.04%. Use the drawdown chart below to compare losses from any high point for UVIX and VRIG.
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Drawdown Indicators
| UVIX | VRIG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.97% | -13.04% | -86.93% |
Max Drawdown (1Y)Largest decline over 1 year | -88.01% | -0.08% | -87.93% |
Max Drawdown (3Y)Largest decline over 3 years | -99.39% | -0.78% | -98.61% |
Max Drawdown (5Y)Largest decline over 5 years | — | -2.28% | — |
Current DrawdownCurrent decline from peak | -99.97% | 0.00% | -99.97% |
Average DrawdownAverage peak-to-trough decline | -88.56% | -0.27% | -88.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.43% | 0.02% | +68.41% |
Volatility
UVIX vs. VRIG - Volatility Comparison
2x Long VIX Futures ETF (UVIX) has a higher volatility of 22.21% compared to Invesco Variable Rate Investment Grade ETF (VRIG) at 0.11%. This indicates that UVIX's price experiences larger fluctuations and is considered to be riskier than VRIG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UVIX | VRIG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.21% | 0.11% | +22.10% |
Volatility (6M)Calculated over the trailing 6-month period | 83.76% | 0.36% | +83.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 112.55% | 0.50% | +112.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 136.19% | 1.29% | +134.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 136.19% | 3.80% | +132.39% |
UVIX vs. VRIG - Expense Ratio Comparison
UVIX has a 2.78% expense ratio, which is higher than VRIG's 0.30% expense ratio.
Dividends
UVIX vs. VRIG - Dividend Comparison
UVIX has not paid dividends to shareholders, while VRIG's dividend yield for the trailing twelve months is around 4.79%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VRIG Invesco Variable Rate Investment Grade ETF | 4.79% | 4.99% | 6.09% | 5.97% | 2.39% | 0.78% | 1.57% | 3.12% | 2.89% | 2.31% | 0.60% |
Frequently Asked Questions
UVIX and VRIG have a correlation of -0.01, 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 VRIG (0.11%). In terms of maximum drawdown, UVIX dropped -99.97% vs VRIG's -13.04%.
On 3-year performance, VRIG leads with 5.96% vs -81.05% for UVIX. On fees, VRIG is cheaper at 0.30% per year. On volatility, VRIG has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, VRIG has performed better with a 5.96% return vs -81.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VRIG is cheaper with a 0.30% expense ratio, compared with 2.78% for UVIX.
VRIG has the higher dividend yield at 4.79%, compared with 0.00% for UVIX.
UVIX is categorized as Volatility, while VRIG is Ultrashort Bond. They also come from different issuers: Volatility Shares and Invesco. Their fees differ too: 2.78% for UVIX and 0.30% for VRIG.
VRIG currently has the higher Sharpe Ratio (10.08 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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