UVIX vs. VXX
UVIX (2x Long VIX Futures ETF) and VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) are both Volatility funds - UVIX tracks the Long VIX Futures Index (200% Daily) while VXX tracks the S&P 500 VIX Short-Term Futures Index Total Return. Both are passively managed. Over the past 3 years, UVIX returned -80.36%/yr vs -38.60%/yr for VXX. Their 0.97 correlation means they have historically moved very closely together. UVIX charges 2.78%/yr vs 0.89%/yr for VXX.
Performance
UVIX vs. VXX - Performance Comparison
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Returns By Period
In the year-to-date period, UVIX achieves a -51.21% return, which is significantly lower than VXX's -19.72% return.
UVIX
- 1D
- -5.70%
- 1M
- -10.07%
- 6M
- -52.70%
- YTD
- -51.21%
- 1Y
- -86.13%
- 3Y*
- -80.36%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -83.88%
VXX
- 1D
- -2.61%
- 1M
- -3.58%
- 6M
- -22.73%
- YTD
- -19.72%
- 1Y
- -53.71%
- 3Y*
- -38.60%
- 5Y*
- -46.47%
- 10Y*
- -46.29%
- ALL TIME*
- -51.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $106.53M | $96.18M | $159.38M | |
| $203.07M | $176.34M | $224.72M |
UVIX vs. VXX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UVIX 2x Long VIX Futures ETF | -51.21% | -83.21% | -75.24% | -95.28% | -61.86% |
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | -19.72% | -42.21% | -26.22% | -72.52% | -43.18% |
Correlation
The correlation between UVIX and VXX is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022 | 0.97 |
The correlation between UVIX and VXX has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
UVIX vs. VXX — Risk / Return Rank
UVIX
VXX
UVIX vs. VXX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 2x Long VIX Futures ETF (UVIX) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX). 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 | VXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.85 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.92 | -0.05 |
| Martin ratioReturn relative to average drawdown | -1.30 | -1.40 | +0.10 |
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Drawdowns
UVIX vs. VXX - Drawdown Comparison
The maximum UVIX drawdown since its inception was -99.98%, roughly equal to the maximum VXX drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UVIX and VXX.
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Drawdown Indicators
| UVIX | VXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -100.00% | +0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -86.37% | -54.59% | -31.78% |
Max Drawdown (3Y)Largest decline over 3 years | -99.42% | -80.75% | -18.67% |
Max Drawdown (5Y)Largest decline over 5 years | — | -95.66% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.80% | — |
Current DrawdownCurrent decline from peak | -99.98% | -100.00% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -88.86% | -95.11% | +6.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 64.40% | 35.70% | +28.70% |
Volatility
UVIX vs. VXX - Volatility Comparison
2x Long VIX Futures ETF (UVIX) has a higher volatility of 28.39% compared to iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) at 14.47%. This indicates that UVIX's price experiences larger fluctuations and is considered to be riskier than VXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UVIX | VXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.39% | 14.47% | +13.92% |
Volatility (6M)Calculated over the trailing 6-month period | 85.91% | 42.90% | +43.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 114.84% | 57.37% | +57.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 135.16% | 67.63% | +67.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 135.16% | 70.37% | +64.79% |
UVIX vs. VXX - Expense Ratio Comparison
UVIX has a 2.78% expense ratio, which is higher than VXX's 0.89% expense ratio.
Dividends
UVIX vs. VXX - Dividend Comparison
Neither UVIX nor VXX has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, UVIX and VXX 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.
UVIX has higher volatility (28.39%) compared to VXX (14.47%). In terms of maximum drawdown, UVIX dropped -99.98% vs VXX's -100.00%.
On 3-year performance, VXX leads with -38.60% vs -80.36% for UVIX. On fees, VXX is cheaper at 0.89% per year. On volatility, VXX has been the lower-risk option at 14.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, VXX has performed better with a -38.60% return vs -80.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VXX is cheaper with a 0.89% expense ratio, compared with 2.78% for UVIX.
UVIX and VXX have nearly identical dividend yields, around 0.00%.
UVIX tracks Long VIX Futures Index (200% Daily), while VXX tracks S&P 500 VIX Short-Term Futures Index Total Return. They also come from different issuers: Volatility Shares and Barclays Capital. Their fees differ too: 2.78% for UVIX and 0.89% for VXX.
UVIX currently has the higher Sharpe Ratio (-0.73 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.
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