UVXY vs. ^VIX

Last updated Jun 26, 2026

UVXY (ProShares Ultra VIX Short-Term Futures ETF) is Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%), while ^VIX (CBOE Volatility Index) is an index. Over the past 10 years, UVXY returned -73.90%/yr vs -2.30%/yr for ^VIX. Their correlation of 0.88 suggests significant overlap in exposure.

Performance

UVXY vs. ^VIX - Performance Comparison

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

Returns By Period

In the year-to-date period, UVXY achieves a -24.94% return, which is significantly lower than ^VIX's 26.35% return. Over the past 10 years, UVXY has underperformed ^VIX with an annualized return of -73.90%, while ^VIX has yielded a comparatively higher -2.30% annualized return.

UVXY

• 1D: -2.46%
• 1M: -14.14%
• YTD: -24.94%
• 6M: -26.89%
• 1Y: -71.73%
• 3Y*: -62.37%
• 5Y*: -66.99%
• 10Y*: -73.90%

^VIX

• 1D: 1.40%
• 1M: 11.05%
• YTD: 26.35%
• 6M: 40.24%
• 1Y: 12.71%
• 3Y*: 9.85%
• 5Y*: 3.87%
• 10Y*: -2.30%

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

UVXY vs. ^VIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UVXY ProShares Ultra VIX Short-Term Futures ETF	-24.94%	-65.32%	-50.90%	-87.70%	-44.81%	-88.33%	-17.38%	-84.23%	60.10%	-94.17%
^VIX CBOE Volatility Index	26.35%	-13.83%	39.36%	-42.55%	25.84%	-24.31%	65.09%	-45.79%	130.25%	-21.37%

Correlation

The correlation between UVXY and ^VIX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011	0.88

The correlation between UVXY and ^VIX has been stable across timeframes, ranging from 0.87 to 0.89 - a consistent structural relationship.

Return for Risk

UVXY vs. ^VIX — Risk / Return Rank

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

UVXY

UVXY Risk / Return Rank: 2
UVXY Sharpe Ratio Rank: 3
UVXY Sortino Ratio Rank: 2
UVXY Omega Ratio Rank: 2
UVXY Calmar Ratio Rank: 0
UVXY Martin Ratio Rank: 2

^VIX

^VIX Risk / Return Rank: 22
^VIX Sharpe Ratio Rank: 16
^VIX Sortino Ratio Rank: 28
^VIX Omega Ratio Rank: 27
^VIX Calmar Ratio Rank: 20
^VIX Martin Ratio Rank: 18

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.

UVXY vs. ^VIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra VIX Short-Term Futures ETF (UVXY) and CBOE Volatility Index (^VIX). 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.

	UVXY	^VIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.85	0.10	-0.95
Sortino ratio: Return per unit of downside risk	-1.52	1.14	-2.66
Omega ratio: Gain probability vs. loss probability	0.83	1.13	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.99	0.25	-1.24
Martin ratio: Return relative to average drawdown	-1.43	0.41	-1.84

UVXY vs. ^VIX - Sharpe Ratio Comparison

The current UVXY Sharpe Ratio is -0.85, which is lower than the ^VIX Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of UVXY and ^VIX, 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

UVXY vs. ^VIX - Drawdown Comparison

The maximum UVXY drawdown since its inception was -100.00%, which is greater than ^VIX's maximum drawdown of -88.70%. Use the drawdown chart below to compare losses from any high point for UVXY and ^VIX.

Drawdown Indicators

	UVXY	^VIX	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-88.70%	-11.30%
Max Drawdown (1Y) Largest decline over 1 year	-72.74%	-50.66%	-22.08%
Max Drawdown (3Y) Largest decline over 3 years	-94.91%	-74.26%	-20.65%
Max Drawdown (5Y) Largest decline over 5 years	-99.71%	-74.26%	-25.45%
Max Drawdown (10Y) Largest decline over 10 years	-100.00%	-85.66%	-14.34%
Current Drawdown Current decline from peak	-100.00%	-77.16%	-22.84%
Average Drawdown Average peak-to-trough decline	-98.75%	-64.07%	-34.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.54%	30.89%	+19.65%

Volatility

UVXY vs. ^VIX - Volatility Comparison

The current volatility for ProShares Ultra VIX Short-Term Futures ETF (UVXY) is 25.55%, while CBOE Volatility Index (^VIX) has a volatility of 49.39%. This indicates that UVXY experiences smaller price fluctuations and is considered to be less risky than ^VIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UVXY	^VIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.55%	49.39%	-23.84%
Volatility (6M) Calculated over the trailing 6-month period	66.08%	91.06%	-24.98%
Volatility (1Y) Calculated over the trailing 1-year period	84.93%	123.44%	-38.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	103.95%	127.79%	-23.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	112.35%	136.63%	-24.28%

Frequently Asked Questions

Can I hold both UVXY and ^VIX in my portfolio?

UVXY and ^VIX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UVXY or ^VIX?

^VIX has higher volatility (49.39%) compared to UVXY (25.55%). In terms of maximum drawdown, UVXY dropped -100.00% vs ^VIX's -88.70%.

Which has better risk-adjusted returns?

^VIX currently has the higher Sharpe Ratio (0.10 vs -0.85), 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.