UVXY vs. ^VIX

Last updated Apr 4, 2026

Compare and contrast key facts about ProShares Ultra VIX Short-Term Futures ETF (UVXY) and CBOE Volatility Index (^VIX).

UVXY is a passively managed fund by ProShares that tracks the performance of the S&P 500 VIX SHORT-TERM FUTURES TR (150%). It was launched on Oct 3, 2011.

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.

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	40.63%	-65.32%	-50.90%	-87.70%	-44.81%	-88.33%	-17.38%	-84.23%	60.10%	-94.17%
^VIX CBOE Volatility Index	59.67%	-13.83%	39.36%	-42.55%	25.84%	-24.31%	65.09%	-45.79%	130.25%	-21.37%

Returns By Period

In the year-to-date period, UVXY achieves a 40.63% return, which is significantly lower than ^VIX's 59.67% return. Over the past 10 years, UVXY has underperformed ^VIX with an annualized return of -72.94%, while ^VIX has yielded a comparatively higher 5.39% annualized return.

UVXY

• 1D: 0.02%
• 1M: 24.18%
• YTD: 40.63%
• 6M: -3.75%
• 1Y: -67.27%
• 3Y*: -64.35%
• 5Y*: -67.28%
• 10Y*: -72.94%

^VIX

• 1D: -2.73%
• 1M: 12.86%
• YTD: 59.67%
• 6M: 43.36%
• 1Y: -20.49%
• 3Y*: 8.77%
• 5Y*: 6.61%
• 10Y*: 5.39%

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

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: 5
UVXY Sharpe Ratio Rank: 4
UVXY Sortino Ratio Rank: 6
UVXY Omega Ratio Rank: 6
UVXY Calmar Ratio Rank: 2
UVXY Martin Ratio Rank: 4

^VIX

^VIX Risk / Return Rank: 23
^VIX Sharpe Ratio Rank: 17
^VIX Sortino Ratio Rank: 47
^VIX Omega Ratio Rank: 41
^VIX Calmar Ratio Rank: 2
^VIX Martin Ratio Rank: 8

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.

	UVXY	^VIX	Difference
Sharpe ratio Return per unit of total volatility	-0.49	0.08	-0.57
Sortino ratio Return per unit of downside risk	-0.24	1.23	-1.47
Omega ratio Gain probability vs. loss probability	0.97	1.15	-0.18
Calmar ratio Return relative to maximum drawdown	-0.67	-0.38	-0.29
Martin ratio Return relative to average drawdown	-0.80	-0.49	-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.

UVXY vs. ^VIX - Sharpe Ratio Comparison

The current UVXY Sharpe Ratio is -0.49, which is lower than the ^VIX Sharpe Ratio of 0.08. 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.

Sharpe Ratios by Period

	UVXY	^VIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.49	0.08	-0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.64	0.05	-0.69
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.64	0.04	-0.68
Sharpe Ratio (All Time) Calculated using the full available price history	-0.67	0.01	-0.68

Correlation

The correlation between UVXY and ^VIX is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

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	-85.64%	-74.26%	-11.38%
Max Drawdown (5Y) Largest decline over 5 years	-99.77%	-74.26%	-25.51%
Max Drawdown (10Y) Largest decline over 10 years	-100.00%	-85.66%	-14.34%
Current Drawdown Current decline from peak	-100.00%	-71.13%	-28.87%
Average Drawdown Average peak-to-trough decline	-98.53%	-64.04%	-34.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	71.26%	46.12%	+25.14%

Volatility

UVXY vs. ^VIX - Volatility Comparison

The current volatility for ProShares Ultra VIX Short-Term Futures ETF (UVXY) is 44.51%, while CBOE Volatility Index (^VIX) has a volatility of 47.19%. 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	44.51%	47.19%	-2.68%
Volatility (6M) Calculated over the trailing 6-month period	71.80%	93.43%	-21.63%
Volatility (1Y) Calculated over the trailing 1-year period	113.07%	139.42%	-26.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	105.43%	125.21%	-19.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	114.49%	135.95%	-21.46%