UVXY vs. ^VIX

Last updated Jul 17, 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 -72.05%/yr vs 3.01%/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 -34.93% return, which is significantly lower than ^VIX's 11.91% return. Over the past 10 years, UVXY has underperformed ^VIX with an annualized return of -72.05%, while ^VIX has yielded a comparatively higher 3.01% annualized return.

UVXY

• 1D: 2.95%
• 1M: -9.52%
• 6M: -33.79%
• YTD: -34.93%
• 1Y: -73.19%
• 3Y*: -62.17%
• 5Y*: -68.33%
• 10Y*: -72.05%

^VIX

• 1D: 6.76%
• 1M: 1.95%
• 6M: 5.62%
• YTD: 11.91%
• 1Y: -2.51%
• 3Y*: 7.47%
• 5Y*: -1.94%
• 10Y*: 3.01%

*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	-34.93%	-65.32%	-50.90%	-87.70%	-44.81%	-88.33%	-17.38%	-84.23%	60.10%	-94.17%
^VIX CBOE Volatility Index	11.91%	-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 0.88, 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	0.88
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 0.88 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: 1
UVXY Sharpe Ratio Rank: 3
UVXY Sortino Ratio Rank: 1
UVXY Omega Ratio Rank: 2
UVXY Calmar Ratio Rank: 0
UVXY Martin Ratio Rank: 1

^VIX

^VIX Risk / Return Rank: 12
^VIX Sharpe Ratio Rank: 4
^VIX Sortino Ratio Rank: 24
^VIX Omega Ratio Rank: 23
^VIX Calmar Ratio Rank: 4
^VIX 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.

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	-0.86	-0.02	-0.84
Sortino ratio: Return per unit of downside risk	-1.59	0.95	-2.54
Omega ratio: Gain probability vs. loss probability	0.82	1.11	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.99	-0.05	-0.94
Martin ratio: Return relative to average drawdown	-1.48	-0.08	-1.40

UVXY vs. ^VIX - Sharpe Ratio Comparison

The current UVXY Sharpe Ratio is -0.86, which is lower than the ^VIX Sharpe Ratio of -0.02. 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	-73.88%	-51.59%	-22.29%
Max Drawdown (3Y) Largest decline over 3 years	-95.42%	-74.26%	-21.16%
Max Drawdown (5Y) Largest decline over 5 years	-99.75%	-74.26%	-25.49%
Max Drawdown (10Y) Largest decline over 10 years	-100.00%	-85.66%	-14.34%
Current Drawdown Current decline from peak	-100.00%	-79.77%	-20.23%
Average Drawdown Average peak-to-trough decline	-98.76%	-64.10%	-34.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.56%	32.74%	+16.82%

Volatility

UVXY vs. ^VIX - Volatility Comparison

The current volatility for ProShares Ultra VIX Short-Term Futures ETF (UVXY) is 17.16%, while CBOE Volatility Index (^VIX) has a volatility of 31.23%. 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	17.16%	31.23%	-14.07%
Volatility (6M) Calculated over the trailing 6-month period	66.78%	92.53%	-25.75%
Volatility (1Y) Calculated over the trailing 1-year period	85.47%	124.57%	-39.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	103.82%	127.57%	-23.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	112.00%	136.46%	-24.46%

Frequently Asked Questions

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

UVXY and ^VIX have a correlation of 0.88, 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 (31.23%) compared to UVXY (17.16%). 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 (-0.02 vs -0.86), 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.