UVXY vs. CNX

Last updated Jun 5, 2026

UVXY (ProShares Ultra VIX Short-Term Futures ETF) is Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%), while CNX (CNX Resources Corporation) is a stock. Over the past 10 years, UVXY returned -72.73%/yr vs 8.23%/yr for CNX. At a correlation of -0.30, they often move in opposite directions.

Performance

UVXY vs. CNX - Performance Comparison

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

Returns By Period

In the year-to-date period, UVXY achieves a -23.07% return, which is significantly lower than CNX's -7.45% return. Over the past 10 years, UVXY has underperformed CNX with an annualized return of -72.73%, while CNX has yielded a comparatively higher 8.23% annualized return.

UVXY

• 1D: -4.95%
• 1M: -26.21%
• YTD: -23.07%
• 6M: -39.47%
• 1Y: -74.10%
• 3Y*: -64.78%
• 5Y*: -68.23%
• 10Y*: -72.73%

CNX

• 1D: 1.37%
• 1M: -10.49%
• YTD: -7.45%
• 6M: -15.75%
• 1Y: 9.07%
• 3Y*: 29.01%
• 5Y*: 19.24%
• 10Y*: 8.23%

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

UVXY vs. CNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UVXY ProShares Ultra VIX Short-Term Futures ETF	-23.07%	-65.32%	-50.90%	-87.70%	-44.81%	-88.33%	-17.38%	-84.23%	60.10%	-94.17%
CNX CNX Resources Corporation	-7.45%	0.27%	83.35%	18.76%	22.47%	27.31%	22.03%	-22.50%	-21.94%	-19.75%

Correlation

The correlation between UVXY and CNX is 0.00, 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	0.00
Correlation (3Y) Calculated over the trailing 3-year period	-0.14
Correlation (5Y) Calculated over the trailing 5-year period	-0.26
Correlation (10Y) Calculated over the trailing 10-year period	-0.28
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011	-0.30

The correlation between UVXY and CNX shifts across timeframes, from -0.30 (all time) to 0.00 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

UVXY vs. CNX — 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: 2
UVXY Sortino Ratio Rank: 1
UVXY Omega Ratio Rank: 1
UVXY Calmar Ratio Rank: 0
UVXY Martin Ratio Rank: 2

CNX

CNX Risk / Return Rank: 49
CNX Sharpe Ratio Rank: 53
CNX Sortino Ratio Rank: 45
CNX Omega Ratio Rank: 44
CNX Calmar Ratio Rank: 52
CNX Martin Ratio Rank: 51

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. CNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra VIX Short-Term Futures ETF (UVXY) and CNX Resources Corporation (CNX). 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	CNX	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	0.31	-1.18
Sortino ratio: Return per unit of downside risk	-1.67	0.61	-2.28
Omega ratio: Gain probability vs. loss probability	0.81	1.07	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.97	0.42	-1.39
Martin ratio: Return relative to average drawdown	-1.33	0.89	-2.21
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. CNX - Sharpe Ratio Comparison

The current UVXY Sharpe Ratio is -0.88, which is lower than the CNX Sharpe Ratio of 0.31. The chart below compares the historical Sharpe Ratios of UVXY and CNX, 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	CNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.88	0.31	-1.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.66	0.55	-1.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.64	0.17	-0.81
Sharpe Ratio (All Time) Calculated using the full available price history	-0.68	0.14	-0.82

Drawdowns

UVXY vs. CNX - Drawdown Comparison

The maximum UVXY drawdown since its inception was -100.00%, roughly equal to the maximum CNX drawdown of -95.41%. Use the drawdown chart below to compare losses from any high point for UVXY and CNX.

Drawdown Indicators

	UVXY	CNX	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-95.41%	-4.59%
Max Drawdown (1Y) Largest decline over 1 year	-76.19%	-21.80%	-54.39%
Max Drawdown (3Y) Largest decline over 3 years	-95.25%	-33.37%	-61.88%
Max Drawdown (5Y) Largest decline over 5 years	-99.69%	-38.23%	-61.46%
Max Drawdown (10Y) Largest decline over 10 years	-100.00%	-77.19%	-22.81%
Current Drawdown Current decline from peak	-100.00%	-68.64%	-31.36%
Average Drawdown Average peak-to-trough decline	-98.55%	-58.16%	-40.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	55.83%	10.27%	+45.56%

Volatility

UVXY vs. CNX - Volatility Comparison

ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 12.26% compared to CNX Resources Corporation (CNX) at 7.87%. This indicates that UVXY's price experiences larger fluctuations and is considered to be riskier than CNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UVXY	CNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.26%	7.87%	+4.39%
Volatility (6M) Calculated over the trailing 6-month period	62.79%	21.98%	+40.81%
Volatility (1Y) Calculated over the trailing 1-year period	84.51%	29.92%	+54.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	103.82%	35.42%	+68.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	113.81%	48.48%	+65.33%

Dividends

UVXY vs. CNX - Dividend Comparison

Neither UVXY nor CNX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNX CNX Resources Corporation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.05%	1.84%
UVXY ProShares Ultra VIX Short-Term Futures ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UVXY and CNX in my portfolio?

UVXY and CNX have a correlation of 0.00, 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 CNX?

UVXY has higher volatility (12.26%) compared to CNX (7.87%). In terms of maximum drawdown, UVXY dropped -100.00% vs CNX's -95.41%.

Which has better risk-adjusted returns?

CNX currently has the higher Sharpe Ratio (0.31 vs -0.88), 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.