UVXY vs. SPXS
UVXY (ProShares Ultra VIX Short-Term Futures ETF) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, UVXY returned -72.05%/yr vs -41.27%/yr for SPXS. A 0.77 correlation means they provide meaningful diversification when combined. UVXY charges 0.95%/yr vs 1.08%/yr for SPXS.
Performance
UVXY vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, UVXY achieves a -32.31% return, which is significantly lower than SPXS's -24.50% return. Over the past 10 years, UVXY has underperformed SPXS with an annualized return of -72.05%, while SPXS has yielded a comparatively higher -41.27% annualized return.
UVXY
- 1D
- 4.92%
- 1M
- -15.35%
- 6M
- -29.18%
- YTD
- -32.31%
- 1Y
- -71.44%
- 3Y*
- -61.73%
- 5Y*
- -67.56%
- 10Y*
- -72.05%
SPXS
- 1D
- 2.30%
- 1M
- -3.30%
- 6M
- -20.30%
- YTD
- -24.50%
- 1Y
- -40.89%
- 3Y*
- -39.60%
- 5Y*
- -33.12%
- 10Y*
- -41.27%
UVXY vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -32.31% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -24.50% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between UVXY and SPXS is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.77 |
The correlation between UVXY and SPXS has been stable across timeframes, ranging from 0.75 to 0.77 - a consistent structural relationship.
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Return for Risk
UVXY vs. SPXS — Risk / Return Rank
UVXY
SPXS
UVXY vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra VIX Short-Term Futures ETF (UVXY) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.82 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.94 | -0.04 |
| Martin ratioReturn relative to average drawdown | -1.46 | -1.64 | +0.18 |
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Drawdowns
UVXY vs. SPXS - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UVXY and SPXS.
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Drawdown Indicators
| UVXY | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -73.42% | -43.64% | -29.78% |
Max Drawdown (3Y)Largest decline over 3 years | -95.32% | -84.13% | -11.19% |
Max Drawdown (5Y)Largest decline over 5 years | -99.74% | -90.11% | -9.63% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -99.56% | -0.44% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -98.75% | -96.30% | -2.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 48.91% | 24.98% | +23.93% |
Volatility
UVXY vs. SPXS - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 21.23% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 12.80%. This indicates that UVXY's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UVXY | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.23% | 12.80% | +8.43% |
Volatility (6M)Calculated over the trailing 6-month period | 66.69% | 30.04% | +36.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 85.49% | 37.71% | +47.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.84% | 50.75% | +53.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.03% | 53.52% | +58.51% |
UVXY vs. SPXS - Expense Ratio Comparison
UVXY has a 0.95% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
UVXY vs. SPXS - Dividend Comparison
UVXY has not paid dividends to shareholders, while SPXS's dividend yield for the trailing twelve months is around 4.50%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.50% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
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% |
Frequently Asked Questions
UVXY and SPXS have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (21.23%) compared to SPXS (12.80%). In terms of maximum drawdown, UVXY dropped -100.00% vs SPXS's -100.00%.
On 10-year performance, SPXS leads with -41.27% vs -72.05% for UVXY. On fees, UVXY is cheaper at 0.95% per year. On volatility, SPXS has been the lower-risk option at 12.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXS has performed better with a -41.27% return vs -72.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UVXY is cheaper with a 0.95% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.50%, compared with 0.00% for UVXY.
UVXY is categorized as Volatility, while SPXS is Inverse Equities. UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while SPXS tracks S&P 500 Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UVXY and 1.08% for SPXS.
UVXY currently has the higher Sharpe Ratio (-0.84 vs -1.09), 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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