UVXY vs. SPXU
UVXY (ProShares Ultra VIX Short-Term Futures ETF) and SPXU (ProShares UltraPro Short S&P500) are both exchange-traded funds - UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%), while SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, UVXY returned -71.00%/yr vs -41.54%/yr for SPXU. Their 0.77 correlation means they have sometimes moved together and sometimes differently. UVXY charges 0.95%/yr vs 0.90%/yr for SPXU.
Performance
UVXY vs. SPXU - Performance Comparison
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Returns By Period
In the year-to-date period, UVXY achieves a -35.49% return, which is significantly lower than SPXU's -30.90% return. Over the past 10 years, UVXY has underperformed SPXU with an annualized return of -71.00%, while SPXU has yielded a comparatively higher -41.54% annualized return.
UVXY
- 1D
- 1.09%
- 1M
- -6.53%
- 6M
- -36.87%
- YTD
- -35.49%
- 1Y
- -70.28%
- 3Y*
- -63.63%
- 5Y*
- -67.81%
- 10Y*
- -71.00%
- ALL TIME*
- -80.16%
SPXU
- 1D
- -5.36%
- 1M
- -9.76%
- 6M
- -29.06%
- YTD
- -30.90%
- 1Y
- -44.26%
- 3Y*
- -42.16%
- 5Y*
- -33.84%
- 10Y*
- -41.54%
- ALL TIME*
- -42.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $337.05M | $307.56M | $363.21M | |
| $189.58M | $189.56M | $234.35M |
UVXY vs. SPXU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.49% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
SPXU ProShares UltraPro Short S&P500 | -30.90% | -41.73% | -43.31% | -46.02% | 36.05% | -57.94% | -70.39% | -56.27% | 3.97% | -44.23% |
Correlation
The correlation between UVXY and SPXU is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.76 |
Correlation (3Y) Balances recent behavior with more history. | 0.76 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.75 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.75 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.77 |
The correlation between UVXY and SPXU 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. SPXU — Risk / Return Rank
UVXY
SPXU
UVXY vs. SPXU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra VIX Short-Term Futures ETF (UVXY) and ProShares UltraPro Short S&P500 (SPXU). 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 | SPXU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.41 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.80 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.98 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.47 | -1.75 | +0.28 |
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Drawdowns
UVXY vs. SPXU - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, roughly equal to the maximum SPXU drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for UVXY and SPXU.
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Drawdown Indicators
| UVXY | SPXU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.99% | -0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -71.36% | -45.13% | -26.23% |
Max Drawdown (3Y)Largest decline over 3 years | -95.42% | -85.17% | -10.25% |
Max Drawdown (5Y)Largest decline over 5 years | -99.68% | -90.73% | -8.95% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -99.58% | -0.42% |
Current DrawdownCurrent decline from peak | -100.00% | -99.99% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -98.76% | -93.38% | -5.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.86% | 25.29% | +22.57% |
Volatility
UVXY vs. SPXU - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 21.98% compared to ProShares UltraPro Short S&P500 (SPXU) at 12.43%. This indicates that UVXY's price experiences larger fluctuations and is considered to be riskier than SPXU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UVXY | SPXU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.98% | 12.43% | +9.55% |
Volatility (6M)Calculated over the trailing 6-month period | 65.18% | 31.07% | +34.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 86.32% | 38.63% | +47.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.35% | 50.78% | +52.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.07% | 53.46% | +58.61% |
UVXY vs. SPXU - Expense Ratio Comparison
UVXY has a 0.95% expense ratio, which is higher than SPXU's 0.90% expense ratio.
Dividends
UVXY vs. SPXU - Dividend Comparison
UVXY has not paid dividends to shareholders, while SPXU's dividend yield for the trailing twelve months is around 7.51%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXU ProShares UltraPro Short S&P500 | 7.51% | 7.02% | 9.53% | 7.06% | 0.39% | 0.00% | 0.70% | 2.14% | 1.41% | 0.10% |
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% |
Frequently Asked Questions
UVXY and SPXU have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (21.98%) compared to SPXU (12.43%). In terms of maximum drawdown, UVXY dropped -100.00% vs SPXU's -99.99%.
On 10-year performance, SPXU leads with -41.54% vs -71.00% for UVXY. On fees, SPXU is cheaper at 0.90% per year. On volatility, SPXU has been the lower-risk option at 12.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXU has performed better with a -41.54% return vs -71.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXU is cheaper with a 0.90% expense ratio, compared with 0.95% for UVXY.
SPXU has the higher dividend yield at 7.51%, compared with 0.00% for UVXY.
UVXY is categorized as Volatility, while SPXU is S&P 500. UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while SPXU tracks S&P 500 Index (-300%). Their fees differ too: 0.95% for UVXY and 0.90% for SPXU.
UVXY currently has the higher Sharpe Ratio (-0.82 vs -1.16), 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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