UVXY vs. SPXU

Last updated Jun 4, 2026

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 Leveraged Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, UVXY returned -72.67%/yr vs -41.95%/yr for SPXU. A 0.77 correlation means they provide meaningful diversification when combined. UVXY charges 0.95%/yr vs 0.93%/yr for SPXU.

Performance

UVXY vs. SPXU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra VIX Short-Term Futures ETF (UVXY) and ProShares UltraPro Short S&P500 (SPXU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UVXY achieves a -19.06% return, which is significantly higher than SPXU's -25.62% return. Over the past 10 years, UVXY has underperformed SPXU with an annualized return of -72.67%, while SPXU has yielded a comparatively higher -41.95% annualized return.

UVXY

• 1D: -0.24%
• 1M: -22.10%
• YTD: -19.06%
• 6M: -37.37%
• 1Y: -72.91%
• 3Y*: -64.55%
• 5Y*: -67.90%
• 10Y*: -72.67%

SPXU

• 1D: 2.06%
• 1M: -13.20%
• YTD: -25.62%
• 6M: -25.04%
• 1Y: -48.96%
• 3Y*: -43.02%
• 5Y*: -34.89%
• 10Y*: -41.95%

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

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	-19.06%	-65.32%	-50.90%	-87.70%	-44.81%	-88.33%	-17.38%	-84.23%	60.10%	-94.17%
SPXU ProShares UltraPro Short S&P500	-25.62%	-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 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.73
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 5, 2011	0.77

The correlation between UVXY and SPXU has been stable across timeframes, ranging from 0.73 to 0.77 - a consistent structural relationship.

Return for Risk

UVXY vs. SPXU — 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: 1
UVXY Martin Ratio Rank: 2

SPXU

SPXU Risk / Return Rank: 1
SPXU Sharpe Ratio Rank: 0
SPXU Sortino Ratio Rank: 0
SPXU Omega Ratio Rank: 0
SPXU Calmar Ratio Rank: 1
SPXU Martin Ratio Rank: 1

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. 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.

	UVXY	SPXU	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	-1.39	+0.52
Sortino ratio: Return per unit of downside risk	-1.60	-2.33	+0.73
Omega ratio: Gain probability vs. loss probability	0.82	0.75	+0.07
Calmar ratio: Return relative to maximum drawdown	-0.97	-0.97	-0.01
Martin ratio: Return relative to average drawdown	-1.31	-1.63	+0.32
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. SPXU - Sharpe Ratio Comparison

The current UVXY Sharpe Ratio is -0.87, which is higher than the SPXU Sharpe Ratio of -1.39. The chart below compares the historical Sharpe Ratios of UVXY and SPXU, 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	SPXU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.87	-1.39	+0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.66	-0.70	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.64	-0.79	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	-0.68	-0.84	+0.16

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.

Drawdown Indicators

	UVXY	SPXU	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-99.99%	-0.01%
Max Drawdown (1Y) Largest decline over 1 year	-75.22%	-50.82%	-24.40%
Max Drawdown (3Y) Largest decline over 3 years	-95.45%	-84.36%	-11.09%
Max Drawdown (5Y) Largest decline over 5 years	-99.68%	-90.23%	-9.45%
Max Drawdown (10Y) Largest decline over 10 years	-100.00%	-99.63%	-0.37%
Current Drawdown Current decline from peak	-100.00%	-99.99%	-0.01%
Average Drawdown Average peak-to-trough decline	-98.55%	-93.33%	-5.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	55.63%	30.06%	+25.57%

Volatility

UVXY vs. SPXU - Volatility Comparison

ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 11.77% compared to ProShares UltraPro Short S&P500 (SPXU) at 8.58%. 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.

Volatility by Period

	UVXY	SPXU	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.77%	8.58%	+3.19%
Volatility (6M) Calculated over the trailing 6-month period	62.64%	26.85%	+35.79%
Volatility (1Y) Calculated over the trailing 1-year period	84.42%	35.37%	+49.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	103.85%	50.33%	+53.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	113.82%	53.38%	+60.44%

UVXY vs. SPXU - Expense Ratio Comparison

UVXY has a 0.95% expense ratio, which is higher than SPXU's 0.93% 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 7.89%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXU ProShares UltraPro Short S&P500	7.89%	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

Can I hold both UVXY and SPXU in my portfolio?

UVXY and SPXU have a correlation of 0.73, 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 SPXU?

UVXY has higher volatility (11.77%) compared to SPXU (8.58%). In terms of maximum drawdown, UVXY dropped -100.00% vs SPXU's -99.99%.

Which ETF is better, UVXY or SPXU?

On 10-year performance, SPXU leads with -41.95% vs -72.67% for UVXY. On fees, SPXU is cheaper at 0.93% per year. On volatility, SPXU has been the lower-risk option at 8.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UVXY or SPXU?

Over the 10-year period, SPXU has performed better with a -41.95% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UVXY or SPXU?

SPXU is cheaper with a 0.93% expense ratio, compared with 0.95% for UVXY.

Which ETF pays a higher dividend yield, UVXY or SPXU?

SPXU has the higher dividend yield at 7.89%, compared with 0.00% for UVXY.

What is the main difference between UVXY and SPXU?

UVXY is categorized as Volatility, while SPXU is Leveraged Equities. 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 0.93% for SPXU.

Which has better risk-adjusted returns?

UVXY currently has the higher Sharpe Ratio (-0.87 vs -1.39), 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.