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 -73.88%/yr vs -42.03%/yr for SPXU. A 0.77 correlation means they provide meaningful diversification when combined. 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 -23.04% return, which is significantly lower than SPXU's -20.80% return. Over the past 10 years, UVXY has underperformed SPXU with an annualized return of -73.88%, while SPXU has yielded a comparatively higher -42.03% annualized return.
UVXY
- 1D
- -1.25%
- 1M
- -15.98%
- YTD
- -23.04%
- 6M
- -25.05%
- 1Y
- -71.58%
- 3Y*
- -62.12%
- 5Y*
- -66.83%
- 10Y*
- -73.88%
SPXU
- 1D
- -0.76%
- 1M
- 3.14%
- YTD
- -20.80%
- 6M
- -17.65%
- 1Y
- -42.51%
- 3Y*
- -41.00%
- 5Y*
- -33.50%
- 10Y*
- -42.03%
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 | -23.04% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
SPXU ProShares UltraPro Short S&P500 | -20.80% | -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 0.74, 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 | 0.74 |
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 SPXU has been stable across timeframes, ranging from 0.74 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 | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.80 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.91 | -0.08 |
| Martin ratioReturn relative to average drawdown | -1.42 | -1.56 | +0.13 |
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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 | -72.99% | -47.04% | -25.95% |
Max Drawdown (3Y)Largest decline over 3 years | -94.91% | -84.36% | -10.55% |
Max Drawdown (5Y)Largest decline over 5 years | -99.71% | -90.23% | -9.48% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -99.63% | -0.37% |
Current DrawdownCurrent decline from peak | -100.00% | -99.99% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -98.75% | -93.34% | -5.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 51.19% | 27.42% | +23.77% |
Volatility
UVXY vs. SPXU - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 25.80% compared to ProShares UltraPro Short S&P500 (SPXU) at 14.30%. 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 | 25.80% | 14.30% | +11.50% |
Volatility (6M)Calculated over the trailing 6-month period | 66.21% | 29.44% | +36.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 85.44% | 37.24% | +48.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.95% | 50.62% | +53.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.37% | 53.42% | +58.95% |
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 7.41%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXU ProShares UltraPro Short S&P500 | 7.41% | 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 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.80%) compared to SPXU (14.30%). In terms of maximum drawdown, UVXY dropped -100.00% vs SPXU's -99.99%.
On 10-year performance, SPXU leads with -42.03% vs -73.88% for UVXY. On fees, SPXU is cheaper at 0.90% per year. On volatility, SPXU has been the lower-risk option at 14.30%. 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 -42.03% return vs -73.88%. 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 7.41%, 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 (-0.84 vs -1.15), 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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