UVXY vs. SVIX

Last updated Aug 5, 2026

UVXY (ProShares Ultra VIX Short-Term Futures ETF) and SVIX (-1x Short VIX Futures ETF) are both Volatility funds - UVXY tracks the S&P 500 VIX SHORT-TERM FUTURES TR (150%) while SVIX tracks the Short VIX Futures Index. Both are passively managed. Over the past 3 years, UVXY returned -63.63%/yr vs -2.82%/yr for SVIX. Their -0.99 correlation means they have often moved in opposite directions in the past. UVXY charges 0.95%/yr vs 1.47%/yr for SVIX.

Performance

UVXY vs. SVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra VIX Short-Term Futures ETF (UVXY) and -1x Short VIX Futures ETF (SVIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UVXY achieves a -35.49% return, which is significantly lower than SVIX's 0.29% 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%

SVIX

• 1D: -0.29%
• 1M: 2.27%
• 6M: 6.39%
• YTD: 0.29%
• 1Y: 43.11%
• 3Y*: -2.82%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.94%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SVIX -1x Short VIX Futures ETF	$63.36M	$58.73M	$62.64M
UVXY ProShares Ultra VIX Short-Term Futures ETF	$189.58M	$189.56M	$234.35M

UVXY vs. SVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UVXY ProShares Ultra VIX Short-Term Futures ETF	-35.49%	-65.32%	-50.90%	-87.70%	-44.36%
SVIX -1x Short VIX Futures ETF	0.29%	-4.49%	-32.76%	157.37%	-1.48%

Correlation

The correlation between UVXY and SVIX is -0.99, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.99
Correlation (3Y) Balances recent behavior with more history.	-0.99
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022	-0.99

The correlation between UVXY and SVIX has been stable across timeframes, ranging from -0.99 to -0.99 - a consistent structural relationship.

Return for Risk

UVXY vs. SVIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UVXY

UVXY Risk / Return Rank: 2
UVXY Sharpe Ratio Rank: 3
UVXY Sortino Ratio Rank: 2
UVXY Omega Ratio Rank: 2
UVXY Calmar Ratio Rank: 0
UVXY Martin Ratio Rank: 1

SVIX

SVIX Risk / Return Rank: 30
SVIX Sharpe Ratio Rank: 30
SVIX Sortino Ratio Rank: 31
SVIX Omega Ratio Rank: 33
SVIX Calmar Ratio Rank: 29
SVIX Martin Ratio Rank: 30

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UVXY vs. SVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra VIX Short-Term Futures ETF (UVXY) and -1x Short VIX Futures ETF (SVIX). 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	SVIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.82	0.78	-1.60
Sortino ratio: Return per unit of downside risk	-1.42	1.30	-2.71
Omega ratio: Gain probability vs. loss probability	0.84	1.17	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.99	1.01	-2.00
Martin ratio: Return relative to average drawdown	-1.47	2.88	-4.35

UVXY vs. SVIX - Sharpe Ratio Comparison

The current UVXY Sharpe Ratio is -0.82, which is lower than the SVIX Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of UVXY and SVIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UVXY vs. SVIX - Drawdown Comparison

The maximum UVXY drawdown since its inception was -100.00%, which is greater than SVIX's maximum drawdown of -79.30%. Use the drawdown chart below to compare losses from any high point for UVXY and SVIX.

Drawdown Indicators

	UVXY	SVIX	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-79.30%	-20.70%
Max Drawdown (1Y) Largest decline over 1 year	-71.36%	-42.69%	-28.67%
Max Drawdown (3Y) Largest decline over 3 years	-95.42%	-79.30%	-16.12%
Max Drawdown (5Y) Largest decline over 5 years	-99.68%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-100.00%	—	—
Current Drawdown Current decline from peak	-100.00%	-52.10%	-47.90%
Average Drawdown Average peak-to-trough decline	-98.76%	-32.44%	-66.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	47.86%	15.03%	+32.83%

Volatility

UVXY vs. SVIX - Volatility Comparison

ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 21.98% compared to -1x Short VIX Futures ETF (SVIX) at 14.02%. This indicates that UVXY's price experiences larger fluctuations and is considered to be riskier than SVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UVXY	SVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.98%	14.02%	+7.96%
Volatility (6M) Calculated over the trailing 6-month period	65.18%	42.65%	+22.53%
Volatility (1Y) Calculated over the trailing 1-year period	86.32%	55.85%	+30.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	103.35%	65.75%	+37.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	112.07%	65.75%	+46.32%

UVXY vs. SVIX - Expense Ratio Comparison

UVXY has a 0.95% expense ratio, which is lower than SVIX's 1.47% expense ratio.

Dividends

UVXY vs. SVIX - Dividend Comparison

Neither UVXY nor SVIX has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UVXY and SVIX in my portfolio?

UVXY and SVIX have a correlation of -0.99, 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 SVIX?

UVXY has higher volatility (21.98%) compared to SVIX (14.02%). In terms of maximum drawdown, UVXY dropped -100.00% vs SVIX's -79.30%.

Which ETF is better, UVXY or SVIX?

On 3-year performance, SVIX leads with -2.82% vs -63.63% for UVXY. On fees, UVXY is cheaper at 0.95% per year. On volatility, SVIX has been the lower-risk option at 14.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UVXY or SVIX?

Over the 3-year period, SVIX has performed better with a -2.82% return vs -63.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UVXY or SVIX?

UVXY is cheaper with a 0.95% expense ratio, compared with 1.47% for SVIX.

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

UVXY and SVIX have nearly identical dividend yields, around 0.00%.

What is the main difference between UVXY and SVIX?

UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while SVIX tracks Short VIX Futures Index. They also come from different issuers: ProShares and Volatility Shares. Their fees differ too: 0.95% for UVXY and 1.47% for SVIX.

Which has better risk-adjusted returns?

SVIX currently has the higher Sharpe Ratio (0.78 vs -0.82), 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.