UVXY vs. SVOL
UVXY (ProShares Ultra VIX Short-Term Futures ETF) and SVOL (Simplify Volatility Premium ETF) are both Volatility funds. UVXY is passively managed, while SVOL is actively managed. Over the past 5 years, UVXY returned -67.81%/yr vs 6.74%/yr for SVOL. Their -0.84 correlation means they have often moved in opposite directions in the past. UVXY charges 0.95%/yr vs 0.50%/yr for SVOL.
Performance
UVXY vs. SVOL - 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 SVOL's 1.56% 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%
SVOL
- 1D
- 0.00%
- 1M
- 0.32%
- 6M
- 1.07%
- YTD
- 1.56%
- 1Y
- 15.39%
- 3Y*
- 5.96%
- 5Y*
- 6.74%
- 10Y*
- —
- ALL TIME*
- 7.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.56M | $3.75M | $4.33M | |
| $189.58M | $189.56M | $234.35M |
UVXY vs. SVOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.49% | -65.32% | -50.90% | -87.70% | -44.81% | -79.49% |
SVOL Simplify Volatility Premium ETF | 1.56% | 2.41% | 6.77% | 22.88% | -3.30% | 12.70% |
Correlation
The correlation between UVXY and SVOL is -0.82, 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. | -0.82 |
Correlation (3Y) Balances recent behavior with more history. | -0.80 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.83 |
Correlation (All Time) Calculated using the full available price history since May 13, 2021 | -0.84 |
The correlation between UVXY and SVOL has been stable across timeframes, ranging from -0.84 to -0.80 - a consistent structural relationship.
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Return for Risk
UVXY vs. SVOL — Risk / Return Rank
UVXY
SVOL
UVXY vs. SVOL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra VIX Short-Term Futures ETF (UVXY) and Simplify Volatility Premium ETF (SVOL). 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 | SVOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.73 | ||
| Sortino ratioReturn per unit of downside risk | -2.80 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.18 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 1.35 | -2.34 |
| Martin ratioReturn relative to average drawdown | -1.47 | 3.94 | -5.40 |
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Drawdowns
UVXY vs. SVOL - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, which is greater than SVOL's maximum drawdown of -33.50%. Use the drawdown chart below to compare losses from any high point for UVXY and SVOL.
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Drawdown Indicators
| UVXY | SVOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -33.50% | -66.50% |
Max Drawdown (1Y)Largest decline over 1 year | -71.36% | -11.42% | -59.94% |
Max Drawdown (3Y)Largest decline over 3 years | -95.42% | -33.50% | -61.92% |
Max Drawdown (5Y)Largest decline over 5 years | -99.68% | -33.50% | -66.18% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -1.58% | -98.42% |
Average DrawdownAverage peak-to-trough decline | -98.76% | -4.68% | -94.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.86% | 3.92% | +43.94% |
Volatility
UVXY vs. SVOL - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 21.98% compared to Simplify Volatility Premium ETF (SVOL) at 3.99%. This indicates that UVXY's price experiences larger fluctuations and is considered to be riskier than SVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UVXY | SVOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.98% | 3.99% | +17.99% |
Volatility (6M)Calculated over the trailing 6-month period | 65.18% | 9.57% | +55.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 86.32% | 17.06% | +69.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.35% | 21.96% | +81.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.07% | 21.73% | +90.34% |
UVXY vs. SVOL - Expense Ratio Comparison
UVXY has a 0.95% expense ratio, which is higher than SVOL's 0.50% expense ratio.
Dividends
UVXY vs. SVOL - Dividend Comparison
UVXY has not paid dividends to shareholders, while SVOL's dividend yield for the trailing twelve months is around 22.19%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
SVOL Simplify Volatility Premium ETF | 22.19% | 19.82% | 16.79% | 16.36% | 18.32% | 4.65% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UVXY and SVOL have a correlation of -0.82, 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 SVOL (3.99%). In terms of maximum drawdown, UVXY dropped -100.00% vs SVOL's -33.50%.
On 5-year performance, SVOL leads with 6.74% vs -67.81% for UVXY. On fees, SVOL is cheaper at 0.50% per year. On volatility, SVOL has been the lower-risk option at 3.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SVOL has performed better with a 6.74% return vs -67.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SVOL is cheaper with a 0.50% expense ratio, compared with 0.95% for UVXY.
SVOL has the higher dividend yield at 22.19%, compared with 0.00% for UVXY.
They also come from different issuers: ProShares and Simplify. Their fees differ too: 0.95% for UVXY and 0.50% for SVOL.
SVOL currently has the higher Sharpe Ratio (0.91 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.
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