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 -67.90%/yr vs 6.70%/yr for SVOL. At a correlation of -0.83, they often move in opposite directions. 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 -19.06% return, which is significantly lower than SVOL's -0.40% 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%
SVOL
- 1D
- -0.12%
- 1M
- 2.98%
- YTD
- -0.40%
- 6M
- 1.29%
- 1Y
- 10.62%
- 3Y*
- 6.58%
- 5Y*
- 6.70%
- 10Y*
- —
UVXY vs. SVOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -19.06% | -65.32% | -50.90% | -87.70% | -44.81% | -76.00% |
SVOL Simplify Volatility Premium ETF | -0.40% | 2.41% | 6.77% | 22.88% | -3.30% | 12.25% |
Correlation
The correlation between UVXY and SVOL is -0.73, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.83 |
Correlation (All Time) Calculated using the full available price history since May 14, 2021 | -0.83 |
The correlation between UVXY and SVOL shifts across timeframes, from -0.83 (all time) to -0.73 (1 year), reflecting how their relationship changes across market environments.
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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.
| UVXY | SVOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.38 | ||
| Sortino ratioReturn per unit of downside risk | -2.45 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.12 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 0.82 | -1.79 |
| Martin ratioReturn relative to average drawdown | -1.31 | 1.94 | -3.25 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UVXY | SVOL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.87 | 0.51 | -1.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | 0.31 | -0.96 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | 0.35 | -1.03 |
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 | -75.22% | -13.01% | -62.21% |
Max Drawdown (3Y)Largest decline over 3 years | -95.45% | -33.50% | -61.95% |
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% | -2.98% | -97.02% |
Average DrawdownAverage peak-to-trough decline | -98.55% | -4.77% | -93.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.63% | 5.49% | +50.14% |
Volatility
UVXY vs. SVOL - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 11.77% compared to Simplify Volatility Premium ETF (SVOL) at 1.41%. 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 | 11.77% | 1.41% | +10.36% |
Volatility (6M)Calculated over the trailing 6-month period | 62.64% | 9.57% | +53.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 84.42% | 20.90% | +63.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.85% | 21.99% | +81.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 113.82% | 21.92% | +91.90% |
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 22.10%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
SVOL Simplify Volatility Premium ETF | 22.10% | 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 -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (11.77%) compared to SVOL (1.41%). In terms of maximum drawdown, UVXY dropped -100.00% vs SVOL's -33.50%.
On 5-year performance, SVOL leads with 6.70% vs -67.90% for UVXY. On fees, SVOL is cheaper at 0.50% per year. On volatility, SVOL has been the lower-risk option at 1.41%. 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 6.70% return vs -67.90%. 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 22.10%, 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 (0.51 vs -0.87), 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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