UVXY vs. SVXY
UVXY (ProShares Ultra VIX Short-Term Futures ETF) and SVXY (ProShares Short VIX Short-Term Futures ETF) are both Volatility funds from ProShares - UVXY tracks the S&P 500 VIX SHORT-TERM FUTURES TR (150%) while SVXY tracks the S&P 500 VIX Short-Term Futures Index (-0.5x). Both are passively managed. Over the past 10 years, UVXY returned -71.03%/yr vs -1.83%/yr for SVXY. Their -0.99 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
UVXY vs. SVXY - Performance Comparison
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Returns By Period
In the year-to-date period, UVXY achieves a -36.18% return, which is significantly lower than SVXY's 5.20% return. Over the past 10 years, UVXY has underperformed SVXY with an annualized return of -71.03%, while SVXY has yielded a comparatively higher -1.83% annualized return.
UVXY
- 1D
- -1.46%
- 1M
- -7.54%
- 6M
- -33.79%
- YTD
- -36.18%
- 1Y
- -73.63%
- 3Y*
- -63.76%
- 5Y*
- -68.11%
- 10Y*
- -71.03%
- ALL TIME*
- -80.18%
SVXY
- 1D
- 0.34%
- 1M
- 1.66%
- 6M
- 5.26%
- YTD
- 5.20%
- 1Y
- 34.05%
- 3Y*
- 12.04%
- 5Y*
- 16.59%
- 10Y*
- -1.83%
- ALL TIME*
- 12.72%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $91.14M | $80.05M | $83.46M | |
| $186.30M | $190.88M | $236.21M |
UVXY vs. SVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -36.18% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
SVXY ProShares Short VIX Short-Term Futures ETF | 5.20% | 10.63% | -3.17% | 76.21% | -4.66% | 48.53% | -36.47% | 54.21% | -91.75% | 181.84% |
Correlation
The correlation between UVXY and SVXY 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 (5Y) Shows whether the relationship held over a longer period. | -1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.99 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.99 |
The correlation between UVXY and SVXY has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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Return for Risk
UVXY vs. SVXY — Risk / Return Rank
UVXY
SVXY
UVXY vs. SVXY - 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 Short VIX Short-Term Futures ETF (SVXY). 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 | SVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.03 | ||
| Sortino ratioReturn per unit of downside risk | -3.23 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.22 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -1.03 | 1.49 | -2.53 |
| Martin ratioReturn relative to average drawdown | -1.54 | 4.85 | -6.39 |
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Drawdowns
UVXY vs. SVXY - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, roughly equal to the maximum SVXY drawdown of -95.25%. Use the drawdown chart below to compare losses from any high point for UVXY and SVXY.
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Drawdown Indicators
| UVXY | SVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -95.25% | -4.75% |
Max Drawdown (1Y)Largest decline over 1 year | -71.36% | -22.94% | -48.42% |
Max Drawdown (3Y)Largest decline over 3 years | -95.42% | -46.45% | -48.97% |
Max Drawdown (5Y)Largest decline over 5 years | -99.68% | -46.45% | -53.23% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -95.25% | -4.75% |
Current DrawdownCurrent decline from peak | -100.00% | -78.92% | -21.08% |
Average DrawdownAverage peak-to-trough decline | -98.76% | -57.10% | -41.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 51.81% | 7.05% | +44.76% |
Volatility
UVXY vs. SVXY - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 22.30% compared to ProShares Short VIX Short-Term Futures ETF (SVXY) at 7.44%. This indicates that UVXY's price experiences larger fluctuations and is considered to be riskier than SVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UVXY | SVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.30% | 7.44% | +14.86% |
Volatility (6M)Calculated over the trailing 6-month period | 65.53% | 22.23% | +43.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 86.48% | 29.23% | +57.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.34% | 35.17% | +68.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.09% | 49.47% | +62.62% |
UVXY vs. SVXY - Expense Ratio Comparison
Both UVXY and SVXY have an expense ratio of 0.95%.
Dividends
UVXY vs. SVXY - Dividend Comparison
Neither UVXY nor SVXY has paid dividends to shareholders.
Frequently Asked Questions
UVXY and SVXY 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.
UVXY has higher volatility (22.30%) compared to SVXY (7.44%). In terms of maximum drawdown, UVXY dropped -100.00% vs SVXY's -95.25%.
On 10-year performance, SVXY leads with -1.83% vs -71.03% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, SVXY has been the lower-risk option at 7.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SVXY has performed better with a -1.83% return vs -71.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UVXY and SVXY have the same expense ratio: 0.95% per year.
UVXY and SVXY have nearly identical dividend yields, around 0.00%.
UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while SVXY tracks S&P 500 VIX Short-Term Futures Index (-0.5x).
SVXY currently has the higher Sharpe Ratio (1.17 vs -0.85), 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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