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 (-100%). Both are passively managed. Over the past 10 years, UVXY returned -72.67%/yr vs -1.59%/yr for SVXY. At a correlation of -0.99, they often move in opposite directions. UVXY charges 0.95%/yr vs 1.38%/yr for SVXY.
Performance
UVXY vs. SVXY - 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 SVXY's -0.92% return. Over the past 10 years, UVXY has underperformed SVXY with an annualized return of -72.67%, while SVXY has yielded a comparatively higher -1.59% annualized 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%
SVXY
- 1D
- -0.20%
- 1M
- 8.44%
- YTD
- -0.92%
- 6M
- 7.55%
- 1Y
- 33.37%
- 3Y*
- 13.21%
- 5Y*
- 15.76%
- 10Y*
- -1.59%
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 | -19.06% | -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 | -0.92% | 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 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 | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 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.
| UVXY | SVXY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.87 | 1.17 | -2.04 |
Sortino ratioReturn per unit of downside risk | -1.60 | 1.64 | -3.24 |
Omega ratioGain probability vs. loss probability | 0.82 | 1.23 | -0.42 |
Calmar ratioReturn relative to maximum drawdown | -0.97 | 1.46 | -2.43 |
Martin ratioReturn relative to average drawdown | -1.31 | 4.78 | -6.09 |
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 | SVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.87 | 1.17 | -2.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | 0.45 | -1.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | -0.03 | -0.61 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | 0.22 | -0.89 |
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 | -75.22% | -22.94% | -52.28% |
Max Drawdown (3Y)Largest decline over 3 years | -95.45% | -46.45% | -49.00% |
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% | -80.15% | -19.85% |
Average DrawdownAverage peak-to-trough decline | -98.55% | -56.87% | -41.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.63% | 7.00% | +48.63% |
Volatility
UVXY vs. SVXY - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 11.77% compared to ProShares Short VIX Short-Term Futures ETF (SVXY) at 3.76%. 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 | 11.77% | 3.76% | +8.01% |
Volatility (6M)Calculated over the trailing 6-month period | 62.64% | 21.42% | +41.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 84.42% | 28.62% | +55.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.85% | 35.38% | +68.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 113.82% | 50.75% | +63.07% |
UVXY vs. SVXY - Expense Ratio Comparison
UVXY has a 0.95% expense ratio, which is lower than SVXY's 1.38% expense ratio.
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 (11.77%) compared to SVXY (3.76%). In terms of maximum drawdown, UVXY dropped -100.00% vs SVXY's -95.25%.
On 10-year performance, SVXY leads with -1.59% vs -72.67% for UVXY. On fees, UVXY is cheaper at 0.95% per year. On volatility, SVXY has been the lower-risk option at 3.76%. 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 -1.59% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UVXY is cheaper with a 0.95% expense ratio, compared with 1.38% for SVXY.
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 (-100%). Their fees differ too: 0.95% for UVXY and 1.38% for SVXY.
SVXY currently has the higher Sharpe Ratio (1.17 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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