UVXY vs. UPRO
UVXY (ProShares Ultra VIX Short-Term Futures ETF) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%), while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, UVXY returned -71.00%/yr vs 29.22%/yr for UPRO. Their -0.77 correlation means they have often moved in opposite directions in the past. UVXY charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
UVXY vs. UPRO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UVXY achieves a -35.49% return, which is significantly lower than UPRO's 33.75% return. Over the past 10 years, UVXY has underperformed UPRO with an annualized return of -71.00%, while UPRO has yielded a comparatively higher 29.22% annualized 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%
UPRO
- 1D
- 5.34%
- 1M
- 9.50%
- 6M
- 30.93%
- YTD
- 33.75%
- 1Y
- 61.82%
- 3Y*
- 49.06%
- 5Y*
- 20.91%
- 10Y*
- 29.22%
- ALL TIME*
- 33.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $337.28M | $304.70M | $362.53M | |
| $189.58M | $189.56M | $234.35M |
UVXY vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.49% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
UPRO ProShares UltraPro S&P 500 | 33.75% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between UVXY and UPRO is -0.77, 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. | -0.77 |
Correlation (3Y) Balances recent behavior with more history. | -0.76 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.75 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.75 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.77 |
The correlation between UVXY and UPRO has been stable across timeframes, ranging from -0.77 to -0.75 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
UVXY vs. UPRO — Risk / Return Rank
UVXY
UPRO
UVXY vs. UPRO - 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 UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.44 | ||
| Sortino ratioReturn per unit of downside risk | -3.54 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.27 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 2.32 | -3.31 |
| Martin ratioReturn relative to average drawdown | -1.47 | 8.87 | -10.34 |
Loading charts...
Drawdowns
UVXY vs. UPRO - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for UVXY and UPRO.
Loading charts...
Drawdown Indicators
| UVXY | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -76.82% | -23.18% |
Max Drawdown (1Y)Largest decline over 1 year | -71.36% | -26.78% | -44.58% |
Max Drawdown (3Y)Largest decline over 3 years | -95.42% | -48.87% | -46.55% |
Max Drawdown (5Y)Largest decline over 5 years | -99.68% | -63.94% | -35.74% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -76.82% | -23.18% |
Current DrawdownCurrent decline from peak | -100.00% | 0.00% | -100.00% |
Average DrawdownAverage peak-to-trough decline | -98.76% | -14.34% | -84.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.86% | 6.99% | +40.87% |
Volatility
UVXY vs. UPRO - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 21.98% compared to ProShares UltraPro S&P 500 (UPRO) at 12.34%. This indicates that UVXY's price experiences larger fluctuations and is considered to be riskier than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| UVXY | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.98% | 12.34% | +9.64% |
Volatility (6M)Calculated over the trailing 6-month period | 65.18% | 30.99% | +34.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 86.32% | 38.70% | +47.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.35% | 50.79% | +52.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.07% | 53.83% | +58.24% |
UVXY vs. UPRO - Expense Ratio Comparison
UVXY has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
UVXY vs. UPRO - Dividend Comparison
UVXY has not paid dividends to shareholders, while UPRO's dividend yield for the trailing twelve months is around 0.70%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 0.70% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UVXY and UPRO have a correlation of -0.77, 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 UPRO (12.34%). In terms of maximum drawdown, UVXY dropped -100.00% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 29.22% vs -71.00% for UVXY. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 12.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 29.22% return vs -71.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for UVXY.
UPRO has the higher dividend yield at 0.70%, compared with 0.00% for UVXY.
UVXY is categorized as Volatility, while UPRO is Leveraged Equities. UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for UVXY and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.62 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.
Find the right allocation for UVXY and UPRO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer