UVXY vs. UVIX
Compare and contrast key facts about ProShares Ultra VIX Short-Term Futures ETF (UVXY) and Volatility Shares 2x Long VIX Futures ETF (UVIX).
UVXY and UVIX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UVXY is a passively managed fund by ProShares that tracks the performance of the S&P 500 VIX SHORT-TERM FUTURES TR (150%). It was launched on Oct 3, 2011. UVIX is a passively managed fund by Volatility Shares that tracks the performance of the Long VIX Futures Index – Benchmark TR Gross (200%). It was launched on Mar 28, 2022. Both UVXY and UVIX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
UVXY vs. UVIX - Performance Comparison
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UVXY vs. UVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | 40.61% | -65.32% | -50.90% | -87.70% | -45.34% |
UVIX Volatility Shares 2x Long VIX Futures ETF | 45.01% | -83.21% | -75.24% | -95.28% | -62.08% |
Returns By Period
In the year-to-date period, UVXY achieves a 40.61% return, which is significantly lower than UVIX's 45.01% return.
UVXY
- 1D
- -3.40%
- 1M
- 25.05%
- YTD
- 40.61%
- 6M
- -2.75%
- 1Y
- -57.00%
- 3Y*
- -64.84%
- 5Y*
- -67.28%
- 10Y*
- -72.80%
UVIX
- 1D
- -4.39%
- 1M
- 28.37%
- YTD
- 45.01%
- 6M
- -16.28%
- 1Y
- -77.80%
- 3Y*
- -82.70%
- 5Y*
- —
- 10Y*
- —
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UVXY vs. UVIX - Expense Ratio Comparison
UVXY has a 0.95% expense ratio, which is lower than UVIX's 2.78% expense ratio.
Return for Risk
UVXY vs. UVIX — Risk / Return Rank
UVXY
UVIX
UVXY vs. UVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra VIX Short-Term Futures ETF (UVXY) and Volatility Shares 2x Long VIX Futures ETF (UVIX). 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 | UVIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.51 | -0.52 | +0.02 |
Sortino ratioReturn per unit of downside risk | -0.30 | -0.41 | +0.11 |
Omega ratioGain probability vs. loss probability | 0.96 | 0.95 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | -0.66 | -0.83 | +0.16 |
Martin ratioReturn relative to average drawdown | -0.80 | -0.94 | +0.14 |
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 | UVIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.51 | -0.52 | +0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.64 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | -0.59 | -0.08 |
Correlation
The correlation between UVXY and UVIX is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
UVXY vs. UVIX - Dividend Comparison
Neither UVXY nor UVIX has paid dividends to shareholders.
Drawdowns
UVXY vs. UVIX - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, roughly equal to the maximum UVIX drawdown of -99.96%. Use the drawdown chart below to compare losses from any high point for UVXY and UVIX.
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Drawdown Indicators
| UVXY | UVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.96% | -0.04% |
Max Drawdown (1Y)Largest decline over 1 year | -85.64% | -94.23% | +8.59% |
Max Drawdown (5Y)Largest decline over 5 years | -99.77% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -99.94% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -98.53% | -88.03% | -10.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 71.09% | 82.65% | -11.56% |
Volatility
UVXY vs. UVIX - Volatility Comparison
The current volatility for ProShares Ultra VIX Short-Term Futures ETF (UVXY) is 45.03%, while Volatility Shares 2x Long VIX Futures ETF (UVIX) has a volatility of 58.92%. This indicates that UVXY experiences smaller price fluctuations and is considered to be less risky than UVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UVXY | UVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 45.03% | 58.92% | -13.89% |
Volatility (6M)Calculated over the trailing 6-month period | 71.80% | 94.46% | -22.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.07% | 149.69% | -36.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 105.47% | 138.17% | -32.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 114.51% | 138.17% | -23.66% |