UVXY vs. UVIX

Last updated Jun 3, 2026

UVXY (ProShares Ultra VIX Short-Term Futures ETF) and UVIX (Volatility Shares 2x Long VIX Futures ETF) are both Volatility funds - UVXY tracks the S&P 500 VIX SHORT-TERM FUTURES TR (150%) while UVIX tracks the Long VIX Futures Index – Benchmark TR Gross (200%). Both are passively managed. Over the past 3 years, UVXY returned -64.52%/yr vs -82.41%/yr for UVIX. With a 1.00 correlation, they move nearly in lockstep. UVXY charges 0.95%/yr vs 2.78%/yr for UVIX.

Performance

UVXY vs. UVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra VIX Short-Term Futures ETF (UVXY) and Volatility Shares 2x Long VIX Futures ETF (UVIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UVXY achieves a -18.87% return, which is significantly higher than UVIX's -31.70% return.

UVXY

• 1D: -2.67%
• 1M: -20.98%
• YTD: -18.87%
• 6M: -37.65%
• 1Y: -73.66%
• 3Y*: -64.52%
• 5Y*: -68.37%
• 10Y*: -72.66%

UVIX

• 1D: -2.99%
• 1M: -27.24%
• YTD: -31.70%
• 6M: -52.32%
• 1Y: -86.33%
• 3Y*: -82.41%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

UVXY vs. UVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UVXY ProShares Ultra VIX Short-Term Futures ETF	-18.87%	-65.32%	-50.90%	-87.70%	-45.34%
UVIX Volatility Shares 2x Long VIX Futures ETF	-31.70%	-83.21%	-75.24%	-95.28%	-62.08%

Correlation

The correlation between UVXY and UVIX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022	1.00

The correlation between UVXY and UVIX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

UVXY vs. UVIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UVXY

UVXY Risk / Return Rank: 1
UVXY Sharpe Ratio Rank: 2
UVXY Sortino Ratio Rank: 1
UVXY Omega Ratio Rank: 1
UVXY Calmar Ratio Rank: 0
UVXY Martin Ratio Rank: 2

UVIX

UVIX Risk / Return Rank: 1
UVIX Sharpe Ratio Rank: 3
UVIX Sortino Ratio Rank: 1
UVIX Omega Ratio Rank: 1
UVIX Calmar Ratio Rank: 0
UVIX Martin Ratio Rank: 2

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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 ratio Return per unit of total volatility	-0.87	-0.78	-0.10
Sortino ratio Return per unit of downside risk	-1.65	-1.74	+0.09
Omega ratio Gain probability vs. loss probability	0.81	0.80	+0.01
Calmar ratio Return relative to maximum drawdown	-0.99	-0.99	+0.01
Martin ratio Return relative to average drawdown	-1.34	-1.28	-0.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UVXY vs. UVIX - Sharpe Ratio Comparison

The current UVXY Sharpe Ratio is -0.87, which is comparable to the UVIX Sharpe Ratio of -0.78. The chart below compares the historical Sharpe Ratios of UVXY and UVIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UVXY	UVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.87	-0.78	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.66	—	—
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	-0.62	-0.06

Drawdowns

UVXY vs. UVIX - Drawdown Comparison

The maximum UVXY drawdown since its inception was -100.00%, roughly equal to the maximum UVIX drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for UVXY and UVIX.

Drawdown Indicators

	UVXY	UVIX	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-99.97%	-0.03%
Max Drawdown (1Y) Largest decline over 1 year	-75.22%	-87.35%	+12.13%
Max Drawdown (3Y) Largest decline over 3 years	-95.59%	-99.47%	+3.88%
Max Drawdown (5Y) Largest decline over 5 years	-99.68%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-100.00%	—	—
Current Drawdown Current decline from peak	-100.00%	-99.97%	-0.03%
Average Drawdown Average peak-to-trough decline	-98.55%	-88.51%	-10.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	55.43%	67.57%	-12.14%

Volatility

UVXY vs. UVIX - Volatility Comparison

The current volatility for ProShares Ultra VIX Short-Term Futures ETF (UVXY) is 11.97%, while Volatility Shares 2x Long VIX Futures ETF (UVIX) has a volatility of 15.83%. 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.

Volatility by Period

	UVXY	UVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.97%	15.83%	-3.86%
Volatility (6M) Calculated over the trailing 6-month period	62.65%	82.35%	-19.70%
Volatility (1Y) Calculated over the trailing 1-year period	84.44%	111.53%	-27.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	103.85%	136.22%	-32.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	113.85%	136.22%	-22.37%

UVXY vs. UVIX - Expense Ratio Comparison

UVXY has a 0.95% expense ratio, which is lower than UVIX's 2.78% expense ratio.

Dividends

UVXY vs. UVIX - Dividend Comparison

Neither UVXY nor UVIX has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UVXY and UVIX in my portfolio?

With a correlation of 1.00, UVXY and UVIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, UVXY or UVIX?

UVIX has higher volatility (15.83%) compared to UVXY (11.97%). In terms of maximum drawdown, UVXY dropped -100.00% vs UVIX's -99.97%.

Which ETF is better, UVXY or UVIX?

On 3-year performance, UVXY leads with -64.52% vs -82.41% for UVIX. On fees, UVXY is cheaper at 0.95% per year. On volatility, UVXY has been the lower-risk option at 11.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UVXY or UVIX?

Over the 3-year period, UVXY has performed better with a -64.52% return vs -82.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UVXY or UVIX?

UVXY is cheaper with a 0.95% expense ratio, compared with 2.78% for UVIX.

Which ETF pays a higher dividend yield, UVXY or UVIX?

UVXY and UVIX have nearly identical dividend yields, around 0.00%.

What is the main difference between UVXY and UVIX?

UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while UVIX tracks Long VIX Futures Index – Benchmark TR Gross (200%). They also come from different issuers: ProShares and Volatility Shares. Their fees differ too: 0.95% for UVXY and 2.78% for UVIX.

Which has better risk-adjusted returns?

UVIX currently has the higher Sharpe Ratio (-0.78 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.