UVXY vs. UVIX
UVXY (ProShares Ultra VIX Short-Term Futures ETF) and UVIX (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 (200% Daily). Both are passively managed. Over the past 3 years, UVXY returned -61.42%/yr vs -80.36%/yr for UVIX. Their 1.00 correlation means they have historically moved very closely together. UVXY charges 0.95%/yr vs 2.78%/yr for UVIX.
Performance
UVXY vs. UVIX - Performance Comparison
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Returns By Period
In the year-to-date period, UVXY achieves a -35.24% return, which is significantly higher than UVIX's -51.21% return.
UVXY
- 1D
- -4.24%
- 1M
- -6.17%
- 6M
- -37.50%
- YTD
- -35.24%
- 1Y
- -73.24%
- 3Y*
- -61.42%
- 5Y*
- -68.18%
- 10Y*
- -71.50%
- ALL TIME*
- -80.18%
UVIX
- 1D
- -5.70%
- 1M
- -10.07%
- 6M
- -52.70%
- YTD
- -51.21%
- 1Y
- -86.13%
- 3Y*
- -80.36%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -83.88%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $106.53M | $96.18M | $159.38M | |
| $190.03M | $191.90M | $239.87M |
UVXY vs. UVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.24% | -65.32% | -50.90% | -87.70% | -44.36% |
UVIX 2x Long VIX Futures ETF | -51.21% | -83.21% | -75.24% | -95.28% | -61.86% |
Correlation
The correlation between UVXY and UVIX is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 1.00 |
Correlation (3Y) Balances recent behavior with more history. | 1.00 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 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.
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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 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.
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 | UVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.84 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.97 | +0.02 |
| Martin ratioReturn relative to average drawdown | -1.35 | -1.30 | -0.05 |
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Drawdowns
UVXY vs. UVIX - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, roughly equal to the maximum UVIX drawdown of -99.98%. 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% | -99.98% | -0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -73.88% | -86.37% | +12.49% |
Max Drawdown (3Y)Largest decline over 3 years | -95.42% | -99.42% | +4.00% |
Max Drawdown (5Y)Largest decline over 5 years | -99.68% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -99.98% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -98.76% | -88.86% | -9.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 51.60% | 64.40% | -12.80% |
Volatility
UVXY vs. UVIX - Volatility Comparison
The current volatility for ProShares Ultra VIX Short-Term Futures ETF (UVXY) is 22.30%, while 2x Long VIX Futures ETF (UVIX) has a volatility of 28.39%. 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 | 22.30% | 28.39% | -6.09% |
Volatility (6M)Calculated over the trailing 6-month period | 65.55% | 85.91% | -20.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 87.28% | 114.84% | -27.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.39% | 135.16% | -31.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.09% | 135.16% | -23.07% |
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.
Frequently Asked Questions
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.
UVIX has higher volatility (28.39%) compared to UVXY (22.30%). In terms of maximum drawdown, UVXY dropped -100.00% vs UVIX's -99.98%.
On 3-year performance, UVXY leads with -61.42% vs -80.36% for UVIX. On fees, UVXY is cheaper at 0.95% per year. On volatility, UVXY has been the lower-risk option at 22.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UVXY has performed better with a -61.42% return vs -80.36%. 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 2.78% for UVIX.
UVXY and UVIX have nearly identical dividend yields, around 0.00%.
UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while UVIX tracks Long VIX Futures Index (200% Daily). They also come from different issuers: ProShares and Volatility Shares. Their fees differ too: 0.95% for UVXY and 2.78% for UVIX.
UVIX currently has the higher Sharpe Ratio (-0.73 vs -0.80), 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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