UVXY vs. VIXM
UVXY (ProShares Ultra VIX Short-Term Futures ETF) and VIXM (ProShares VIX Mid-Term Futures ETF) are both Volatility funds from ProShares - UVXY tracks the S&P 500 VIX SHORT-TERM FUTURES TR (150%) while VIXM tracks the S&P 500 VIX Mid-Term Futures Index. Both are passively managed. Over the past 10 years, UVXY returned -71.00%/yr vs -11.18%/yr for VIXM. Their correlation of 0.90 means they have usually moved in the same direction. UVXY charges 0.95%/yr vs 0.85%/yr for VIXM.
Performance
UVXY vs. VIXM - Performance Comparison
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Returns By Period
In the year-to-date period, UVXY achieves a -35.49% return, which is significantly lower than VIXM's -5.57% return. Over the past 10 years, UVXY has underperformed VIXM with an annualized return of -71.00%, while VIXM has yielded a comparatively higher -11.18% 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%
VIXM
- 1D
- 0.21%
- 1M
- 0.70%
- 6M
- -5.57%
- YTD
- -5.57%
- 1Y
- -14.47%
- 3Y*
- -10.95%
- 5Y*
- -14.33%
- 10Y*
- -11.18%
- ALL TIME*
- -18.02%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $189.58M | $189.56M | $234.35M | |
| $8.24M | $6.07M | $4.69M |
UVXY vs. VIXM - 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% |
VIXM ProShares VIX Mid-Term Futures ETF | -5.57% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | 72.38% | -20.38% | 26.43% | -50.05% |
Correlation
The correlation between UVXY and VIXM is 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.90 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.91 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.90 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.90 |
The correlation between UVXY and VIXM has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.
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Return for Risk
UVXY vs. VIXM — Risk / Return Rank
UVXY
VIXM
UVXY vs. VIXM - 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 VIX Mid-Term Futures ETF (VIXM). 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 | VIXM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.88 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.75 | -0.24 |
| Martin ratioReturn relative to average drawdown | -1.47 | -1.43 | -0.04 |
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Drawdowns
UVXY vs. VIXM - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, roughly equal to the maximum VIXM drawdown of -96.23%. Use the drawdown chart below to compare losses from any high point for UVXY and VIXM.
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Drawdown Indicators
| UVXY | VIXM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -96.23% | -3.77% |
Max Drawdown (1Y)Largest decline over 1 year | -71.36% | -19.36% | -52.00% |
Max Drawdown (3Y)Largest decline over 3 years | -95.42% | -37.26% | -58.16% |
Max Drawdown (5Y)Largest decline over 5 years | -99.68% | -63.40% | -36.28% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -72.34% | -27.66% |
Current DrawdownCurrent decline from peak | -100.00% | -96.04% | -3.96% |
Average DrawdownAverage peak-to-trough decline | -98.76% | -81.65% | -17.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.86% | 10.17% | +37.69% |
Volatility
UVXY vs. VIXM - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 21.98% compared to ProShares VIX Mid-Term Futures ETF (VIXM) at 3.09%. This indicates that UVXY's price experiences larger fluctuations and is considered to be riskier than VIXM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UVXY | VIXM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.98% | 3.09% | +18.89% |
Volatility (6M)Calculated over the trailing 6-month period | 65.18% | 13.72% | +51.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 86.32% | 18.41% | +67.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.35% | 30.50% | +72.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.07% | 32.61% | +79.46% |
UVXY vs. VIXM - Expense Ratio Comparison
UVXY has a 0.95% expense ratio, which is higher than VIXM's 0.85% expense ratio.
Dividends
UVXY vs. VIXM - Dividend Comparison
Neither UVXY nor VIXM has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.91, UVXY and VIXM 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.
UVXY has higher volatility (21.98%) compared to VIXM (3.09%). In terms of maximum drawdown, UVXY dropped -100.00% vs VIXM's -96.23%.
On 10-year performance, VIXM leads with -11.18% vs -71.00% for UVXY. On fees, VIXM is cheaper at 0.85% per year. On volatility, VIXM has been the lower-risk option at 3.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VIXM has performed better with a -11.18% return vs -71.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIXM is cheaper with a 0.85% expense ratio, compared with 0.95% for UVXY.
UVXY and VIXM have nearly identical dividend yields, around 0.00%.
UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while VIXM tracks S&P 500 VIX Mid-Term Futures Index. Their fees differ too: 0.95% for UVXY and 0.85% for VIXM.
VIXM currently has the higher Sharpe Ratio (-0.79 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.
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