UVXY vs. VIXM
Compare and contrast key facts about ProShares Ultra VIX Short-Term Futures ETF (UVXY) and ProShares VIX Mid-Term Futures ETF (VIXM).
UVXY and VIXM 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. VIXM is a passively managed fund by ProShares that tracks the performance of the S&P 500 VIX Mid-Term Futures Index. It was launched on Jan 3, 2011. Both UVXY and VIXM 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. VIXM - Performance Comparison
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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 | 45.56% | -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 | 12.31% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | 72.38% | -20.38% | 26.43% | -50.05% |
Returns By Period
In the year-to-date period, UVXY achieves a 45.56% return, which is significantly higher than VIXM's 12.31% return. Over the past 10 years, UVXY has underperformed VIXM with an annualized return of -72.70%, while VIXM has yielded a comparatively higher -10.48% annualized return.
UVXY
- 1D
- -14.14%
- 1M
- 31.90%
- YTD
- 45.56%
- 6M
- 0.19%
- 1Y
- -55.36%
- 3Y*
- -64.43%
- 5Y*
- -67.05%
- 10Y*
- -72.70%
VIXM
- 1D
- -2.72%
- 1M
- 9.31%
- YTD
- 12.31%
- 6M
- 8.41%
- 1Y
- 8.20%
- 3Y*
- -13.85%
- 5Y*
- -12.86%
- 10Y*
- -10.48%
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UVXY vs. VIXM - Expense Ratio Comparison
UVXY has a 0.95% expense ratio, which is higher than VIXM's 0.85% expense ratio.
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.
| UVXY | VIXM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.49 | 0.28 | -0.77 |
Sortino ratioReturn per unit of downside risk | -0.25 | 0.64 | -0.89 |
Omega ratioGain probability vs. loss probability | 0.97 | 1.09 | -0.12 |
Calmar ratioReturn relative to maximum drawdown | -0.65 | 0.37 | -1.01 |
Martin ratioReturn relative to average drawdown | -0.78 | 0.54 | -1.32 |
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 | VIXM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.49 | 0.28 | -0.77 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.64 | -0.41 | -0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | -0.32 | -0.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | -0.53 | -0.14 |
Correlation
The correlation between UVXY and VIXM is 0.90, 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. VIXM - Dividend Comparison
Neither UVXY nor VIXM has paid dividends to shareholders.
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 | -85.64% | -23.73% | -61.91% |
Max Drawdown (5Y)Largest decline over 5 years | -99.77% | -63.40% | -36.37% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -75.72% | -24.28% |
Current DrawdownCurrent decline from peak | -100.00% | -95.29% | -4.71% |
Average DrawdownAverage peak-to-trough decline | -98.53% | -81.36% | -17.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 70.91% | 16.12% | +54.79% |
Volatility
UVXY vs. VIXM - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 45.17% compared to ProShares VIX Mid-Term Futures ETF (VIXM) at 9.86%. 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 | 45.17% | 9.86% | +35.31% |
Volatility (6M)Calculated over the trailing 6-month period | 71.72% | 15.23% | +56.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.02% | 29.79% | +83.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 105.48% | 31.22% | +74.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 114.53% | 33.06% | +81.47% |