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 -72.67%/yr vs -11.17%/yr for VIXM. Their correlation of 0.90 suggests significant overlap in exposure. 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 -19.06% return, which is significantly lower than VIXM's 1.31% return. Over the past 10 years, UVXY has underperformed VIXM with an annualized return of -72.67%, while VIXM has yielded a comparatively higher -11.17% annualized return.
UVXY
- 1D
- -0.24%
- 1M
- -22.10%
- YTD
- -19.06%
- 6M
- -37.37%
- 1Y
- -72.91%
- 3Y*
- -64.55%
- 5Y*
- -67.90%
- 10Y*
- -72.67%
VIXM
- 1D
- 0.39%
- 1M
- -2.34%
- YTD
- 1.31%
- 6M
- -2.83%
- 1Y
- -8.35%
- 3Y*
- -13.22%
- 5Y*
- -13.49%
- 10Y*
- -11.17%
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 | -19.06% | -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 | 1.31% | 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, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 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.
| UVXY | VIXM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -1.11 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.94 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.55 | -0.42 |
| Martin ratioReturn relative to average drawdown | -1.31 | -0.96 | -0.35 |
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 | -0.87 | -0.44 | -0.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | -0.44 | -0.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | -0.34 | -0.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | -0.55 | -0.13 |
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 | -75.22% | -15.22% | -60.00% |
Max Drawdown (3Y)Largest decline over 3 years | -95.45% | -41.41% | -54.04% |
Max Drawdown (5Y)Largest decline over 5 years | -99.68% | -63.40% | -36.28% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -75.72% | -24.28% |
Current DrawdownCurrent decline from peak | -100.00% | -95.75% | -4.25% |
Average DrawdownAverage peak-to-trough decline | -98.55% | -81.52% | -17.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.63% | 8.74% | +46.89% |
Volatility
UVXY vs. VIXM - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 11.77% compared to ProShares VIX Mid-Term Futures ETF (VIXM) at 3.19%. 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 | 11.77% | 3.19% | +8.58% |
Volatility (6M)Calculated over the trailing 6-month period | 62.64% | 13.91% | +48.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 84.42% | 18.98% | +65.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.85% | 30.68% | +73.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 113.82% | 32.90% | +80.92% |
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 (11.77%) compared to VIXM (3.19%). In terms of maximum drawdown, UVXY dropped -100.00% vs VIXM's -96.23%.
On 10-year performance, VIXM leads with -11.17% vs -72.67% for UVXY. On fees, VIXM is cheaper at 0.85% per year. On volatility, VIXM has been the lower-risk option at 3.19%. 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 -11.17% return vs -72.67%. 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 (-0.44 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.
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