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 4, 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.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: UVXY or VIXM.
Key characteristics
| UVXY | VIXM | |
|---|---|---|
| YTD Return | -50.38% | -16.36% |
| 1Y Return | -68.34% | -24.80% |
| 3Y Return (Ann) | -70.52% | -22.95% |
| 5Y Return (Ann) | -70.27% | -9.06% |
| 10Y Return (Ann) | -66.02% | -13.50% |
| Sharpe Ratio | -0.60 | -0.61 |
| Sortino Ratio | -0.86 | -0.83 |
| Omega Ratio | 0.90 | 0.89 |
| Calmar Ratio | -0.66 | -0.24 |
| Martin Ratio | -1.27 | -1.20 |
| Ulcer Index | 52.18% | 19.35% |
| Daily Std Dev | 110.45% | 38.05% |
| Max Drawdown | -100.00% | -96.20% |
| Current Drawdown | -100.00% | -96.15% |
Correlation
The correlation between UVXY and VIXM is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Performance
UVXY vs. VIXM - Performance Comparison
In the year-to-date period, UVXY achieves a -50.38% return, which is significantly lower than VIXM's -16.36% return. Over the past 10 years, UVXY has underperformed VIXM with an annualized return of -66.02%, while VIXM has yielded a comparatively higher -13.50% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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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.
Risk-Adjusted Performance
UVXY vs. VIXM - Risk-Adjusted Performance 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.
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 -96.20%. Use the drawdown chart below to compare losses from any high point for UVXY and VIXM. For additional features, visit the drawdowns tool.
Volatility
UVXY vs. VIXM - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 27.58% compared to ProShares VIX Mid-Term Futures ETF (VIXM) at 8.75%. 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.