UVXY vs. VIXY
UVXY (ProShares Ultra VIX Short-Term Futures ETF) and VIXY (ProShares VIX Short-Term Futures ETF) are both Volatility funds from ProShares - UVXY tracks the S&P 500 VIX SHORT-TERM FUTURES TR (150%) while VIXY tracks the S&P 500 VIX Short-Term Futures Index. Both are passively managed. Over the past 10 years, UVXY returned -71.50%/yr vs -46.69%/yr for VIXY. Their 0.99 correlation means they have historically moved very closely together. UVXY charges 0.95%/yr vs 0.85%/yr for VIXY.
Performance
UVXY vs. VIXY - Performance Comparison
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Returns By Period
In the year-to-date period, UVXY achieves a -35.24% return, which is significantly lower than VIXY's -20.01% return. Over the past 10 years, UVXY has underperformed VIXY with an annualized return of -71.50%, while VIXY has yielded a comparatively higher -46.69% annualized 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%
VIXY
- 1D
- -2.66%
- 1M
- -3.39%
- 6M
- -23.21%
- YTD
- -20.01%
- 1Y
- -54.18%
- 3Y*
- -39.34%
- 5Y*
- -47.11%
- 10Y*
- -46.69%
- ALL TIME*
- -48.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $190.03M | $191.90M | $239.87M | |
| $61.09M | $56.74M | $72.28M |
UVXY vs. VIXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.24% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
VIXY ProShares VIX Short-Term Futures ETF | -20.01% | -43.05% | -27.43% | -72.74% | -24.98% | -72.40% | 10.54% | -67.81% | 66.78% | -72.78% |
Correlation
The correlation between UVXY and VIXY 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 (5Y) Shows whether the relationship held over a longer period. | 1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | 1.00 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.99 |
The correlation between UVXY and VIXY has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
UVXY vs. VIXY — Risk / Return Rank
UVXY
VIXY
UVXY vs. VIXY - 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 Short-Term Futures ETF (VIXY). 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 | VIXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.85 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.92 | -0.03 |
| Martin ratioReturn relative to average drawdown | -1.35 | -1.40 | +0.05 |
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Drawdowns
UVXY vs. VIXY - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, roughly equal to the maximum VIXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UVXY and VIXY.
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Drawdown Indicators
| UVXY | VIXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -73.88% | -55.18% | -18.70% |
Max Drawdown (3Y)Largest decline over 3 years | -95.42% | -81.45% | -13.97% |
Max Drawdown (5Y)Largest decline over 5 years | -99.68% | -95.91% | -3.77% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -99.82% | -0.18% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -98.76% | -92.24% | -6.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 51.60% | 36.13% | +15.47% |
Volatility
UVXY vs. VIXY - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 22.30% compared to ProShares VIX Short-Term Futures ETF (VIXY) at 14.60%. This indicates that UVXY's price experiences larger fluctuations and is considered to be riskier than VIXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UVXY | VIXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.30% | 14.60% | +7.70% |
Volatility (6M)Calculated over the trailing 6-month period | 65.55% | 43.36% | +22.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 87.28% | 57.54% | +29.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.39% | 69.97% | +33.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.09% | 71.89% | +40.20% |
UVXY vs. VIXY - Expense Ratio Comparison
UVXY has a 0.95% expense ratio, which is higher than VIXY's 0.85% expense ratio.
Dividends
UVXY vs. VIXY - Dividend Comparison
Neither UVXY nor VIXY has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, UVXY and VIXY 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 (22.30%) compared to VIXY (14.60%). In terms of maximum drawdown, UVXY dropped -100.00% vs VIXY's -100.00%.
On 10-year performance, VIXY leads with -46.69% vs -71.50% for UVXY. On fees, VIXY is cheaper at 0.85% per year. On volatility, VIXY has been the lower-risk option at 14.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VIXY has performed better with a -46.69% return vs -71.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIXY is cheaper with a 0.85% expense ratio, compared with 0.95% for UVXY.
UVXY and VIXY have nearly identical dividend yields, around 0.00%.
UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while VIXY tracks S&P 500 VIX Short-Term Futures Index. Their fees differ too: 0.95% for UVXY and 0.85% for VIXY.
UVXY currently has the higher Sharpe Ratio (-0.80 vs -0.88), 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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