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 -72.31%/yr vs -47.45%/yr for VIXY. With a 0.99 correlation, they move nearly in lockstep. 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 -35.49% return, which is significantly lower than VIXY's -20.67% return. Over the past 10 years, UVXY has underperformed VIXY with an annualized return of -72.31%, while VIXY has yielded a comparatively higher -47.45% annualized return.
UVXY
- 1D
- -3.58%
- 1M
- -24.76%
- 6M
- -32.32%
- YTD
- -35.49%
- 1Y
- -72.78%
- 3Y*
- -63.56%
- 5Y*
- -68.08%
- 10Y*
- -72.31%
VIXY
- 1D
- -2.26%
- 1M
- -16.67%
- 6M
- -18.57%
- YTD
- -20.67%
- 1Y
- -53.85%
- 3Y*
- -41.62%
- 5Y*
- -46.89%
- 10Y*
- -47.45%
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 | -35.49% | -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 | -20.67% | -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 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 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 | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.83 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.98 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.49 | -1.59 | +0.09 |
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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 | -73.42% | -54.62% | -18.80% |
Max Drawdown (3Y)Largest decline over 3 years | -95.32% | -81.19% | -14.13% |
Max Drawdown (5Y)Largest decline over 5 years | -99.74% | -96.44% | -3.30% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -99.84% | -0.16% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -98.75% | -92.21% | -6.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 48.70% | 33.85% | +14.85% |
Volatility
UVXY vs. VIXY - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 22.69% compared to ProShares VIX Short-Term Futures ETF (VIXY) at 15.13%. 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 | 22.69% | 15.13% | +7.56% |
Volatility (6M)Calculated over the trailing 6-month period | 66.50% | 44.08% | +22.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 85.17% | 56.23% | +28.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.78% | 70.25% | +33.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 111.99% | 71.80% | +40.19% |
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 0.99, 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 (22.69%) compared to VIXY (15.13%). In terms of maximum drawdown, UVXY dropped -100.00% vs VIXY's -100.00%.
On 10-year performance, VIXY leads with -47.45% vs -72.31% for UVXY. On fees, VIXY is cheaper at 0.85% per year. On volatility, VIXY has been the lower-risk option at 15.13%. 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 -47.45% return vs -72.31%. 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 (-0.85 vs -0.96), 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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