UVXY vs. VXX
UVXY (ProShares Ultra VIX Short-Term Futures ETF) and VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) are both Volatility funds - UVXY tracks the S&P 500 VIX SHORT-TERM FUTURES TR (150%) while VXX tracks the S&P 500 VIX Short-Term Futures Index Total Return. Both are passively managed. Over the past 10 years, UVXY returned -71.21%/yr vs -45.94%/yr for VXX. Their 0.99 correlation means they have historically moved very closely together. UVXY charges 0.95%/yr vs 0.89%/yr for VXX.
Performance
UVXY vs. VXX - Performance Comparison
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Returns By Period
In the year-to-date period, UVXY achieves a -31.06% return, which is significantly lower than VXX's -16.09% return. Over the past 10 years, UVXY has underperformed VXX with an annualized return of -71.21%, while VXX has yielded a comparatively higher -45.94% annualized return.
UVXY
- 1D
- -1.28%
- 1M
- -9.00%
- 6M
- -29.87%
- YTD
- -31.06%
- 1Y
- -67.89%
- 3Y*
- -60.56%
- 5Y*
- -67.72%
- 10Y*
- -71.21%
- ALL TIME*
- -80.12%
VXX
- 1D
- -0.67%
- 1M
- -5.73%
- 6M
- -16.41%
- YTD
- -16.09%
- 1Y
- -47.53%
- 3Y*
- -37.64%
- 5Y*
- -45.91%
- 10Y*
- -45.94%
- ALL TIME*
- -51.34%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $190.34M | $178.15M | $239.03M | |
| $165.74M | $167.83M | $220.36M |
UVXY vs. VXX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -31.06% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | -16.09% | -42.21% | -26.22% | -72.52% | -23.80% | -72.41% | 11.04% | -67.75% | 67.91% | -72.64% |
Correlation
The correlation between UVXY and VXX 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. | 0.97 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.99 |
The correlation between UVXY and VXX has been stable across timeframes, ranging from 0.97 to 1.00 - a consistent structural relationship.
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Return for Risk
UVXY vs. VXX — Risk / Return Rank
UVXY
VXX
UVXY vs. VXX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra VIX Short-Term Futures ETF (UVXY) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX). 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 | VXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.86 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.87 | -0.05 |
| Martin ratioReturn relative to average drawdown | -1.34 | -1.36 | +0.02 |
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Drawdowns
UVXY vs. VXX - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, roughly equal to the maximum VXX drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UVXY and VXX.
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Drawdown Indicators
| UVXY | VXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -73.88% | -54.59% | -19.29% |
Max Drawdown (3Y)Largest decline over 3 years | -95.42% | -80.75% | -14.67% |
Max Drawdown (5Y)Largest decline over 5 years | -99.70% | -95.85% | -3.85% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -99.80% | -0.20% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -98.76% | -95.10% | -3.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.81% | 35.10% | +15.71% |
Volatility
UVXY vs. VXX - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 18.23% compared to iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) at 11.71%. This indicates that UVXY's price experiences larger fluctuations and is considered to be riskier than VXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UVXY | VXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.23% | 11.71% | +6.52% |
Volatility (6M)Calculated over the trailing 6-month period | 64.09% | 41.84% | +22.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 86.50% | 56.79% | +29.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.27% | 67.54% | +35.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.08% | 70.34% | +41.74% |
UVXY vs. VXX - Expense Ratio Comparison
UVXY has a 0.95% expense ratio, which is higher than VXX's 0.89% expense ratio.
Dividends
UVXY vs. VXX - Dividend Comparison
Neither UVXY nor VXX has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, UVXY and VXX 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 (18.23%) compared to VXX (11.71%). In terms of maximum drawdown, UVXY dropped -100.00% vs VXX's -100.00%.
On 10-year performance, VXX leads with -45.94% vs -71.21% for UVXY. On fees, VXX is cheaper at 0.89% per year. On volatility, VXX has been the lower-risk option at 11.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VXX has performed better with a -45.94% return vs -71.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VXX is cheaper with a 0.89% expense ratio, compared with 0.95% for UVXY.
UVXY and VXX have nearly identical dividend yields, around 0.00%.
UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while VXX tracks S&P 500 VIX Short-Term Futures Index Total Return. They also come from different issuers: ProShares and Barclays Capital. Their fees differ too: 0.95% for UVXY and 0.89% for VXX.
UVXY currently has the higher Sharpe Ratio (-0.79 vs -0.84), 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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