UVXY vs. VXZ
UVXY (ProShares Ultra VIX Short-Term Futures ETF) is Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%), while VXZ (iPath Series B S&P 500® VIX Mid-Term Futures ETN) is a stock. Both are passively managed. Over the past 5 years, UVXY returned -67.81%/yr vs -13.55%/yr for VXZ. Their correlation of 0.84 means they have usually moved in the same direction. UVXY charges 0.95%/yr vs 0.89%/yr for VXZ.
Performance
UVXY vs. VXZ - 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 VXZ's -5.20% return.
UVXY
- 1D
- 1.09%
- 1M
- -6.53%
- 6M
- -36.87%
- YTD
- -35.49%
- 1Y
- -70.28%
- 3Y*
- -63.63%
- 5Y*
- -67.81%
- 10Y*
- -71.00%
- ALL TIME*
- -80.16%
VXZ
- 1D
- 0.18%
- 1M
- 0.69%
- 6M
- -5.50%
- YTD
- -5.20%
- 1Y
- -13.73%
- 3Y*
- -10.22%
- 5Y*
- -13.55%
- 10Y*
- —
- ALL TIME*
- -3.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $189.58M | $189.56M | $234.35M | |
| $1.12M | $1.03M | $821.60K |
UVXY vs. VXZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.49% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 75.01% |
VXZ iPath Series B S&P 500® VIX Mid-Term Futures ETN | -5.20% | 5.73% | -12.65% | -43.98% | 0.47% | -16.38% | 72.77% | -20.10% | 31.89% |
Correlation
The correlation between UVXY and VXZ is 0.89, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.89 |
Correlation (3Y) Balances recent behavior with more history. | 0.90 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jan 18, 2018 | 0.84 |
The correlation between UVXY and VXZ has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.
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Return for Risk
UVXY vs. VXZ — Risk / Return Rank
UVXY
VXZ
UVXY vs. VXZ - 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 Mid-Term Futures ETN (VXZ). 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 | VXZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.46 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.89 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.72 | -0.27 |
| Martin ratioReturn relative to average drawdown | -1.47 | -1.37 | -0.10 |
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Drawdowns
UVXY vs. VXZ - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, which is greater than VXZ's maximum drawdown of -69.00%. Use the drawdown chart below to compare losses from any high point for UVXY and VXZ.
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Drawdown Indicators
| UVXY | VXZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -69.00% | -31.00% |
Max Drawdown (1Y)Largest decline over 1 year | -71.36% | -19.20% | -52.16% |
Max Drawdown (3Y)Largest decline over 3 years | -95.42% | -36.45% | -58.97% |
Max Drawdown (5Y)Largest decline over 5 years | -99.68% | -62.05% | -37.63% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -67.11% | -32.89% |
Average DrawdownAverage peak-to-trough decline | -98.76% | -37.34% | -61.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.86% | 10.06% | +37.80% |
Volatility
UVXY vs. VXZ - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 21.98% compared to iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) at 3.75%. This indicates that UVXY's price experiences larger fluctuations and is considered to be riskier than VXZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UVXY | VXZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.98% | 3.75% | +18.23% |
Volatility (6M)Calculated over the trailing 6-month period | 65.18% | 13.51% | +51.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 86.32% | 18.50% | +67.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.35% | 28.95% | +74.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.07% | 33.81% | +78.26% |
UVXY vs. VXZ - Expense Ratio Comparison
UVXY has a 0.95% expense ratio, which is higher than VXZ's 0.89% expense ratio.
Dividends
UVXY vs. VXZ - Dividend Comparison
Neither UVXY nor VXZ has paid dividends to shareholders.
Frequently Asked Questions
UVXY and VXZ have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (21.98%) compared to VXZ (3.75%). In terms of maximum drawdown, UVXY dropped -100.00% vs VXZ's -69.00%.
VXZ currently has the higher Sharpe Ratio (-0.75 vs -0.82), 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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