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 -66.99%/yr vs -12.60%/yr for VXZ. Their correlation of 0.84 suggests significant overlap in exposure. UVXY charges 0.95%/yr vs 0.89%/yr for VXZ.
Performance
UVXY vs. VXZ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UVXY achieves a -24.94% return, which is significantly lower than VXZ's -3.44% return.
UVXY
- 1D
- -2.46%
- 1M
- -14.14%
- YTD
- -24.94%
- 6M
- -26.89%
- 1Y
- -71.73%
- 3Y*
- -62.37%
- 5Y*
- -66.99%
- 10Y*
- -73.90%
VXZ
- 1D
- -0.94%
- 1M
- -5.63%
- YTD
- -3.44%
- 6M
- -1.81%
- 1Y
- -11.44%
- 3Y*
- -11.36%
- 5Y*
- -12.60%
- 10Y*
- —
UVXY vs. VXZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -24.94% | -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 | -3.44% | 5.73% | -12.65% | -43.98% | 0.47% | -16.38% | 72.77% | -20.10% | 31.89% |
Correlation
The correlation between UVXY and VXZ is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year 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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.76 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.91 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.70 | -0.29 |
| Martin ratioReturn relative to average drawdown | -1.43 | -1.38 | -0.05 |
Loading charts...
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.
Loading charts...
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 | -72.74% | -16.52% | -56.22% |
Max Drawdown (3Y)Largest decline over 3 years | -94.91% | -36.45% | -58.46% |
Max Drawdown (5Y)Largest decline over 5 years | -99.71% | -62.05% | -37.66% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -66.50% | -33.50% |
Average DrawdownAverage peak-to-trough decline | -98.75% | -36.96% | -61.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.54% | 8.31% | +42.23% |
Volatility
UVXY vs. VXZ - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 25.55% compared to iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) at 3.99%. 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.
Loading charts...
Volatility by Period
| UVXY | VXZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.55% | 3.99% | +21.56% |
Volatility (6M)Calculated over the trailing 6-month period | 66.08% | 13.63% | +52.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 84.93% | 18.61% | +66.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.95% | 29.07% | +74.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.35% | 34.00% | +78.35% |
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
With a correlation of 0.90, UVXY and VXZ 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 (25.55%) compared to VXZ (3.99%). In terms of maximum drawdown, UVXY dropped -100.00% vs VXZ's -69.00%.
VXZ currently has the higher Sharpe Ratio (-0.62 vs -0.85), 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.
Find the right allocation for UVXY and VXZ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer