UVXY vs. XLU
UVXY (ProShares Ultra VIX Short-Term Futures ETF) and XLU (State Street Utilities Select Sector SPDR ETF) are both exchange-traded funds - UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%), while XLU is a Utilities Equities fund tracking the Utilities Select Sector Index. Both are passively managed. Over the past 10 years, UVXY returned -71.14%/yr vs 8.98%/yr for XLU. Their -0.30 correlation means they have often moved in opposite directions in the past. UVXY charges 0.95%/yr vs 0.08%/yr for XLU.
Performance
UVXY vs. XLU - Performance Comparison
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Returns By Period
In the year-to-date period, UVXY achieves a -38.60% return, which is significantly lower than XLU's 3.65% return. Over the past 10 years, UVXY has underperformed XLU with an annualized return of -71.14%, while XLU has yielded a comparatively higher 8.98% annualized return.
UVXY
- 1D
- -4.83%
- 1M
- -7.27%
- 6M
- -41.44%
- YTD
- -38.60%
- 1Y
- -72.18%
- 3Y*
- -64.22%
- 5Y*
- -67.88%
- 10Y*
- -71.14%
- ALL TIME*
- -80.22%
XLU
- 1D
- -1.02%
- 1M
- -3.62%
- 6M
- 2.71%
- YTD
- 3.65%
- 1Y
- 3.90%
- 3Y*
- 14.30%
- 5Y*
- 8.52%
- 10Y*
- 8.98%
- ALL TIME*
- 7.59%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $192.80M | $190.57M | $230.93M | |
| $937.69M | $849.56M | $919.11M |
UVXY vs. XLU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -38.60% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
XLU State Street Utilities Select Sector SPDR ETF | 3.65% | 16.03% | 23.31% | -7.18% | 1.44% | 17.70% | 0.51% | 25.93% | 3.94% | 12.05% |
Correlation
The correlation between UVXY and XLU is -0.11, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.11 |
Correlation (3Y) Balances recent behavior with more history. | -0.19 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.26 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.25 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.30 |
The correlation between UVXY and XLU shifts across timeframes, from -0.30 (all time) to -0.11 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UVXY vs. XLU — Risk / Return Rank
UVXY
XLU
UVXY vs. XLU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra VIX Short-Term Futures ETF (UVXY) and State Street Utilities Select Sector SPDR ETF (XLU). 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 | XLU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.11 | ||
| Sortino ratioReturn per unit of downside risk | -1.98 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.06 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | 0.43 | -1.44 |
| Martin ratioReturn relative to average drawdown | -1.56 | 0.87 | -2.43 |
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Drawdowns
UVXY vs. XLU - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, which is greater than XLU's maximum drawdown of -51.98%. Use the drawdown chart below to compare losses from any high point for UVXY and XLU.
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Drawdown Indicators
| UVXY | XLU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -51.98% | -48.02% |
Max Drawdown (1Y)Largest decline over 1 year | -71.05% | -9.18% | -61.87% |
Max Drawdown (3Y)Largest decline over 3 years | -95.55% | -13.15% | -82.40% |
Max Drawdown (5Y)Largest decline over 5 years | -99.69% | -25.26% | -74.43% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -36.07% | -63.93% |
Current DrawdownCurrent decline from peak | -100.00% | -7.30% | -92.70% |
Average DrawdownAverage peak-to-trough decline | -98.76% | -10.19% | -88.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 48.08% | 4.48% | +43.60% |
Volatility
UVXY vs. XLU - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 22.42% compared to State Street Utilities Select Sector SPDR ETF (XLU) at 3.82%. This indicates that UVXY's price experiences larger fluctuations and is considered to be riskier than XLU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UVXY | XLU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.42% | 3.82% | +18.60% |
Volatility (6M)Calculated over the trailing 6-month period | 65.04% | 11.89% | +53.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 85.86% | 14.93% | +70.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.36% | 17.34% | +86.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.06% | 19.30% | +92.76% |
UVXY vs. XLU - Expense Ratio Comparison
UVXY has a 0.95% expense ratio, which is higher than XLU's 0.08% expense ratio.
Dividends
UVXY vs. XLU - Dividend Comparison
UVXY has not paid dividends to shareholders, while XLU's dividend yield for the trailing twelve months is around 2.74%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XLU State Street Utilities Select Sector SPDR ETF | 2.74% | 2.71% | 2.96% | 3.39% | 2.92% | 2.79% | 3.14% | 2.95% | 3.33% | 3.33% | 3.41% | 3.67% |
Frequently Asked Questions
UVXY and XLU have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.42%) compared to XLU (3.82%). In terms of maximum drawdown, UVXY dropped -100.00% vs XLU's -51.98%.
On 10-year performance, XLU leads with 8.98% vs -71.14% for UVXY. On fees, XLU is cheaper at 0.08% per year. On volatility, XLU has been the lower-risk option at 3.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLU has performed better with a 8.98% return vs -71.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLU is cheaper with a 0.08% expense ratio, compared with 0.95% for UVXY.
XLU has the higher dividend yield at 2.74%, compared with 0.00% for UVXY.
UVXY is categorized as Volatility, while XLU is Utilities Equities. UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while XLU tracks Utilities Select Sector Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for UVXY and 0.08% for XLU.
XLU currently has the higher Sharpe Ratio (0.26 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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