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 -73.90%/yr vs 9.45%/yr for XLU. At a correlation of -0.31, they often move in opposite directions. 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 -24.94% return, which is significantly lower than XLU's 8.84% return. Over the past 10 years, UVXY has underperformed XLU with an annualized return of -73.90%, while XLU has yielded a comparatively higher 9.45% annualized 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%
XLU
- 1D
- 0.68%
- 1M
- 1.79%
- YTD
- 8.84%
- 6M
- 8.54%
- 1Y
- 17.09%
- 3Y*
- 15.18%
- 5Y*
- 10.75%
- 10Y*
- 9.45%
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 | -24.94% | -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 | 8.84% | 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 -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.25 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.31 |
The correlation between UVXY and XLU shifts across timeframes, from -0.31 (all time) to -0.15 (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 | -2.02 | ||
| Sortino ratioReturn per unit of downside risk | -3.15 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.21 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 1.87 | -2.86 |
| Martin ratioReturn relative to average drawdown | -1.43 | 3.96 | -5.39 |
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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 | -72.74% | -9.18% | -63.56% |
Max Drawdown (3Y)Largest decline over 3 years | -94.91% | -17.26% | -77.65% |
Max Drawdown (5Y)Largest decline over 5 years | -99.71% | -25.26% | -74.45% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -36.07% | -63.93% |
Current DrawdownCurrent decline from peak | -100.00% | -2.65% | -97.35% |
Average DrawdownAverage peak-to-trough decline | -98.75% | -10.21% | -88.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.54% | 4.33% | +46.21% |
Volatility
UVXY vs. XLU - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 25.55% compared to State Street Utilities Select Sector SPDR ETF (XLU) at 5.29%. 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 | 25.55% | 5.29% | +20.26% |
Volatility (6M)Calculated over the trailing 6-month period | 66.08% | 11.68% | +54.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 84.93% | 14.68% | +70.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.95% | 17.30% | +86.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.35% | 19.28% | +93.07% |
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 2.61%.
| 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 | 2.61% | 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 -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.55%) compared to XLU (5.29%). In terms of maximum drawdown, UVXY dropped -100.00% vs XLU's -51.98%.
On 10-year performance, XLU leads with 9.45% vs -73.90% for UVXY. On fees, XLU is cheaper at 0.08% per year. On volatility, XLU has been the lower-risk option at 5.29%. 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 9.45% return vs -73.90%. 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 2.61%, 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 (1.17 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.
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