UVXY vs. XTJL
UVXY (ProShares Ultra VIX Short-Term Futures ETF) and XTJL (Innovator U.S. Equity Accelerated Plus ETF - July) are both exchange-traded funds - UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%), while XTJL is a Leveraged Equities fund actively managed by Innovator. UVXY is passively managed, while XTJL is actively managed. Over the past 3 years, UVXY returned -64.55%/yr vs 14.68%/yr for XTJL. At a correlation of -0.78, they often move in opposite directions. UVXY charges 0.95%/yr vs 0.79%/yr for XTJL.
Performance
UVXY vs. XTJL - Performance Comparison
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Returns By Period
In the year-to-date period, UVXY achieves a -19.06% return, which is significantly lower than XTJL's 5.36% return.
UVXY
- 1D
- -0.24%
- 1M
- -22.10%
- YTD
- -19.06%
- 6M
- -37.37%
- 1Y
- -72.91%
- 3Y*
- -64.55%
- 5Y*
- -67.90%
- 10Y*
- -72.67%
XTJL
- 1D
- 0.00%
- 1M
- 1.16%
- YTD
- 5.36%
- 6M
- 6.38%
- 1Y
- 15.64%
- 3Y*
- 14.68%
- 5Y*
- —
- 10Y*
- —
UVXY vs. XTJL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -19.06% | -65.32% | -50.90% | -87.70% | -44.81% | -54.44% |
XTJL Innovator U.S. Equity Accelerated Plus ETF - July | 5.36% | 15.42% | 14.43% | 25.72% | -15.66% | 7.28% |
Correlation
The correlation between UVXY and XTJL is -0.80, 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 | -0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.77 |
Correlation (All Time) Calculated using the full available price history since Jul 2, 2021 | -0.78 |
The correlation between UVXY and XTJL has been stable across timeframes, ranging from -0.80 to -0.77 - a consistent structural relationship.
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Return for Risk
UVXY vs. XTJL — Risk / Return Rank
UVXY
XTJL
UVXY vs. XTJL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra VIX Short-Term Futures ETF (UVXY) and Innovator U.S. Equity Accelerated Plus ETF - July (XTJL). 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.
| UVXY | XTJL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.98 | ||
| Sortino ratioReturn per unit of downside risk | -4.74 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.46 | -0.65 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 3.07 | -4.04 |
| Martin ratioReturn relative to average drawdown | -1.31 | 17.37 | -18.68 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UVXY | XTJL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.87 | 2.12 | -2.98 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | 0.65 | -1.32 |
Drawdowns
UVXY vs. XTJL - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, which is greater than XTJL's maximum drawdown of -23.24%. Use the drawdown chart below to compare losses from any high point for UVXY and XTJL.
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Drawdown Indicators
| UVXY | XTJL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -23.24% | -76.76% |
Max Drawdown (1Y)Largest decline over 1 year | -75.22% | -5.12% | -70.10% |
Max Drawdown (3Y)Largest decline over 3 years | -95.45% | -16.70% | -78.75% |
Max Drawdown (5Y)Largest decline over 5 years | -99.68% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | 0.00% | -100.00% |
Average DrawdownAverage peak-to-trough decline | -98.55% | -4.04% | -94.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.63% | 0.90% | +54.73% |
Volatility
UVXY vs. XTJL - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 11.77% compared to Innovator U.S. Equity Accelerated Plus ETF - July (XTJL) at 0.33%. This indicates that UVXY's price experiences larger fluctuations and is considered to be riskier than XTJL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UVXY | XTJL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.77% | 0.33% | +11.44% |
Volatility (6M)Calculated over the trailing 6-month period | 62.64% | 5.72% | +56.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 84.42% | 7.43% | +76.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.85% | 15.22% | +88.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 113.82% | 15.22% | +98.60% |
UVXY vs. XTJL - Expense Ratio Comparison
UVXY has a 0.95% expense ratio, which is higher than XTJL's 0.79% expense ratio.
Dividends
UVXY vs. XTJL - Dividend Comparison
Neither UVXY nor XTJL has paid dividends to shareholders.
Frequently Asked Questions
UVXY and XTJL have a correlation of -0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (11.77%) compared to XTJL (0.33%). In terms of maximum drawdown, UVXY dropped -100.00% vs XTJL's -23.24%.
On 3-year performance, XTJL leads with 14.68% vs -64.55% for UVXY. On fees, XTJL is cheaper at 0.79% per year. On volatility, XTJL has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, XTJL has performed better with a 14.68% return vs -64.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XTJL is cheaper with a 0.79% expense ratio, compared with 0.95% for UVXY.
UVXY and XTJL have nearly identical dividend yields, around 0.00%.
UVXY is categorized as Volatility, while XTJL is Leveraged Equities. They also come from different issuers: ProShares and Innovator. Their fees differ too: 0.95% for UVXY and 0.79% for XTJL.
XTJL currently has the higher Sharpe Ratio (2.12 vs -0.87), 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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