UVXY vs. ZIVB

Last updated Jun 4, 2026

UVXY (ProShares Ultra VIX Short-Term Futures ETF) and ZIVB (-1x Short VIX Mid-Term Futures Strategy ETF) are both exchange-traded funds - UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%), while ZIVB is a Inverse Equities fund actively managed by Volatility Shares. UVXY is passively managed, while ZIVB is actively managed. UVXY charges 0.95%/yr vs 1.35%/yr for ZIVB.

Performance

UVXY vs. ZIVB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra VIX Short-Term Futures ETF (UVXY) and -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

ZIVB

• 1D: 0.00%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

UVXY vs. ZIVB - Yearly Performance Comparison

	2026 (YTD)
UVXY ProShares Ultra VIX Short-Term Futures ETF	-1.39%
ZIVB -1x Short VIX Mid-Term Futures Strategy ETF	0.00%

Return for Risk

UVXY vs. ZIVB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UVXY

UVXY Risk / Return Rank: 1
UVXY Sharpe Ratio Rank: 2
UVXY Sortino Ratio Rank: 1
UVXY Omega Ratio Rank: 1
UVXY Calmar Ratio Rank: 1
UVXY Martin Ratio Rank: 2

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UVXY vs. ZIVB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra VIX Short-Term Futures ETF (UVXY) and -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB). 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	ZIVB	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	—	—
Sortino ratio: Return per unit of downside risk	-1.60	—	—
Omega ratio: Gain probability vs. loss probability	0.82	—	—
Calmar ratio: Return relative to maximum drawdown	-0.97	—	—
Martin ratio: Return relative to average drawdown	-1.31	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	UVXY	ZIVB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.87	—	—
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	—	—

Drawdowns

UVXY vs. ZIVB - Drawdown Comparison

The maximum UVXY drawdown since its inception was -100.00%, which is greater than ZIVB's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for UVXY and ZIVB.

Drawdown Indicators

	UVXY	ZIVB	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	0.00%	-100.00%
Max Drawdown (1Y) Largest decline over 1 year	-75.22%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-95.45%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-99.68%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-100.00%	—	—
Current Drawdown Current decline from peak	-100.00%	0.00%	-100.00%
Average Drawdown Average peak-to-trough decline	-98.55%	0.00%	-98.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	55.63%	—	—

Volatility

Volatility by Period

	UVXY	ZIVB	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.77%	—	—
Volatility (6M) Calculated over the trailing 6-month period	62.64%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	84.42%	0.00%	+84.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	103.85%	0.00%	+103.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	113.82%	0.00%	+113.82%

UVXY vs. ZIVB - Expense Ratio Comparison

UVXY has a 0.95% expense ratio, which is lower than ZIVB's 1.35% expense ratio.

Dividends

UVXY vs. ZIVB - Dividend Comparison

Neither UVXY nor ZIVB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Which ETF is better, UVXY or ZIVB?

On fees, UVXY is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UVXY or ZIVB?

UVXY is cheaper with a 0.95% expense ratio, compared with 1.35% for ZIVB.

Which ETF pays a higher dividend yield, UVXY or ZIVB?

UVXY and ZIVB have nearly identical dividend yields, around 0.00%.

What is the main difference between UVXY and ZIVB?

UVXY is categorized as Volatility, while ZIVB is Inverse Equities. They also come from different issuers: ProShares and Volatility Shares. Their fees differ too: 0.95% for UVXY and 1.35% for ZIVB.