UWM vs. UVXY
UWM (ProShares Ultra Russell2000) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - UWM is a Leveraged Equities fund tracking the Russell 2000 Index (200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, UWM returned 11.49%/yr vs -71.03%/yr for UVXY. Their -0.68 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
UWM vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, UWM achieves a 38.52% return, which is significantly higher than UVXY's -36.18% return. Over the past 10 years, UWM has outperformed UVXY with an annualized return of 11.49%, while UVXY has yielded a comparatively lower -71.03% annualized return.
UWM
- 1D
- 3.34%
- 1M
- -1.55%
- 6M
- 23.05%
- YTD
- 38.52%
- 1Y
- 76.90%
- 3Y*
- 22.09%
- 5Y*
- 4.52%
- 10Y*
- 11.49%
- ALL TIME*
- 7.33%
UVXY
- 1D
- -1.46%
- 1M
- -7.54%
- 6M
- -33.79%
- YTD
- -36.18%
- 1Y
- -73.63%
- 3Y*
- -63.76%
- 5Y*
- -68.11%
- 10Y*
- -71.03%
- ALL TIME*
- -80.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $186.30M | $190.88M | $236.21M | |
| $17.74M | $17.63M | $19.86M |
UWM vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UWM ProShares Ultra Russell2000 | 38.52% | 13.59% | 11.32% | 22.62% | -43.69% | 23.91% | 16.57% | 48.62% | -25.89% | 26.92% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -36.18% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between UWM and UVXY is -0.65, 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. | -0.65 |
Correlation (3Y) Balances recent behavior with more history. | -0.63 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.67 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.66 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.68 |
The correlation between UWM and UVXY has been stable across timeframes, ranging from -0.68 to -0.63 - a consistent structural relationship.
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Return for Risk
UWM vs. UVXY — Risk / Return Rank
UWM
UVXY
UWM vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Russell2000 (UWM) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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.
| UWM | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.87 | ||
| Sortino ratioReturn per unit of downside risk | +4.21 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 0.82 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 3.47 | -1.03 | +4.50 |
| Martin ratioReturn relative to average drawdown | 11.84 | -1.54 | +13.39 |
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Drawdowns
UWM vs. UVXY - Drawdown Comparison
The maximum UWM drawdown since its inception was -88.21%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UWM and UVXY.
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Drawdown Indicators
| UWM | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.21% | -100.00% | +11.79% |
Max Drawdown (1Y)Largest decline over 1 year | -22.28% | -71.36% | +49.08% |
Max Drawdown (3Y)Largest decline over 3 years | -49.79% | -95.42% | +45.63% |
Max Drawdown (5Y)Largest decline over 5 years | -61.62% | -99.68% | +38.06% |
Max Drawdown (10Y)Largest decline over 10 years | -71.46% | -100.00% | +28.54% |
Current DrawdownCurrent decline from peak | -3.36% | -100.00% | +96.64% |
Average DrawdownAverage peak-to-trough decline | -30.64% | -98.76% | +68.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.51% | 51.81% | -45.30% |
Volatility
UWM vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra Russell2000 (UWM) is 8.22%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.30%. This indicates that UWM experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UWM | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.22% | 22.30% | -14.08% |
Volatility (6M)Calculated over the trailing 6-month period | 27.96% | 65.53% | -37.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.36% | 86.48% | -48.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.94% | 103.34% | -58.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.03% | 112.09% | -66.06% |
UWM vs. UVXY - Expense Ratio Comparison
Both UWM and UVXY have an expense ratio of 0.95%.
Dividends
UWM vs. UVXY - Dividend Comparison
UWM's dividend yield for the trailing twelve months is around 0.81%, while UVXY has not paid dividends to shareholders.
| 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% |
UWM ProShares Ultra Russell2000 | 0.81% | 1.05% | 1.16% | 0.34% | 0.40% | 0.00% | 0.07% | 0.55% | 0.41% | 0.11% | 0.27% | 0.23% |
Frequently Asked Questions
UWM and UVXY have a correlation of -0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.30%) compared to UWM (8.22%). In terms of maximum drawdown, UWM dropped -88.21% vs UVXY's -100.00%.
On 10-year performance, UWM leads with 11.49% vs -71.03% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UWM has been the lower-risk option at 8.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UWM has performed better with a 11.49% return vs -71.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UWM and UVXY have the same expense ratio: 0.95% per year.
UWM has the higher dividend yield at 0.81%, compared with 0.00% for UVXY.
UWM is categorized as Leveraged Equities, while UVXY is Volatility. UWM tracks Russell 2000 Index (200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UWM currently has the higher Sharpe Ratio (2.02 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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