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 13.44%/yr vs -73.85%/yr for UVXY. At a correlation of -0.68, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UWM vs. UVXY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UWM achieves a 38.71% return, which is significantly higher than UVXY's -22.07% return. Over the past 10 years, UWM has outperformed UVXY with an annualized return of 13.44%, while UVXY has yielded a comparatively lower -73.85% annualized return.
UWM
- 1D
- -1.93%
- 1M
- 6.86%
- YTD
- 38.71%
- 6M
- 32.01%
- 1Y
- 81.03%
- 3Y*
- 27.92%
- 5Y*
- 1.93%
- 10Y*
- 13.44%
UVXY
- 1D
- 8.28%
- 1M
- -14.92%
- YTD
- -22.07%
- 6M
- -24.28%
- 1Y
- -74.07%
- 3Y*
- -61.96%
- 5Y*
- -66.90%
- 10Y*
- -73.85%
UWM vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UWM ProShares Ultra Russell2000 | 38.71% | 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 | -22.07% | -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 -0.62, 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 | -0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 -0.62 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | +2.95 | ||
| Sortino ratioReturn per unit of downside risk | +4.29 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 0.81 | +0.50 |
| Calmar ratioReturn relative to maximum drawdown | 3.66 | -1.01 | +4.66 |
| Martin ratioReturn relative to average drawdown | 12.47 | -1.45 | +13.92 |
Loading charts...
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.
Loading charts...
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% | -73.51% | +51.23% |
Max Drawdown (3Y)Largest decline over 3 years | -49.79% | -94.93% | +45.14% |
Max Drawdown (5Y)Largest decline over 5 years | -61.62% | -99.71% | +38.09% |
Max Drawdown (10Y)Largest decline over 10 years | -71.46% | -100.00% | +28.54% |
Current DrawdownCurrent decline from peak | -1.93% | -100.00% | +98.07% |
Average DrawdownAverage peak-to-trough decline | -30.80% | -98.75% | +67.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.52% | 55.34% | -48.82% |
Volatility
UWM vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra Russell2000 (UWM) is 13.03%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.85%. 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.
Loading charts...
Volatility by Period
| UWM | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.03% | 25.85% | -12.82% |
Volatility (6M)Calculated over the trailing 6-month period | 28.39% | 66.46% | -38.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.12% | 85.46% | -46.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.16% | 103.96% | -58.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.13% | 112.39% | -66.26% |
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 0.74%, 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 | 0.74% | 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 -0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.85%) compared to UWM (13.03%). In terms of maximum drawdown, UWM dropped -88.21% vs UVXY's -100.00%.
On 10-year performance, UWM leads with 13.44% vs -73.85% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UWM has been the lower-risk option at 13.03%. 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 13.44% return vs -73.85%. 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 0.74%, 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 (2.09 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.
Find the right allocation for UWM and UVXY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer