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UWM vs. UVXY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UWM vs. UVXY

Last updated Jun 4, 2026

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 12.16%/yr vs -72.67%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Russell2000 (UWM) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UWM achieves a 31.87% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, UWM has outperformed UVXY with an annualized return of 12.16%, while UVXY has yielded a comparatively lower -72.67% annualized return.

UWM

1D
-2.69%
1M
6.41%
YTD
31.87%
6M
28.56%
1Y
76.77%
3Y*
25.03%
5Y*
1.71%
10Y*
12.16%

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

UWM vs. UVXY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UWM
ProShares Ultra Russell2000		31.87%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		-19.06%-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 -0.61, 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

-0.61

Correlation (3Y)
Calculated over the trailing 3-year period

-0.60

Correlation (5Y)
Calculated over the trailing 5-year period

-0.67

Correlation (10Y)
Calculated over the trailing 10-year period

-0.66

Correlation (All Time)
Calculated using the full available price history since Oct 5, 2011

-0.68

The correlation between UWM and UVXY has been stable across timeframes, ranging from -0.68 to -0.60 - 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.

ProShares Ultra Russell2000

ProShares Ultra VIX Short-Term Futures ETF

Often compared with UWM:
UWM vs. IWMUWM vs. TNAUWM vs. URTYUWM vs. SPYUWM vs. TQQQUWM vs. VTWOUWM vs. IWO
Often compared with UVXY:
UVXY vs. UVIXUVXY vs. VXXUVXY vs. VIXYUVXY vs. SVXYUVXY vs. SQQQUVXY vs. SPYUVXY vs. SPXS

Return for Risk

UWM vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UWM
UWM Risk / Return Rank: 5959
Overall Rank
UWM Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
UWM Sortino Ratio Rank: 5454
Sortino Ratio Rank
UWM Omega Ratio Rank: 4949
Omega Ratio Rank
UWM Calmar Ratio Rank: 6969
Calmar Ratio Rank
UWM Martin Ratio Rank: 6565
Martin Ratio Rank
UVXY
UVXY Risk / Return Rank: 11
Overall Rank
UVXY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
UVXY Sortino Ratio Rank: 11
Sortino Ratio Rank
UVXY Omega Ratio Rank: 11
Omega Ratio Rank
UVXY Calmar Ratio Rank: 11
Calmar Ratio Rank
UVXY Martin Ratio Rank: 22
Martin Ratio Rank
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.

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.

UWMUVXYDifference
Sharpe ratioReturn per unit of total volatility
2.03
-0.87

+2.90

Sortino ratioReturn per unit of downside risk
2.63
-1.60

+4.23

Omega ratioGain probability vs. loss probability

1.31

0.82

+0.49

Calmar ratioReturn relative to maximum drawdown

3.46

-0.97

+4.43

Martin ratioReturn relative to average drawdown

11.85

-1.31

+13.16

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UWM vs. UVXY - Sharpe Ratio Comparison

The current UWM Sharpe Ratio is 2.03, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of UWM and UVXY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

UWMUVXYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.03

-0.87

+2.90

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.04

-0.66

+0.69

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.26

-0.64

+0.90

Sharpe Ratio (All Time)

Calculated using the full available price history

0.14

-0.68

+0.82

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

UWMUVXYDifference

Max Drawdown

Largest peak-to-trough decline

-88.21%

-100.00%

+11.79%

Max Drawdown (1Y)

Largest decline over 1 year

-22.28%

-75.22%

+52.94%

Max Drawdown (3Y)

Largest decline over 3 years

-49.79%

-95.45%

+45.66%

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 Drawdown

Current decline from peak

-3.55%

-100.00%

+96.45%

Average Drawdown

Average peak-to-trough decline

-30.88%

-98.55%

+67.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.50%

55.63%

-49.13%

Volatility

UWM vs. UVXY - Volatility Comparison

ProShares Ultra Russell2000 (UWM) and ProShares Ultra VIX Short-Term Futures ETF (UVXY) have volatilities of 11.45% and 11.77%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UWMUVXYDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.45%

11.77%

-0.32%

Volatility (6M)

Calculated over the trailing 6-month period

26.82%

62.64%

-35.82%

Volatility (1Y)

Calculated over the trailing 1-year period

38.04%

84.42%

-46.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

45.01%

103.85%

-58.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

46.08%

113.82%

-67.74%

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 0.78%, while UVXY has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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		0.78%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 -0.61, 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 UWM (11.45%). In terms of maximum drawdown, UWM dropped -88.21% vs UVXY's -100.00%.

On 10-year performance, UWM leads with 12.16% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UWM has been the lower-risk option at 11.45%. 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 12.16% return vs -72.67%. 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 0.78%, 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 (2.03 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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