UXI vs. UVXY
UXI (ProShares Ultra Industrials) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - UXI is a Leveraged Equities fund tracking the Dow Jones U.S. Industrials 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, UXI returned 20.48%/yr vs -73.85%/yr for UVXY. At a correlation of -0.64, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UXI vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, UXI achieves a 27.75% return, which is significantly higher than UVXY's -22.07% return. Over the past 10 years, UXI has outperformed UVXY with an annualized return of 20.48%, while UVXY has yielded a comparatively lower -73.85% annualized return.
UXI
- 1D
- -3.58%
- 1M
- 7.77%
- YTD
- 27.75%
- 6M
- 24.69%
- 1Y
- 45.13%
- 3Y*
- 35.06%
- 5Y*
- 13.19%
- 10Y*
- 20.48%
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%
UXI vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UXI ProShares Ultra Industrials | 27.75% | 28.84% | 26.48% | 27.34% | -32.90% | 34.64% | 16.37% | 67.44% | -28.13% | 51.81% |
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 UXI and UVXY is -0.58, 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 | -0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.64 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.64 |
The correlation between UXI and UVXY has been stable across timeframes, ranging from -0.66 to -0.58 - a consistent structural relationship.
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Return for Risk
UXI vs. UVXY — Risk / Return Rank
UXI
UVXY
UXI vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Industrials (UXI) 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.
| UXI | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.26 | ||
| Sortino ratioReturn per unit of downside risk | +3.62 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.81 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 1.92 | -1.01 | +2.93 |
| Martin ratioReturn relative to average drawdown | 6.78 | -1.45 | +8.23 |
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Drawdowns
UXI vs. UVXY - Drawdown Comparison
The maximum UXI drawdown since its inception was -89.01%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UXI and UVXY.
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Drawdown Indicators
| UXI | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.01% | -100.00% | +10.99% |
Max Drawdown (1Y)Largest decline over 1 year | -23.59% | -73.51% | +49.92% |
Max Drawdown (3Y)Largest decline over 3 years | -36.42% | -94.93% | +58.51% |
Max Drawdown (5Y)Largest decline over 5 years | -48.25% | -99.71% | +51.46% |
Max Drawdown (10Y)Largest decline over 10 years | -66.48% | -100.00% | +33.52% |
Current DrawdownCurrent decline from peak | -3.58% | -100.00% | +96.42% |
Average DrawdownAverage peak-to-trough decline | -22.56% | -98.75% | +76.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.68% | 55.34% | -48.66% |
Volatility
UXI vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra Industrials (UXI) is 12.23%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.85%. This indicates that UXI 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
| UXI | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.23% | 25.85% | -13.62% |
Volatility (6M)Calculated over the trailing 6-month period | 27.22% | 66.46% | -39.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.61% | 85.46% | -52.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.13% | 103.96% | -67.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.50% | 112.39% | -72.89% |
UXI vs. UVXY - Expense Ratio Comparison
Both UXI and UVXY have an expense ratio of 0.95%.
Dividends
UXI vs. UVXY - Dividend Comparison
UXI's dividend yield for the trailing twelve months is around 0.64%, 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% |
UXI ProShares Ultra Industrials | 0.64% | 0.90% | 0.18% | 0.21% | 0.24% | 0.03% | 0.29% | 0.58% | 0.37% | 0.24% | 0.38% | 0.41% |
Frequently Asked Questions
UXI and UVXY have a correlation of -0.58, 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 UXI (12.23%). In terms of maximum drawdown, UXI dropped -89.01% vs UVXY's -100.00%.
On 10-year performance, UXI leads with 20.48% vs -73.85% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UXI has been the lower-risk option at 12.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UXI has performed better with a 20.48% return vs -73.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UXI and UVXY have the same expense ratio: 0.95% per year.
UXI has the higher dividend yield at 0.64%, compared with 0.00% for UVXY.
UXI is categorized as Leveraged Equities, while UVXY is Volatility. UXI tracks Dow Jones U.S. Industrials Index (200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UXI currently has the higher Sharpe Ratio (1.39 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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