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 19.45%/yr vs -71.50%/yr for UVXY. Their -0.64 correlation means they have often moved in opposite directions in the past. 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 28.57% return, which is significantly higher than UVXY's -35.24% return. Over the past 10 years, UXI has outperformed UVXY with an annualized return of 19.45%, while UVXY has yielded a comparatively lower -71.50% annualized return.
UXI
- 1D
- 1.77%
- 1M
- -4.74%
- 6M
- 14.00%
- YTD
- 28.57%
- 1Y
- 35.83%
- 3Y*
- 29.57%
- 5Y*
- 12.67%
- 10Y*
- 19.45%
- ALL TIME*
- 13.24%
UVXY
- 1D
- -4.24%
- 1M
- -6.17%
- 6M
- -37.50%
- YTD
- -35.24%
- 1Y
- -73.24%
- 3Y*
- -61.42%
- 5Y*
- -68.18%
- 10Y*
- -71.50%
- ALL TIME*
- -80.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $190.03M | $191.90M | $239.87M | |
| $192.00K | $302.67K | $285.62K |
UXI vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UXI ProShares Ultra Industrials | 28.57% | 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 | -35.24% | -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 -0.59, 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. | -0.59 |
Correlation (3Y) Balances recent behavior with more history. | -0.61 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.65 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 -0.65 to -0.59 - 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 | +1.76 | ||
| Sortino ratioReturn per unit of downside risk | +2.82 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.85 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | -0.95 | +2.31 |
| Martin ratioReturn relative to average drawdown | 4.85 | -1.35 | +6.21 |
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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% | -73.88% | +50.29% |
Max Drawdown (3Y)Largest decline over 3 years | -36.42% | -95.42% | +59.00% |
Max Drawdown (5Y)Largest decline over 5 years | -48.25% | -99.68% | +51.43% |
Max Drawdown (10Y)Largest decline over 10 years | -66.48% | -100.00% | +33.52% |
Current DrawdownCurrent decline from peak | -6.42% | -100.00% | +93.58% |
Average DrawdownAverage peak-to-trough decline | -22.46% | -98.76% | +76.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.62% | 51.60% | -44.98% |
Volatility
UXI vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra Industrials (UXI) is 9.93%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.30%. 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 | 9.93% | 22.30% | -12.37% |
Volatility (6M)Calculated over the trailing 6-month period | 27.91% | 65.55% | -37.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.76% | 87.28% | -53.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.24% | 103.39% | -67.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.50% | 112.09% | -72.59% |
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 0.51%, 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 | 0.51% | 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 -0.59, 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 UXI (9.93%). In terms of maximum drawdown, UXI dropped -89.01% vs UVXY's -100.00%.
On 10-year performance, UXI leads with 19.45% vs -71.50% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UXI has been the lower-risk option at 9.93%. 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 19.45% return vs -71.50%. 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 0.51%, 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 (0.95 vs -0.80), 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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