UYG vs. UVXY
UYG (ProShares Ultra Financials) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - UYG is a Leveraged Equities fund tracking the Dow Jones U.S. Financials 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, UYG returned 18.50%/yr vs -73.21%/yr for UVXY. At a correlation of -0.67, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UYG vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, UYG achieves a -6.60% return, which is significantly higher than UVXY's -24.24% return. Over the past 10 years, UYG has outperformed UVXY with an annualized return of 18.50%, while UVXY has yielded a comparatively lower -73.21% annualized return.
UYG
- 1D
- 0.38%
- 1M
- 9.36%
- YTD
- -6.60%
- 6M
- -9.22%
- 1Y
- 1.43%
- 3Y*
- 30.40%
- 5Y*
- 11.29%
- 10Y*
- 18.50%
UVXY
- 1D
- 0.93%
- 1M
- -7.70%
- YTD
- -24.24%
- 6M
- -25.95%
- 1Y
- -71.21%
- 3Y*
- -61.78%
- 5Y*
- -66.93%
- 10Y*
- -73.21%
UYG vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UYG ProShares Ultra Financials | -6.60% | 19.77% | 55.71% | 22.14% | -32.11% | 76.26% | -20.32% | 66.15% | -22.61% | 39.28% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -24.24% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between UYG and UVXY is -0.55, 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 | -0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.63 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.67 |
The correlation between UYG and UVXY shifts across timeframes, from -0.67 (all time) to -0.55 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UYG vs. UVXY — Risk / Return Rank
UYG
UVXY
UYG vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Financials (UYG) 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.
| UYG | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.90 | ||
| Sortino ratioReturn per unit of downside risk | +1.77 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.83 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.06 | -0.98 | +1.04 |
| Martin ratioReturn relative to average drawdown | 0.15 | -1.41 | +1.56 |
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Drawdowns
UYG vs. UVXY - Drawdown Comparison
The maximum UYG drawdown since its inception was -97.90%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UYG and UVXY.
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Drawdown Indicators
| UYG | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.90% | -100.00% | +2.10% |
Max Drawdown (1Y)Largest decline over 1 year | -28.91% | -72.74% | +43.83% |
Max Drawdown (3Y)Largest decline over 3 years | -30.35% | -94.91% | +64.56% |
Max Drawdown (5Y)Largest decline over 5 years | -47.77% | -99.71% | +51.94% |
Max Drawdown (10Y)Largest decline over 10 years | -69.98% | -100.00% | +30.02% |
Current DrawdownCurrent decline from peak | -11.79% | -100.00% | +88.21% |
Average DrawdownAverage peak-to-trough decline | -63.19% | -98.75% | +35.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.34% | 50.35% | -38.01% |
Volatility
UYG vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra Financials (UYG) is 7.98%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.45%. This indicates that UYG 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
| UYG | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.98% | 25.45% | -17.47% |
Volatility (6M)Calculated over the trailing 6-month period | 22.38% | 66.09% | -43.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.93% | 84.93% | -56.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.12% | 103.91% | -67.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.90% | 112.35% | -71.45% |
UYG vs. UVXY - Expense Ratio Comparison
Both UYG and UVXY have an expense ratio of 0.95%.
Dividends
UYG vs. UVXY - Dividend Comparison
UYG's dividend yield for the trailing twelve months is around 12.50%, 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% |
UYG ProShares Ultra Financials | 12.50% | 11.72% | 0.51% | 0.79% | 0.77% | 9.39% | 0.66% | 0.90% | 1.28% | 0.56% | 0.76% | 0.72% |
Frequently Asked Questions
UYG and UVXY have a correlation of -0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.45%) compared to UYG (7.98%). In terms of maximum drawdown, UYG dropped -97.90% vs UVXY's -100.00%.
On 10-year performance, UYG leads with 18.50% vs -73.21% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UYG has been the lower-risk option at 7.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UYG has performed better with a 18.50% return vs -73.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UYG and UVXY have the same expense ratio: 0.95% per year.
UYG has the higher dividend yield at 12.50%, compared with 0.00% for UVXY.
UYG is categorized as Leveraged Equities, while UVXY is Volatility. UYG tracks Dow Jones U.S. Financials Index (200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UYG currently has the higher Sharpe Ratio (0.06 vs -0.84), 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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