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UYG vs. UVXY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UYG vs. UVXY

Last updated Jun 5, 2026

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 16.31%/yr vs -72.73%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Financials (UYG) 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, UYG achieves a -11.64% return, which is significantly higher than UVXY's -23.07% return. Over the past 10 years, UYG has outperformed UVXY with an annualized return of 16.31%, while UVXY has yielded a comparatively lower -72.73% annualized return.

UYG

1D
5.26%
1M
1.69%
YTD
-11.64%
6M
-7.39%
1Y
0.42%
3Y*
28.93%
5Y*
9.24%
10Y*
16.31%

UVXY

1D
-4.95%
1M
-26.21%
YTD
-23.07%
6M
-39.47%
1Y
-74.10%
3Y*
-64.78%
5Y*
-68.23%
10Y*
-72.73%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UYG vs. UVXY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UYG
ProShares Ultra Financials		-11.64%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		-23.07%-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 -0.59, 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

-0.60

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

-0.56

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

-0.64

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

-0.63

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

-0.67

The correlation between UYG and UVXY shifts across timeframes, from -0.67 (all time) to -0.56 (3 years), reflecting how their relationship changes across market environments.

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ProShares Ultra Financials

ProShares Ultra VIX Short-Term Futures ETF

Often compared with UYG:
UYG vs. SKFUYG vs. QLDUYG vs. XLFUYG vs. FASUYG vs. IYWUYG vs. BRK-BUYG vs. ROM
Often compared with UVXY:
UVXY vs. UVIXUVXY vs. VXXUVXY vs. VIXYUVXY vs. SVXYUVXY vs. SQQQUVXY vs. SPYUVXY vs. SPXS

Return for Risk

UYG vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UYG
UYG Risk / Return Rank: 1010
Overall Rank
UYG Sharpe Ratio Rank: 99
Sharpe Ratio Rank
UYG Sortino Ratio Rank: 1010
Sortino Ratio Rank
UYG Omega Ratio Rank: 1010
Omega Ratio Rank
UYG Calmar Ratio Rank: 99
Calmar Ratio Rank
UYG Martin Ratio Rank: 99
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: 00
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.

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.

UYGUVXYDifference
Sharpe ratioReturn per unit of total volatility
0.01
-0.88

+0.89

Sortino ratioReturn per unit of downside risk
0.22
-1.67

+1.89

Omega ratioGain probability vs. loss probability

1.03

0.81

+0.22

Calmar ratioReturn relative to maximum drawdown

0.01

-0.97

+0.99

Martin ratioReturn relative to average drawdown

0.04

-1.33

+1.36

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

UYG vs. UVXY - Sharpe Ratio Comparison

The current UYG Sharpe Ratio is 0.01, which is higher than the UVXY Sharpe Ratio of -0.88. The chart below compares the historical Sharpe Ratios of UYG 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

UYGUVXYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.01

-0.88

+0.89

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.26

-0.66

+0.92

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.40

-0.64

+1.04

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.00

-0.68

+0.68

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

UYGUVXYDifference

Max Drawdown

Largest peak-to-trough decline

-97.90%

-100.00%

+2.10%

Max Drawdown (1Y)

Largest decline over 1 year

-28.91%

-76.19%

+47.28%

Max Drawdown (3Y)

Largest decline over 3 years

-30.35%

-95.25%

+64.90%

Max Drawdown (5Y)

Largest decline over 5 years

-47.77%

-99.69%

+51.92%

Max Drawdown (10Y)

Largest decline over 10 years

-69.98%

-100.00%

+30.02%

Current Drawdown

Current decline from peak

-16.55%

-100.00%

+83.45%

Average Drawdown

Average peak-to-trough decline

-63.36%

-98.55%

+35.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.92%

55.83%

-43.91%

Volatility

UYG vs. UVXY - Volatility Comparison

The current volatility for ProShares Ultra Financials (UYG) is 8.39%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 12.26%. 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

UYGUVXYDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.39%

12.26%

-3.87%

Volatility (6M)

Calculated over the trailing 6-month period

22.49%

62.79%

-40.30%

Volatility (1Y)

Calculated over the trailing 1-year period

29.32%

84.51%

-55.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.21%

103.82%

-67.61%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

41.06%

113.81%

-72.75%

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 13.22%, 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%
UYG
ProShares Ultra Financials		13.22%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 -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UVXY has higher volatility (12.26%) compared to UYG (8.39%). In terms of maximum drawdown, UYG dropped -97.90% vs UVXY's -100.00%.

On 10-year performance, UYG leads with 16.31% vs -72.73% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UYG has been the lower-risk option at 8.39%. 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 16.31% return vs -72.73%. 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 13.22%, 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 (0.01 vs -0.88), 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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