VIXM vs. UVIX
VIXM (ProShares VIX Mid-Term Futures ETF) and UVIX (Volatility Shares 2x Long VIX Futures ETF) are both Volatility funds - VIXM tracks the S&P 500 VIX Mid-Term Futures Index while UVIX tracks the Long VIX Futures Index – Benchmark TR Gross (200%). Both are passively managed. Over the past 3 years, VIXM returned -13.22%/yr vs -82.43%/yr for UVIX. Their correlation of 0.91 suggests significant overlap in exposure. VIXM charges 0.85%/yr vs 2.78%/yr for UVIX.
Performance
VIXM vs. UVIX - Performance Comparison
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Returns By Period
In the year-to-date period, VIXM achieves a 1.31% return, which is significantly higher than UVIX's -31.87% return.
VIXM
- 1D
- 0.39%
- 1M
- -2.34%
- YTD
- 1.31%
- 6M
- -2.83%
- 1Y
- -8.35%
- 3Y*
- -13.22%
- 5Y*
- -13.49%
- 10Y*
- -11.17%
UVIX
- 1D
- -0.26%
- 1M
- -29.01%
- YTD
- -31.87%
- 6M
- -51.86%
- 1Y
- -85.80%
- 3Y*
- -82.43%
- 5Y*
- —
- 10Y*
- —
VIXM vs. UVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | 1.31% | 5.60% | -13.67% | -44.83% | -2.25% |
UVIX Volatility Shares 2x Long VIX Futures ETF | -31.87% | -83.21% | -75.24% | -95.28% | -62.08% |
Correlation
The correlation between VIXM and UVIX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022 | 0.91 |
The correlation between VIXM and UVIX has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.
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Return for Risk
VIXM vs. UVIX — Risk / Return Rank
VIXM
UVIX
VIXM vs. UVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and Volatility Shares 2x Long VIX Futures ETF (UVIX). 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.
| VIXM | UVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +1.20 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 0.81 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | -0.98 | +0.43 |
| Martin ratioReturn relative to average drawdown | -0.96 | -1.26 | +0.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VIXM | UVIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.44 | -0.77 | +0.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.44 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.34 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.55 | -0.62 | +0.07 |
Drawdowns
VIXM vs. UVIX - Drawdown Comparison
The maximum VIXM drawdown since its inception was -96.23%, roughly equal to the maximum UVIX drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for VIXM and UVIX.
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Drawdown Indicators
| VIXM | UVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -99.97% | +3.74% |
Max Drawdown (1Y)Largest decline over 1 year | -15.22% | -87.35% | +72.13% |
Max Drawdown (3Y)Largest decline over 3 years | -41.41% | -99.44% | +58.03% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -75.72% | — | — |
Current DrawdownCurrent decline from peak | -95.75% | -99.97% | +4.22% |
Average DrawdownAverage peak-to-trough decline | -81.52% | -88.52% | +7.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.74% | 67.78% | -59.04% |
Volatility
VIXM vs. UVIX - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.19%, while Volatility Shares 2x Long VIX Futures ETF (UVIX) has a volatility of 15.41%. This indicates that VIXM experiences smaller price fluctuations and is considered to be less risky than UVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXM | UVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.19% | 15.41% | -12.22% |
Volatility (6M)Calculated over the trailing 6-month period | 13.91% | 82.35% | -68.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.98% | 111.51% | -92.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.68% | 136.15% | -105.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.90% | 136.15% | -103.25% |
VIXM vs. UVIX - Expense Ratio Comparison
VIXM has a 0.85% expense ratio, which is lower than UVIX's 2.78% expense ratio.
Dividends
VIXM vs. UVIX - Dividend Comparison
Neither VIXM nor UVIX has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.91, VIXM and UVIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
UVIX has higher volatility (15.41%) compared to VIXM (3.19%). In terms of maximum drawdown, VIXM dropped -96.23% vs UVIX's -99.97%.
On 3-year performance, VIXM leads with -13.22% vs -82.43% for UVIX. On fees, VIXM is cheaper at 0.85% per year. On volatility, VIXM has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, VIXM has performed better with a -13.22% return vs -82.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIXM is cheaper with a 0.85% expense ratio, compared with 2.78% for UVIX.
VIXM and UVIX have nearly identical dividend yields, around 0.00%.
VIXM tracks S&P 500 VIX Mid-Term Futures Index, while UVIX tracks Long VIX Futures Index – Benchmark TR Gross (200%). They also come from different issuers: ProShares and Volatility Shares. Their fees differ too: 0.85% for VIXM and 2.78% for UVIX.
VIXM currently has the higher Sharpe Ratio (-0.44 vs -0.77), 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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