VIXM vs. UVIX

Last updated Jun 24, 2026

VIXM (ProShares VIX Mid-Term Futures ETF) and UVIX (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 (200% Daily). Both are passively managed. Over the past 3 years, VIXM returned -11.89%/yr vs -80.80%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares VIX Mid-Term Futures ETF (VIXM) and 2x Long VIX Futures ETF (UVIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIXM achieves a -1.77% return, which is significantly higher than UVIX's -36.43% return.

VIXM

• 1D: 0.67%
• 1M: -4.64%
• YTD: -1.77%
• 6M: 0.07%
• 1Y: -12.74%
• 3Y*: -11.89%
• 5Y*: -13.09%
• 10Y*: -12.28%

UVIX

• 1D: 10.67%
• 1M: -21.26%
• YTD: -36.43%
• 6M: -38.89%
• 1Y: -86.69%
• 3Y*: -80.80%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

VIXM vs. UVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
VIXM ProShares VIX Mid-Term Futures ETF	-1.77%	5.60%	-13.67%	-44.83%	-1.33%
UVIX 2x Long VIX Futures ETF	-36.43%	-83.21%	-75.24%	-95.28%	-61.86%

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 30, 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.

Return for Risk

VIXM vs. UVIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VIXM

VIXM Risk / Return Rank: 3
VIXM Sharpe Ratio Rank: 4
VIXM Sortino Ratio Rank: 4
VIXM Omega Ratio Rank: 4
VIXM Calmar Ratio Rank: 2
VIXM Martin Ratio Rank: 1

UVIX

UVIX Risk / Return Rank: 1
UVIX Sharpe Ratio Rank: 3
UVIX Sortino Ratio Rank: 1
UVIX Omega Ratio Rank: 1
UVIX Calmar Ratio Rank: 0
UVIX Martin Ratio Rank: 2

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.

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 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.

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.

	VIXM	UVIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.68	-0.77	+0.09
Sortino ratio: Return per unit of downside risk	-0.85	-1.74	+0.89
Omega ratio: Gain probability vs. loss probability	0.90	0.80	+0.09
Calmar ratio: Return relative to maximum drawdown	-0.82	-1.01	+0.18
Martin ratio: Return relative to average drawdown	-1.55	-1.36	-0.18

VIXM vs. UVIX - Sharpe Ratio Comparison

The current VIXM Sharpe Ratio is -0.68, which is comparable to the UVIX Sharpe Ratio of -0.77. The chart below compares the historical Sharpe Ratios of VIXM and UVIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VIXM vs. UVIX - Drawdown Comparison

The maximum VIXM drawdown since its inception was -96.23%, roughly equal to the maximum UVIX drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for VIXM and UVIX.

Drawdown Indicators

	VIXM	UVIX	Difference
Max Drawdown Largest peak-to-trough decline	-96.23%	-99.98%	+3.75%
Max Drawdown (1Y) Largest decline over 1 year	-15.53%	-86.20%	+70.67%
Max Drawdown (3Y) Largest decline over 3 years	-37.35%	-99.36%	+62.01%
Max Drawdown (5Y) Largest decline over 5 years	-63.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-75.56%	—	—
Current Drawdown Current decline from peak	-95.88%	-99.97%	+4.09%
Average Drawdown Average peak-to-trough decline	-81.54%	-88.58%	+7.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.43%	67.73%	-59.30%

Volatility

VIXM vs. UVIX - Volatility Comparison

The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 4.20%, while 2x Long VIX Futures ETF (UVIX) has a volatility of 33.94%. 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.

Volatility by Period

	VIXM	UVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	33.94%	-29.74%
Volatility (6M) Calculated over the trailing 6-month period	14.13%	87.40%	-73.27%
Volatility (1Y) Calculated over the trailing 1-year period	18.70%	112.72%	-94.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.62%	136.13%	-105.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.68%	136.13%	-103.45%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both VIXM and UVIX in my portfolio?

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.

Which is riskier, VIXM or UVIX?

UVIX has higher volatility (33.94%) compared to VIXM (4.20%). In terms of maximum drawdown, VIXM dropped -96.23% vs UVIX's -99.98%.

Which ETF is better, VIXM or UVIX?

On 3-year performance, VIXM leads with -11.89% vs -80.80% for UVIX. On fees, VIXM is cheaper at 0.85% per year. On volatility, VIXM has been the lower-risk option at 4.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIXM or UVIX?

Over the 3-year period, VIXM has performed better with a -11.89% return vs -80.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIXM or UVIX?

VIXM is cheaper with a 0.85% expense ratio, compared with 2.78% for UVIX.

Which ETF pays a higher dividend yield, VIXM or UVIX?

VIXM and UVIX have nearly identical dividend yields, around 0.00%.

What is the main difference between VIXM and UVIX?

VIXM tracks S&P 500 VIX Mid-Term Futures Index, while UVIX tracks Long VIX Futures Index (200% Daily). They also come from different issuers: ProShares and Volatility Shares. Their fees differ too: 0.85% for VIXM and 2.78% for UVIX.

Which has better risk-adjusted returns?

VIXM currently has the higher Sharpe Ratio (-0.68 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.