VIXY vs. UPRO
VIXY (ProShares VIX Short-Term Futures ETF) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - VIXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index, while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, VIXY returned -46.69%/yr vs 28.48%/yr for UPRO. Their -0.78 correlation means they have often moved in opposite directions in the past. VIXY charges 0.85%/yr vs 0.89%/yr for UPRO.
Performance
VIXY vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, VIXY achieves a -20.01% return, which is significantly lower than UPRO's 21.72% return. Over the past 10 years, VIXY has underperformed UPRO with an annualized return of -46.69%, while UPRO has yielded a comparatively higher 28.48% annualized return.
VIXY
- 1D
- -2.66%
- 1M
- -3.39%
- 6M
- -23.21%
- YTD
- -20.01%
- 1Y
- -54.18%
- 3Y*
- -39.34%
- 5Y*
- -47.11%
- 10Y*
- -46.69%
- ALL TIME*
- -48.52%
UPRO
- 1D
- 1.97%
- 1M
- -0.35%
- 6M
- 17.81%
- YTD
- 21.72%
- 1Y
- 53.86%
- 3Y*
- 41.29%
- 5Y*
- 19.17%
- 10Y*
- 28.48%
- ALL TIME*
- 33.11%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $288.84M | $293.51M | $361.12M | |
| $61.09M | $56.74M | $72.28M |
VIXY vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXY ProShares VIX Short-Term Futures ETF | -20.01% | -43.05% | -27.43% | -72.74% | -24.98% | -72.40% | 10.54% | -67.81% | 66.78% | -72.78% |
UPRO ProShares UltraPro S&P 500 | 21.72% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between VIXY and UPRO is -0.78, 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. | -0.78 |
Correlation (3Y) Balances recent behavior with more history. | -0.76 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.75 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.76 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011 | -0.78 |
The correlation between VIXY and UPRO has been stable across timeframes, ranging from -0.78 to -0.75 - a consistent structural relationship.
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Return for Risk
VIXY vs. UPRO — Risk / Return Rank
VIXY
UPRO
VIXY vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) and ProShares UltraPro S&P 500 (UPRO). 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.
| VIXY | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.09 | ||
| Sortino ratioReturn per unit of downside risk | -3.05 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.22 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 1.73 | -2.65 |
| Martin ratioReturn relative to average drawdown | -1.40 | 6.63 | -8.03 |
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Drawdowns
VIXY vs. UPRO - Drawdown Comparison
The maximum VIXY drawdown since its inception was -100.00%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for VIXY and UPRO.
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Drawdown Indicators
| VIXY | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -76.82% | -23.18% |
Max Drawdown (1Y)Largest decline over 1 year | -55.18% | -26.78% | -28.40% |
Max Drawdown (3Y)Largest decline over 3 years | -81.45% | -48.87% | -32.58% |
Max Drawdown (5Y)Largest decline over 5 years | -95.91% | -63.94% | -31.97% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -76.82% | -23.00% |
Current DrawdownCurrent decline from peak | -100.00% | -6.81% | -93.19% |
Average DrawdownAverage peak-to-trough decline | -92.24% | -14.35% | -77.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.13% | 7.00% | +29.13% |
Volatility
VIXY vs. UPRO - Volatility Comparison
ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 14.60% compared to ProShares UltraPro S&P 500 (UPRO) at 10.69%. This indicates that VIXY's price experiences larger fluctuations and is considered to be riskier than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXY | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.60% | 10.69% | +3.91% |
Volatility (6M)Calculated over the trailing 6-month period | 43.36% | 30.36% | +13.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.54% | 38.51% | +19.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 69.97% | 50.70% | +19.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.89% | 53.78% | +18.11% |
VIXY vs. UPRO - Expense Ratio Comparison
VIXY has a 0.85% expense ratio, which is lower than UPRO's 0.89% expense ratio.
Dividends
VIXY vs. UPRO - Dividend Comparison
VIXY has not paid dividends to shareholders, while UPRO's dividend yield for the trailing twelve months is around 0.77%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 0.77% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
VIXY ProShares 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% |
Frequently Asked Questions
VIXY and UPRO have a correlation of -0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIXY has higher volatility (14.60%) compared to UPRO (10.69%). In terms of maximum drawdown, VIXY dropped -100.00% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 28.48% vs -46.69% for VIXY. On fees, VIXY is cheaper at 0.85% per year. On volatility, UPRO has been the lower-risk option at 10.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 28.48% return vs -46.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIXY is cheaper with a 0.85% expense ratio, compared with 0.89% for UPRO.
UPRO has the higher dividend yield at 0.77%, compared with 0.00% for VIXY.
VIXY is categorized as Volatility, while UPRO is Leveraged Equities. VIXY tracks S&P 500 VIX Short-Term Futures Index, while UPRO tracks S&P 500. Their fees differ too: 0.85% for VIXY and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.21 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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