VIXY vs. UVIX
VIXY (ProShares VIX Short-Term Futures ETF) and UVIX (Volatility Shares 2x Long VIX Futures ETF) are both Volatility funds - VIXY tracks the S&P 500 VIX Short-Term Futures Index Total Return while UVIX tracks the Long VIX Futures Index – Benchmark TR Gross (200%). Both are passively managed. Over the past 3 years, VIXY returned -42.73%/yr vs -82.43%/yr for UVIX. With a 0.99 correlation, they move nearly in lockstep. VIXY charges 0.85%/yr vs 2.78%/yr for UVIX.
Performance
VIXY vs. UVIX - Performance Comparison
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Returns By Period
In the year-to-date period, VIXY achieves a -8.27% return, which is significantly higher than UVIX's -31.87% return.
VIXY
- 1D
- 0.26%
- 1M
- -15.15%
- YTD
- -8.27%
- 6M
- -22.71%
- 1Y
- -53.80%
- 3Y*
- -42.73%
- 5Y*
- -46.70%
- 10Y*
- -47.13%
UVIX
- 1D
- -0.26%
- 1M
- -29.01%
- YTD
- -31.87%
- 6M
- -51.86%
- 1Y
- -85.80%
- 3Y*
- -82.43%
- 5Y*
- —
- 10Y*
- —
VIXY vs. UVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
VIXY ProShares VIX Short-Term Futures ETF | -8.27% | -43.05% | -27.43% | -72.74% | -27.93% |
UVIX Volatility Shares 2x Long VIX Futures ETF | -31.87% | -83.21% | -75.24% | -95.28% | -62.08% |
Correlation
The correlation between VIXY and UVIX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022 | 1.00 |
The correlation between VIXY and UVIX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
VIXY vs. UVIX — Risk / Return Rank
VIXY
UVIX
VIXY vs. UVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) 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.
| VIXY | UVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.81 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.98 | +0.03 |
| Martin ratioReturn relative to average drawdown | -1.34 | -1.26 | -0.07 |
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
| VIXY | UVIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.97 | -0.77 | -0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.67 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.65 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.69 | -0.62 | -0.08 |
Drawdowns
VIXY vs. UVIX - Drawdown Comparison
The maximum VIXY drawdown since its inception was -100.00%, roughly equal to the maximum UVIX drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for VIXY and UVIX.
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Drawdown Indicators
| VIXY | UVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.97% | -0.03% |
Max Drawdown (1Y)Largest decline over 1 year | -56.72% | -87.35% | +30.63% |
Max Drawdown (3Y)Largest decline over 3 years | -81.00% | -99.44% | +18.44% |
Max Drawdown (5Y)Largest decline over 5 years | -95.92% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.87% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -99.97% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -92.18% | -88.52% | -3.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.22% | 67.78% | -27.56% |
Volatility
VIXY vs. UVIX - Volatility Comparison
The current volatility for ProShares VIX Short-Term Futures ETF (VIXY) is 8.03%, while Volatility Shares 2x Long VIX Futures ETF (UVIX) has a volatility of 15.41%. This indicates that VIXY 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
| VIXY | UVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.03% | 15.41% | -7.38% |
Volatility (6M)Calculated over the trailing 6-month period | 41.47% | 82.35% | -40.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.89% | 111.51% | -55.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.31% | 136.15% | -65.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.48% | 136.15% | -63.67% |
VIXY vs. UVIX - Expense Ratio Comparison
VIXY has a 0.85% expense ratio, which is lower than UVIX's 2.78% expense ratio.
Dividends
VIXY vs. UVIX - Dividend Comparison
Neither VIXY nor UVIX has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, VIXY 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 VIXY (8.03%). In terms of maximum drawdown, VIXY dropped -100.00% vs UVIX's -99.97%.
On 3-year performance, VIXY leads with -42.73% vs -82.43% for UVIX. On fees, VIXY is cheaper at 0.85% per year. On volatility, VIXY has been the lower-risk option at 8.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, VIXY has performed better with a -42.73% return vs -82.43%. 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 2.78% for UVIX.
VIXY and UVIX have nearly identical dividend yields, around 0.00%.
VIXY tracks S&P 500 VIX Short-Term Futures Index Total Return, while UVIX tracks Long VIX Futures Index – Benchmark TR Gross (200%). They also come from different issuers: ProFund Advisors LLC and Volatility Shares. Their fees differ too: 0.85% for VIXY and 2.78% for UVIX.
UVIX currently has the higher Sharpe Ratio (-0.77 vs -0.97), 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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