VIXY vs. UVXY
VIXY (ProShares VIX Short-Term Futures ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both Volatility funds from ProShares - VIXY tracks the S&P 500 VIX Short-Term Futures Index while UVXY tracks the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, VIXY returned -46.69%/yr vs -71.50%/yr for UVXY. Their 0.99 correlation means they have historically moved very closely together. VIXY charges 0.85%/yr vs 0.95%/yr for UVXY.
Performance
VIXY vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, VIXY achieves a -20.01% return, which is significantly higher than UVXY's -35.24% return. Over the past 10 years, VIXY has outperformed UVXY with an annualized return of -46.69%, while UVXY has yielded a comparatively lower -71.50% 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%
UVXY
- 1D
- -4.24%
- 1M
- -6.17%
- 6M
- -37.50%
- YTD
- -35.24%
- 1Y
- -73.24%
- 3Y*
- -61.42%
- 5Y*
- -68.18%
- 10Y*
- -71.50%
- ALL TIME*
- -80.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $190.03M | $191.90M | $239.87M | |
| $61.09M | $56.74M | $72.28M |
VIXY vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.24% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between VIXY and UVXY is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 1.00 |
Correlation (3Y) Balances recent behavior with more history. | 1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | 1.00 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.99 |
The correlation between VIXY and UVXY 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. UVXY — Risk / Return Rank
VIXY
UVXY
VIXY vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) 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.
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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.85 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.95 | +0.03 |
| Martin ratioReturn relative to average drawdown | -1.40 | -1.35 | -0.05 |
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Drawdowns
VIXY vs. UVXY - Drawdown Comparison
The maximum VIXY drawdown since its inception was -100.00%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for VIXY and UVXY.
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Drawdown Indicators
| VIXY | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -55.18% | -73.88% | +18.70% |
Max Drawdown (3Y)Largest decline over 3 years | -81.45% | -95.42% | +13.97% |
Max Drawdown (5Y)Largest decline over 5 years | -95.91% | -99.68% | +3.77% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -100.00% | +0.18% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -92.24% | -98.76% | +6.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.13% | 51.60% | -15.47% |
Volatility
VIXY vs. UVXY - Volatility Comparison
The current volatility for ProShares VIX Short-Term Futures ETF (VIXY) is 14.60%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.30%. This indicates that VIXY 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
| VIXY | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.60% | 22.30% | -7.70% |
Volatility (6M)Calculated over the trailing 6-month period | 43.36% | 65.55% | -22.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.54% | 87.28% | -29.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 69.97% | 103.39% | -33.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.89% | 112.09% | -40.20% |
VIXY vs. UVXY - Expense Ratio Comparison
VIXY has a 0.85% expense ratio, which is lower than UVXY's 0.95% expense ratio.
Dividends
VIXY vs. UVXY - Dividend Comparison
Neither VIXY nor UVXY has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, VIXY and UVXY 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.
UVXY has higher volatility (22.30%) compared to VIXY (14.60%). In terms of maximum drawdown, VIXY dropped -100.00% vs UVXY's -100.00%.
On 10-year performance, VIXY leads with -46.69% vs -71.50% for UVXY. On fees, VIXY is cheaper at 0.85% per year. On volatility, VIXY has been the lower-risk option at 14.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VIXY has performed better with a -46.69% return vs -71.50%. 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 0.95% for UVXY.
VIXY and UVXY have nearly identical dividend yields, around 0.00%.
VIXY tracks S&P 500 VIX Short-Term Futures Index, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.85% for VIXY and 0.95% for UVXY.
UVXY currently has the higher Sharpe Ratio (-0.80 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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