VOLX.TO vs. UVXY

Last updated Jul 14, 2026

VOLX.TO (BetaPro S&P 500 VIX Short-Term Futures ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both Volatility funds - VOLX.TO 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, VOLX.TO returned -50.16%/yr vs -71.79%/yr for UVXY. Their correlation of 0.92 suggests significant overlap in exposure.

Performance

VOLX.TO vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BetaPro S&P 500 VIX Short-Term Futures ETF (VOLX.TO) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VOLX.TO is traded in CAD, while UVXY is traded in USD. To make them comparable, the UVXY values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, VOLX.TO achieves a -18.74% return, which is significantly higher than UVXY's -30.00% return. Over the past 10 years, VOLX.TO has outperformed UVXY with an annualized return of -50.16%, while UVXY has yielded a comparatively lower -71.79% annualized return.

VOLX.TO

• 1D: 2.91%
• 1M: -10.26%
• 6M: -16.74%
• YTD: -18.74%
• 1Y: -52.76%
• 3Y*: -39.82%
• 5Y*: -45.79%
• 10Y*: -50.16%

UVXY

• 1D: 4.93%
• 1M: -14.19%
• 6M: -27.91%
• YTD: -30.00%
• 1Y: -70.38%
• 3Y*: -60.73%
• 5Y*: -66.75%
• 10Y*: -71.79%

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

VOLX.TO vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOLX.TO BetaPro S&P 500 VIX Short-Term Futures ETF	-18.74%	-43.52%	-26.70%	-72.47%	-22.03%	-71.71%	14.02%	-67.84%	68.78%	-86.39%
UVXY ProShares Ultra VIX Short-Term Futures ETF	-30.00%	-66.90%	-46.74%	-87.99%	-41.31%	-88.33%	-19.34%	-84.88%	73.56%	-94.56%

Correlation

The correlation between VOLX.TO and UVXY is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011	0.92

The correlation between VOLX.TO and UVXY has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

VOLX.TO vs. UVXY — Risk / Return Rank

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

VOLX.TO

VOLX.TO Risk / Return Rank: 1
VOLX.TO Sharpe Ratio Rank: 2
VOLX.TO Sortino Ratio Rank: 2
VOLX.TO Omega Ratio Rank: 2
VOLX.TO Calmar Ratio Rank: 0
VOLX.TO Martin Ratio Rank: 1

UVXY

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

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.

VOLX.TO vs. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BetaPro S&P 500 VIX Short-Term Futures ETF (VOLX.TO) 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.

	VOLX.TO	UVXY	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	-0.82	-0.14
Sortino ratio: Return per unit of downside risk	-1.56	-1.43	-0.13
Omega ratio: Gain probability vs. loss probability	0.83	0.84	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.97	+0.01
Martin ratio: Return relative to average drawdown	-1.54	-1.44	-0.10

VOLX.TO vs. UVXY - Sharpe Ratio Comparison

The current VOLX.TO Sharpe Ratio is -0.97, which is comparable to the UVXY Sharpe Ratio of -0.82. The chart below compares the historical Sharpe Ratios of VOLX.TO and UVXY, 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

VOLX.TO vs. UVXY - Drawdown Comparison

The maximum VOLX.TO 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 VOLX.TO and UVXY.

Drawdown Indicators

	VOLX.TO	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-100.00%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-54.90%	-72.75%	+17.85%
Max Drawdown (3Y) Largest decline over 3 years	-81.25%	-95.20%	+13.95%
Max Drawdown (5Y) Largest decline over 5 years	-96.21%	-99.71%	+3.50%
Max Drawdown (10Y) Largest decline over 10 years	-99.91%	-100.00%	+0.09%
Current Drawdown Current decline from peak	-100.00%	-100.00%	0.00%
Average Drawdown Average peak-to-trough decline	-91.94%	-98.80%	+6.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.37%	48.85%	-14.48%

Volatility

VOLX.TO vs. UVXY - Volatility Comparison

The current volatility for BetaPro S&P 500 VIX Short-Term Futures ETF (VOLX.TO) is 12.66%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 21.11%. This indicates that VOLX.TO 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.

Volatility by Period

	VOLX.TO	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.66%	21.11%	-8.45%
Volatility (6M) Calculated over the trailing 6-month period	43.18%	66.75%	-23.57%
Volatility (1Y) Calculated over the trailing 1-year period	54.80%	85.88%	-31.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.58%	104.06%	-37.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.22%	112.37%	-41.15%

Dividends

VOLX.TO vs. UVXY - Dividend Comparison

Neither VOLX.TO nor UVXY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both VOLX.TO and UVXY in my portfolio?

With a correlation of 0.93, VOLX.TO 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.

What is the main difference between VOLX.TO and UVXY?

VOLX.TO tracks S&P 500 VIX Short-Term Futures Index, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). They also come from different issuers: Global X and ProShares.