VRIG vs. UVIX
VRIG (Invesco Variable Rate Investment Grade ETF) and UVIX (2x Long VIX Futures ETF) are both exchange-traded funds - VRIG is a Ultrashort Bond fund actively managed by Invesco, while UVIX is a Volatility fund tracking the Long VIX Futures Index (200% Daily). VRIG is actively managed, while UVIX is passively managed. Over the past 3 years, VRIG returned 5.96%/yr vs -81.05%/yr for UVIX. At a correlation of -0.13, they often move in opposite directions. VRIG charges 0.30%/yr vs 2.78%/yr for UVIX.
Performance
VRIG vs. UVIX - Performance Comparison
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Returns By Period
In the year-to-date period, VRIG achieves a 1.87% return, which is significantly higher than UVIX's -29.77% return.
VRIG
- 1D
- 0.04%
- 1M
- 0.39%
- YTD
- 1.87%
- 6M
- 2.24%
- 1Y
- 4.97%
- 3Y*
- 5.96%
- 5Y*
- 4.44%
- 10Y*
- —
UVIX
- 1D
- -3.37%
- 1M
- -23.18%
- YTD
- -29.77%
- 6M
- -49.30%
- 1Y
- -84.55%
- 3Y*
- -81.05%
- 5Y*
- —
- 10Y*
- —
VRIG vs. UVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
VRIG Invesco Variable Rate Investment Grade ETF | 1.87% | 5.05% | 6.81% | 7.37% | 1.43% |
UVIX 2x Long VIX Futures ETF | -29.77% | -83.21% | -75.24% | -95.28% | -61.86% |
Correlation
The correlation between VRIG and UVIX is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022 | -0.13 |
The correlation between VRIG and UVIX shifts across timeframes, from -0.13 (all time) to -0.01 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VRIG vs. UVIX — Risk / Return Rank
VRIG
UVIX
VRIG vs. UVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Variable Rate Investment Grade ETF (VRIG) 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.
| VRIG | UVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +10.84 | ||
| Sortino ratioReturn per unit of downside risk | +25.95 | ||
| Omega ratioGain probability vs. loss probability | 5.29 | 0.82 | +4.46 |
| Calmar ratioReturn relative to maximum drawdown | 62.49 | -0.96 | +63.45 |
| Martin ratioReturn relative to average drawdown | 318.26 | -1.23 | +319.49 |
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
| VRIG | UVIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 10.08 | -0.75 | +10.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 3.46 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.91 | -0.61 | +1.53 |
Drawdowns
VRIG vs. UVIX - Drawdown Comparison
The maximum VRIG drawdown since its inception was -13.04%, smaller than the maximum UVIX drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for VRIG and UVIX.
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Drawdown Indicators
| VRIG | UVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.04% | -99.97% | +86.93% |
Max Drawdown (1Y)Largest decline over 1 year | -0.08% | -88.01% | +87.93% |
Max Drawdown (3Y)Largest decline over 3 years | -0.78% | -99.39% | +98.61% |
Max Drawdown (5Y)Largest decline over 5 years | -2.28% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -99.97% | +99.97% |
Average DrawdownAverage peak-to-trough decline | -0.27% | -88.56% | +88.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 68.43% | -68.41% |
Volatility
VRIG vs. UVIX - Volatility Comparison
The current volatility for Invesco Variable Rate Investment Grade ETF (VRIG) is 0.11%, while 2x Long VIX Futures ETF (UVIX) has a volatility of 22.21%. This indicates that VRIG 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
| VRIG | UVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.11% | 22.21% | -22.10% |
Volatility (6M)Calculated over the trailing 6-month period | 0.36% | 83.76% | -83.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.50% | 112.55% | -112.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.29% | 136.19% | -134.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.80% | 136.19% | -132.39% |
VRIG vs. UVIX - Expense Ratio Comparison
VRIG has a 0.30% expense ratio, which is lower than UVIX's 2.78% expense ratio.
Dividends
VRIG vs. UVIX - Dividend Comparison
VRIG's dividend yield for the trailing twelve months is around 4.79%, while UVIX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
UVIX 2x Long VIX Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VRIG Invesco Variable Rate Investment Grade ETF | 4.79% | 4.99% | 6.09% | 5.97% | 2.39% | 0.78% | 1.57% | 3.12% | 2.89% | 2.31% | 0.60% |
Frequently Asked Questions
VRIG and UVIX have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVIX has higher volatility (22.21%) compared to VRIG (0.11%). In terms of maximum drawdown, VRIG dropped -13.04% vs UVIX's -99.97%.
On 3-year performance, VRIG leads with 5.96% vs -81.05% for UVIX. On fees, VRIG is cheaper at 0.30% per year. On volatility, VRIG has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, VRIG has performed better with a 5.96% return vs -81.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VRIG is cheaper with a 0.30% expense ratio, compared with 2.78% for UVIX.
VRIG has the higher dividend yield at 4.79%, compared with 0.00% for UVIX.
VRIG is categorized as Ultrashort Bond, while UVIX is Volatility. They also come from different issuers: Invesco and Volatility Shares. Their fees differ too: 0.30% for VRIG and 2.78% for UVIX.
VRIG currently has the higher Sharpe Ratio (10.08 vs -0.75), 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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