VXX vs. UVIX

Last updated Jun 3, 2026

VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) and UVIX (Volatility Shares 2x Long VIX Futures ETF) are both Volatility funds - VXX 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, VXX returned -41.97%/yr vs -82.41%/yr for UVIX. With a 0.97 correlation, they move nearly in lockstep. VXX charges 0.89%/yr vs 2.78%/yr for UVIX.

Performance

VXX vs. UVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Volatility Shares 2x Long VIX Futures ETF (UVIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VXX achieves a -7.93% return, which is significantly higher than UVIX's -31.70% return.

VXX

• 1D: -1.65%
• 1M: -14.19%
• YTD: -7.93%
• 6M: -23.12%
• 1Y: -54.26%
• 3Y*: -41.97%
• 5Y*: -46.65%
• 10Y*: -46.77%

UVIX

• 1D: -2.99%
• 1M: -27.24%
• YTD: -31.70%
• 6M: -52.32%
• 1Y: -86.33%
• 3Y*: -82.41%
• 5Y*: —
• 10Y*: —

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

VXX vs. UVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN	-7.93%	-42.21%	-26.22%	-72.52%	-43.52%
UVIX Volatility Shares 2x Long VIX Futures ETF	-31.70%	-83.21%	-75.24%	-95.28%	-62.08%

Correlation

The correlation between VXX 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	0.97

The correlation between VXX and UVIX has been stable across timeframes, ranging from 0.97 to 1.00 - a consistent structural relationship.

Return for Risk

VXX vs. UVIX — Risk / Return Rank

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

VXX

VXX Risk / Return Rank: 1
VXX Sharpe Ratio Rank: 1
VXX Sortino Ratio Rank: 1
VXX Omega Ratio Rank: 1
VXX Calmar Ratio Rank: 1
VXX Martin Ratio Rank: 2

UVIX

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

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.

VXX vs. UVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) 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.

	VXX	UVIX	Difference
Sharpe ratio Return per unit of total volatility	-0.98	-0.78	-0.20
Sortino ratio Return per unit of downside risk	-1.61	-1.74	+0.13
Omega ratio Gain probability vs. loss probability	0.82	0.80	+0.01
Calmar ratio Return relative to maximum drawdown	-0.97	-0.99	+0.02
Martin ratio Return relative to average drawdown	-1.38	-1.28	-0.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VXX vs. UVIX - Sharpe Ratio Comparison

The current VXX Sharpe Ratio is -0.98, which is comparable to the UVIX Sharpe Ratio of -0.78. The chart below compares the historical Sharpe Ratios of VXX and UVIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VXX	UVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.98	-0.78	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.69	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.66	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.77	-0.62	-0.15

Drawdowns

VXX vs. UVIX - Drawdown Comparison

The maximum VXX 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 VXX and UVIX.

Drawdown Indicators

	VXX	UVIX	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-99.97%	-0.03%
Max Drawdown (1Y) Largest decline over 1 year	-56.23%	-87.35%	+31.12%
Max Drawdown (3Y) Largest decline over 3 years	-80.64%	-99.47%	+18.83%
Max Drawdown (5Y) Largest decline over 5 years	-95.68%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.86%	—	—
Current Drawdown Current decline from peak	-100.00%	-99.97%	-0.03%
Average Drawdown Average peak-to-trough decline	-95.08%	-88.51%	-6.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.72%	67.57%	-27.85%

Volatility

VXX vs. UVIX - Volatility Comparison

The current volatility for iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) is 8.46%, while Volatility Shares 2x Long VIX Futures ETF (UVIX) has a volatility of 15.83%. This indicates that VXX 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.

Volatility by Period

	VXX	UVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.46%	15.83%	-7.37%
Volatility (6M) Calculated over the trailing 6-month period	40.88%	82.35%	-41.47%
Volatility (1Y) Calculated over the trailing 1-year period	55.58%	111.53%	-55.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.97%	136.22%	-68.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.98%	136.22%	-65.24%

VXX vs. UVIX - Expense Ratio Comparison

VXX has a 0.89% expense ratio, which is lower than UVIX's 2.78% expense ratio.

Dividends

VXX vs. UVIX - Dividend Comparison

Neither VXX nor UVIX has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both VXX and UVIX in my portfolio?

With a correlation of 1.00, VXX 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.

Which is riskier, VXX or UVIX?

UVIX has higher volatility (15.83%) compared to VXX (8.46%). In terms of maximum drawdown, VXX dropped -100.00% vs UVIX's -99.97%.

Which ETF is better, VXX or UVIX?

On 3-year performance, VXX leads with -41.97% vs -82.41% for UVIX. On fees, VXX is cheaper at 0.89% per year. On volatility, VXX has been the lower-risk option at 8.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VXX or UVIX?

Over the 3-year period, VXX has performed better with a -41.97% return vs -82.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VXX or UVIX?

VXX is cheaper with a 0.89% expense ratio, compared with 2.78% for UVIX.

Which ETF pays a higher dividend yield, VXX or UVIX?

VXX and UVIX have nearly identical dividend yields, around 0.00%.

What is the main difference between VXX and UVIX?

VXX 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: Barclays Capital and Volatility Shares. Their fees differ too: 0.89% for VXX and 2.78% for UVIX.

Which has better risk-adjusted returns?

UVIX currently has the higher Sharpe Ratio (-0.78 vs -0.98), 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.