VXX vs. UVXY
VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both Volatility funds - VXX tracks the S&P 500 VIX Short-Term Futures Index Total Return while UVXY tracks the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, VXX returned -48.25%/yr vs -73.85%/yr for UVXY. With a 0.99 correlation, they move nearly in lockstep. VXX charges 0.89%/yr vs 0.95%/yr for UVXY.
Performance
VXX vs. UVXY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VXX achieves a -9.82% return, which is significantly higher than UVXY's -22.07% return. Over the past 10 years, VXX has outperformed UVXY with an annualized return of -48.25%, while UVXY has yielded a comparatively lower -73.85% annualized return.
VXX
- 1D
- 5.99%
- 1M
- -9.65%
- YTD
- -9.82%
- 6M
- -11.92%
- 1Y
- -54.78%
- 3Y*
- -39.15%
- 5Y*
- -45.02%
- 10Y*
- -48.25%
UVXY
- 1D
- 8.28%
- 1M
- -14.92%
- YTD
- -22.07%
- 6M
- -24.28%
- 1Y
- -74.07%
- 3Y*
- -61.96%
- 5Y*
- -66.90%
- 10Y*
- -73.85%
VXX vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | -9.82% | -42.21% | -26.22% | -72.52% | -23.80% | -72.41% | 11.04% | -67.75% | 67.91% | -72.64% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -22.07% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between VXX and UVXY 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 (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.99 |
The correlation between VXX and UVXY has been stable across timeframes, ranging from 0.97 to 1.00 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VXX vs. UVXY — Risk / Return Rank
VXX
UVXY
VXX vs. UVXY - 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 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.
| VXX | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.81 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -1.01 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.55 | -1.45 | -0.10 |
Loading charts...
Drawdowns
VXX vs. UVXY - Drawdown Comparison
The maximum VXX 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 VXX and UVXY.
Loading charts...
Drawdown Indicators
| VXX | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -54.18% | -73.51% | +19.33% |
Max Drawdown (3Y)Largest decline over 3 years | -79.21% | -94.93% | +15.72% |
Max Drawdown (5Y)Largest decline over 5 years | -95.97% | -99.71% | +3.74% |
Max Drawdown (10Y)Largest decline over 10 years | -99.87% | -100.00% | +0.13% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -95.08% | -98.75% | +3.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.47% | 55.34% | -15.87% |
Volatility
VXX vs. UVXY - Volatility Comparison
The current volatility for iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) is 17.21%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.85%. This indicates that VXX 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.
Loading charts...
Volatility by Period
| VXX | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.21% | 25.85% | -8.64% |
Volatility (6M)Calculated over the trailing 6-month period | 43.47% | 66.46% | -22.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.26% | 85.46% | -29.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.03% | 103.96% | -35.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.41% | 112.39% | -41.98% |
VXX vs. UVXY - Expense Ratio Comparison
VXX has a 0.89% expense ratio, which is lower than UVXY's 0.95% expense ratio.
Dividends
VXX vs. UVXY - Dividend Comparison
Neither VXX nor UVXY has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, VXX 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 (25.85%) compared to VXX (17.21%). In terms of maximum drawdown, VXX dropped -100.00% vs UVXY's -100.00%.
On 10-year performance, VXX leads with -48.25% vs -73.85% for UVXY. On fees, VXX is cheaper at 0.89% per year. On volatility, VXX has been the lower-risk option at 17.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VXX has performed better with a -48.25% return vs -73.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VXX is cheaper with a 0.89% expense ratio, compared with 0.95% for UVXY.
VXX and UVXY have nearly identical dividend yields, around 0.00%.
VXX tracks S&P 500 VIX Short-Term Futures Index Total Return, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). They also come from different issuers: Barclays Capital and ProShares. Their fees differ too: 0.89% for VXX and 0.95% for UVXY.
UVXY currently has the higher Sharpe Ratio (-0.87 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.
Find the right allocation for VXX and UVXY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer