VXX vs. UVXY
Compare and contrast key facts about iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and ProShares Ultra VIX Short-Term Futures ETF (UVXY).
VXX and UVXY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VXX is a passively managed fund by Barclays Capital that tracks the performance of the S&P 500 VIX Short-Term Futures Index Total Return. It was launched on Jan 19, 2018. UVXY is a passively managed fund by ProShares that tracks the performance of the S&P 500 VIX SHORT-TERM FUTURES TR (150%). It was launched on Oct 3, 2011. Both VXX and UVXY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
VXX vs. UVXY - Performance Comparison
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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 | 31.21% | -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 | 40.61% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Returns By Period
In the year-to-date period, VXX achieves a 31.21% return, which is significantly lower than UVXY's 40.61% return. Over the past 10 years, VXX has outperformed UVXY with an annualized return of -46.34%, while UVXY has yielded a comparatively lower -72.80% annualized return.
VXX
- 1D
- -2.72%
- 1M
- 18.69%
- YTD
- 31.21%
- 6M
- 5.34%
- 1Y
- -32.54%
- 3Y*
- -42.18%
- 5Y*
- -45.27%
- 10Y*
- -46.34%
UVXY
- 1D
- -3.40%
- 1M
- 25.05%
- YTD
- 40.61%
- 6M
- -2.75%
- 1Y
- -57.00%
- 3Y*
- -64.84%
- 5Y*
- -67.28%
- 10Y*
- -72.80%
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VXX vs. UVXY - Expense Ratio Comparison
VXX has a 0.89% expense ratio, which is lower than UVXY's 0.95% expense ratio.
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.
| VXX | UVXY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.44 | -0.51 | +0.07 |
Sortino ratioReturn per unit of downside risk | -0.25 | -0.30 | +0.05 |
Omega ratioGain probability vs. loss probability | 0.97 | 0.96 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | -0.47 | -0.66 | +0.20 |
Martin ratioReturn relative to average drawdown | -0.59 | -0.80 | +0.21 |
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
| VXX | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.44 | -0.51 | +0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | -0.64 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.65 | -0.64 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.75 | -0.67 | -0.08 |
Correlation
The correlation between VXX and UVXY is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VXX vs. UVXY - Dividend Comparison
Neither VXX nor UVXY has paid dividends to shareholders.
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.
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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 | -69.85% | -85.64% | +15.79% |
Max Drawdown (5Y)Largest decline over 5 years | -96.67% | -99.77% | +3.10% |
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 | -95.03% | -98.53% | +3.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 54.84% | 71.09% | -16.25% |
Volatility
VXX vs. UVXY - Volatility Comparison
The current volatility for iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) is 28.80%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 45.03%. 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.
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Volatility by Period
| VXX | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.80% | 45.03% | -16.23% |
Volatility (6M)Calculated over the trailing 6-month period | 46.98% | 71.80% | -24.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.80% | 113.07% | -38.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 69.04% | 105.47% | -36.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.15% | 114.51% | -43.36% |