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 -45.86%/yr vs -71.03%/yr for UVXY. Their 0.99 correlation means they have historically moved very closely together. VXX charges 0.89%/yr vs 0.95%/yr for UVXY.
Performance
VXX vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, VXX achieves a -20.36% return, which is significantly higher than UVXY's -36.18% return. Over the past 10 years, VXX has outperformed UVXY with an annualized return of -45.86%, while UVXY has yielded a comparatively lower -71.03% annualized return.
VXX
- 1D
- -0.80%
- 1M
- -4.36%
- 6M
- -19.30%
- YTD
- -20.36%
- 1Y
- -54.08%
- 3Y*
- -41.13%
- 5Y*
- -46.40%
- 10Y*
- -45.86%
- ALL TIME*
- -51.45%
UVXY
- 1D
- -1.46%
- 1M
- -7.54%
- 6M
- -33.79%
- YTD
- -36.18%
- 1Y
- -73.63%
- 3Y*
- -63.76%
- 5Y*
- -68.11%
- 10Y*
- -71.03%
- ALL TIME*
- -80.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $186.30M | $190.88M | $236.21M | |
| $202.21M | $173.80M | $223.66M |
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 | -20.36% | -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 | -36.18% | -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 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 1.00 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.97 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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.
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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 | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.82 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -1.05 | -1.03 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.68 | -1.54 | -0.13 |
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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 | -51.79% | -71.36% | +19.57% |
Max Drawdown (3Y)Largest decline over 3 years | -80.75% | -95.42% | +14.67% |
Max Drawdown (5Y)Largest decline over 5 years | -95.66% | -99.68% | +4.02% |
Max Drawdown (10Y)Largest decline over 10 years | -99.80% | -100.00% | +0.20% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -95.11% | -98.76% | +3.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.86% | 51.81% | -15.95% |
Volatility
VXX vs. UVXY - Volatility Comparison
The current volatility for iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) is 14.44%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.30%. 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 | 14.44% | 22.30% | -7.86% |
Volatility (6M)Calculated over the trailing 6-month period | 42.89% | 65.53% | -22.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.87% | 86.48% | -29.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.59% | 103.34% | -35.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.37% | 112.09% | -41.72% |
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 (22.30%) compared to VXX (14.44%). In terms of maximum drawdown, VXX dropped -100.00% vs UVXY's -100.00%.
On 10-year performance, VXX leads with -45.86% vs -71.03% for UVXY. On fees, VXX is cheaper at 0.89% per year. On volatility, VXX has been the lower-risk option at 14.44%. 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 -45.86% return vs -71.03%. 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 (-0.85 vs -0.96), 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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