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 -46.77%/yr vs -72.66%/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
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Returns By Period
In the year-to-date period, VXX achieves a -7.93% return, which is significantly higher than UVXY's -18.87% return. Over the past 10 years, VXX has outperformed UVXY with an annualized return of -46.77%, while UVXY has yielded a comparatively lower -72.66% annualized 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%
UVXY
- 1D
- -2.67%
- 1M
- -20.98%
- YTD
- -18.87%
- 6M
- -37.65%
- 1Y
- -73.66%
- 3Y*
- -64.52%
- 5Y*
- -68.37%
- 10Y*
- -72.66%
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 | -7.93% | -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 | -18.87% | -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 5, 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.
| VXX | UVXY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.98 | -0.87 | -0.10 |
Sortino ratioReturn per unit of downside risk | -1.61 | -1.65 | +0.04 |
Omega ratioGain probability vs. loss probability | 0.82 | 0.81 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.99 | +0.01 |
Martin ratioReturn relative to average drawdown | -1.38 | -1.34 | -0.04 |
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 | -0.98 | -0.87 | -0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.69 | -0.66 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.66 | -0.64 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.77 | -0.68 | -0.09 |
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 | -56.23% | -75.22% | +18.99% |
Max Drawdown (3Y)Largest decline over 3 years | -80.64% | -95.59% | +14.95% |
Max Drawdown (5Y)Largest decline over 5 years | -95.68% | -99.68% | +4.00% |
Max Drawdown (10Y)Largest decline over 10 years | -99.86% | -100.00% | +0.14% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -95.08% | -98.55% | +3.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.72% | 55.43% | -15.71% |
Volatility
VXX vs. UVXY - Volatility Comparison
The current volatility for iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) is 8.46%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.97%. 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 | 8.46% | 11.97% | -3.51% |
Volatility (6M)Calculated over the trailing 6-month period | 40.88% | 62.65% | -21.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.58% | 84.44% | -28.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.97% | 103.85% | -35.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.98% | 113.85% | -42.87% |
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 (11.97%) compared to VXX (8.46%). In terms of maximum drawdown, VXX dropped -100.00% vs UVXY's -100.00%.
On 10-year performance, VXX leads with -46.77% vs -72.66% for UVXY. 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.
Over the 10-year period, VXX has performed better with a -46.77% return vs -72.66%. 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.
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