VXZ vs. UDOW
VXZ (iPath Series B S&P 500® VIX Mid-Term Futures ETN) is a stock, while UDOW (ProShares UltraPro Dow30) is Leveraged Equities fund tracking the Dow Jones Industrial Average (300%). Both are passively managed. Over the past 5 years, VXZ returned -12.28%/yr vs 14.94%/yr for UDOW. At a correlation of -0.61, they often move in opposite directions. VXZ charges 0.89%/yr vs 0.95%/yr for UDOW.
Performance
VXZ vs. UDOW - Performance Comparison
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Returns By Period
In the year-to-date period, VXZ achieves a -1.72% return, which is significantly lower than UDOW's 17.55% return.
VXZ
- 1D
- 0.12%
- 1M
- -4.99%
- YTD
- -1.72%
- 6M
- 0.35%
- 1Y
- -12.57%
- 3Y*
- -11.20%
- 5Y*
- -12.28%
- 10Y*
- —
UDOW
- 1D
- -0.35%
- 1M
- 5.73%
- YTD
- 17.55%
- 6M
- 14.69%
- 1Y
- 60.59%
- 3Y*
- 35.49%
- 5Y*
- 14.94%
- 10Y*
- 24.78%
VXZ vs. UDOW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VXZ iPath Series B S&P 500® VIX Mid-Term Futures ETN | -1.72% | 5.73% | -12.65% | -43.98% | 0.47% | -16.38% | 72.77% | -20.10% | 31.89% |
UDOW ProShares UltraPro Dow30 | 17.55% | 24.46% | 28.47% | 32.72% | -32.39% | 65.67% | -17.15% | 75.24% | -35.09% |
Correlation
The correlation between VXZ and UDOW is -0.60, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.65 |
Correlation (All Time) Calculated using the full available price history since Jan 18, 2018 | -0.61 |
The correlation between VXZ and UDOW has been stable across timeframes, ranging from -0.65 to -0.60 - a consistent structural relationship.
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Return for Risk
VXZ vs. UDOW — Risk / Return Rank
VXZ
UDOW
VXZ vs. UDOW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) and ProShares UltraPro Dow30 (UDOW). 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.
| VXZ | UDOW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.32 | ||
| Sortino ratioReturn per unit of downside risk | -3.10 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.27 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 2.17 | -3.00 |
| Martin ratioReturn relative to average drawdown | -1.54 | 7.68 | -9.22 |
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Drawdowns
VXZ vs. UDOW - Drawdown Comparison
The maximum VXZ drawdown since its inception was -69.00%, smaller than the maximum UDOW drawdown of -80.29%. Use the drawdown chart below to compare losses from any high point for VXZ and UDOW.
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Drawdown Indicators
| VXZ | UDOW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.00% | -80.29% | +11.29% |
Max Drawdown (1Y)Largest decline over 1 year | -15.13% | -28.07% | +12.94% |
Max Drawdown (3Y)Largest decline over 3 years | -36.45% | -44.83% | +8.38% |
Max Drawdown (5Y)Largest decline over 5 years | -62.05% | -55.79% | -6.26% |
Max Drawdown (10Y)Largest decline over 10 years | — | -80.29% | — |
Current DrawdownCurrent decline from peak | -65.90% | -2.25% | -63.65% |
Average DrawdownAverage peak-to-trough decline | -36.93% | -14.35% | -22.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.36% | 7.91% | +0.45% |
Volatility
VXZ vs. UDOW - Volatility Comparison
The current volatility for iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) is 4.05%, while ProShares UltraPro Dow30 (UDOW) has a volatility of 12.43%. This indicates that VXZ experiences smaller price fluctuations and is considered to be less risky than UDOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VXZ | UDOW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.05% | 12.43% | -8.38% |
Volatility (6M)Calculated over the trailing 6-month period | 13.78% | 29.07% | -15.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.74% | 37.10% | -18.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.07% | 44.33% | -15.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.01% | 51.76% | -17.75% |
VXZ vs. UDOW - Expense Ratio Comparison
VXZ has a 0.89% expense ratio, which is lower than UDOW's 0.95% expense ratio.
Dividends
VXZ vs. UDOW - Dividend Comparison
VXZ has not paid dividends to shareholders, while UDOW's dividend yield for the trailing twelve months is around 1.15%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UDOW ProShares UltraPro Dow30 | 1.15% | 1.38% | 0.95% | 0.95% | 0.83% | 0.26% | 0.19% | 0.61% | 0.73% | 0.13% | 0.26% | 0.21% |
VXZ iPath Series B S&P 500® VIX Mid-Term Futures ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VXZ and UDOW have a correlation of -0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UDOW has higher volatility (12.43%) compared to VXZ (4.05%). In terms of maximum drawdown, VXZ dropped -69.00% vs UDOW's -80.29%.
UDOW currently has the higher Sharpe Ratio (1.65 vs -0.67), 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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