VXZ vs. UDOW

Last updated Apr 1, 2026

Compare and contrast key facts about iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) and ProShares UltraPro Dow30 (UDOW).

VXZ is a passively managed fund by Barclays Capital that tracks the performance of the S&P 500 VIX Mid-Term Futures Index Total Return. It was launched on Jan 17, 2018. UDOW is a passively managed fund by ProShares that tracks the performance of the Dow Jones Industrial Average (300%). It was launched on Feb 9, 2010. Both VXZ and UDOW 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

VXZ vs. UDOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) and ProShares UltraPro Dow30 (UDOW). The values are adjusted to include any dividend payments, if applicable.

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	13.12%	5.73%	-12.65%	-43.98%	0.47%	-16.38%	72.77%	-20.10%	31.89%
UDOW ProShares UltraPro Dow30	-13.10%	24.46%	28.47%	32.72%	-32.39%	65.67%	-17.15%	75.24%	-34.39%

Returns By Period

In the year-to-date period, VXZ achieves a 13.12% return, which is significantly higher than UDOW's -13.10% return.

VXZ

• 1D: -1.99%
• 1M: 9.64%
• YTD: 13.12%
• 6M: 9.13%
• 1Y: 9.74%
• 3Y*: -12.83%
• 5Y*: -12.01%
• 10Y*: —

UDOW

• 1D: 7.38%
• 1M: -16.17%
• YTD: -13.10%
• 6M: -5.67%
• 1Y: 16.04%
• 3Y*: 23.31%
• 5Y*: 10.24%
• 10Y*: 20.30%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

VXZ vs. UDOW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VXZ

VXZ Risk / Return Rank: 51
VXZ Sharpe Ratio Rank: 54
VXZ Sortino Ratio Rank: 48
VXZ Omega Ratio Rank: 49
VXZ Calmar Ratio Rank: 53
VXZ Martin Ratio Rank: 50

UDOW

UDOW Risk / Return Rank: 27
UDOW Sharpe Ratio Rank: 22
UDOW Sortino Ratio Rank: 29
UDOW Omega Ratio Rank: 29
UDOW Calmar Ratio Rank: 29
UDOW Martin Ratio Rank: 28

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	VXZ	UDOW	Difference
Sharpe ratio Return per unit of total volatility	0.32	0.32	0.00
Sortino ratio Return per unit of downside risk	0.71	0.81	-0.10
Omega ratio Gain probability vs. loss probability	1.10	1.11	-0.01
Calmar ratio Return relative to maximum drawdown	0.43	0.65	-0.22
Martin ratio Return relative to average drawdown	0.63	2.13	-1.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VXZ vs. UDOW - Sharpe Ratio Comparison

The current VXZ Sharpe Ratio is 0.32, which is comparable to the UDOW Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of VXZ and UDOW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VXZ	UDOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.32	0.32	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.41	0.23	-0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	0.50	-0.54

Correlation

The correlation between VXZ and UDOW is -0.61. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

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 1.56%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
UDOW ProShares UltraPro Dow30	1.56%	1.38%	0.95%	0.95%	0.83%	0.26%	0.19%	0.61%	0.73%	0.13%	0.26%	0.21%

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.

Drawdown Indicators

	VXZ	UDOW	Difference
Max Drawdown Largest peak-to-trough decline	-69.00%	-80.29%	+11.29%
Max Drawdown (1Y) Largest decline over 1 year	-23.10%	-30.18%	+7.08%
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 Drawdown Current decline from peak	-60.75%	-22.46%	-38.29%
Average Drawdown Average peak-to-trough decline	-36.20%	-14.46%	-21.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.81%	9.21%	+6.60%

Volatility

VXZ vs. UDOW - Volatility Comparison

The current volatility for iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) is 9.20%, while ProShares UltraPro Dow30 (UDOW) has a volatility of 14.74%. 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.

Volatility by Period

	VXZ	UDOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.20%	14.74%	-5.54%
Volatility (6M) Calculated over the trailing 6-month period	14.98%	27.64%	-12.66%
Volatility (1Y) Calculated over the trailing 1-year period	30.50%	50.20%	-19.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.61%	44.05%	-14.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.39%	51.68%	-17.29%