VXZ vs. UPRO
VXZ (iPath Series B S&P 500® VIX Mid-Term Futures ETN) is a stock, while UPRO (ProShares UltraPro S&P 500) is Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 5 years, VXZ returned -13.66%/yr vs 19.17%/yr for UPRO. Their -0.67 correlation means they have often moved in opposite directions in the past. Both charge a 0.89% expense ratio.
Performance
VXZ vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, VXZ achieves a -4.62% return, which is significantly lower than UPRO's 21.72% return.
VXZ
- 1D
- -0.08%
- 1M
- 1.31%
- 6M
- -4.72%
- YTD
- -4.62%
- 1Y
- -14.50%
- 3Y*
- -8.83%
- 5Y*
- -13.66%
- 10Y*
- —
- ALL TIME*
- -3.24%
UPRO
- 1D
- 1.97%
- 1M
- -0.35%
- 6M
- 17.81%
- YTD
- 21.72%
- 1Y
- 53.86%
- 3Y*
- 41.29%
- 5Y*
- 19.17%
- 10Y*
- 28.48%
- ALL TIME*
- 33.11%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $288.84M | $293.51M | $361.12M | |
| $603.06K | $845.13K | $781.77K |
VXZ vs. UPRO - 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 | -4.62% | 5.73% | -12.65% | -43.98% | 0.47% | -16.38% | 72.77% | -20.10% | 31.89% |
UPRO ProShares UltraPro S&P 500 | 21.72% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -34.60% |
Correlation
The correlation between VXZ and UPRO is -0.68, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.68 |
Correlation (3Y) Balances recent behavior with more history. | -0.69 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.71 |
Correlation (All Time) Calculated using the full available price history since Jan 18, 2018 | -0.67 |
The correlation between VXZ and UPRO has been stable across timeframes, ranging from -0.71 to -0.67 - a consistent structural relationship.
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Return for Risk
VXZ vs. UPRO — Risk / Return Rank
VXZ
UPRO
VXZ vs. UPRO - 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 S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.90 | ||
| Sortino ratioReturn per unit of downside risk | -2.58 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.22 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.67 | 1.73 | -2.40 |
| Martin ratioReturn relative to average drawdown | -1.28 | 6.63 | -7.91 |
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Drawdowns
VXZ vs. UPRO - Drawdown Comparison
The maximum VXZ drawdown since its inception was -69.00%, smaller than the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for VXZ and UPRO.
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Drawdown Indicators
| VXZ | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.00% | -76.82% | +7.82% |
Max Drawdown (1Y)Largest decline over 1 year | -19.20% | -26.78% | +7.58% |
Max Drawdown (3Y)Largest decline over 3 years | -36.45% | -48.87% | +12.42% |
Max Drawdown (5Y)Largest decline over 5 years | -62.05% | -63.94% | +1.89% |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.82% | — |
Current DrawdownCurrent decline from peak | -66.90% | -6.81% | -60.09% |
Average DrawdownAverage peak-to-trough decline | -37.31% | -14.35% | -22.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.04% | 7.00% | +3.04% |
Volatility
VXZ vs. UPRO - Volatility Comparison
The current volatility for iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) is 3.69%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 10.69%. This indicates that VXZ experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VXZ | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.69% | 10.69% | -7.00% |
Volatility (6M)Calculated over the trailing 6-month period | 13.55% | 30.36% | -16.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.60% | 38.51% | -19.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.95% | 50.70% | -21.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.83% | 53.78% | -19.95% |
VXZ vs. UPRO - Expense Ratio Comparison
Both VXZ and UPRO have an expense ratio of 0.89%.
Dividends
VXZ vs. UPRO - Dividend Comparison
VXZ has not paid dividends to shareholders, while UPRO's dividend yield for the trailing twelve months is around 0.77%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 0.77% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
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 UPRO have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (10.69%) compared to VXZ (3.69%). In terms of maximum drawdown, VXZ dropped -69.00% vs UPRO's -76.82%.
UPRO currently has the higher Sharpe Ratio (1.21 vs -0.69), 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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