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 -12.28%/yr vs 20.37%/yr for UPRO. At a correlation of -0.67, they often move in opposite directions. 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 -1.72% return, which is significantly lower than UPRO's 17.21% return.
VXZ
- 1D
- 0.12%
- 1M
- -4.99%
- YTD
- -1.72%
- 6M
- 0.35%
- 1Y
- -12.57%
- 3Y*
- -11.20%
- 5Y*
- -12.28%
- 10Y*
- —
UPRO
- 1D
- -4.27%
- 1M
- -5.38%
- YTD
- 17.21%
- 6M
- 13.86%
- 1Y
- 62.29%
- 3Y*
- 46.23%
- 5Y*
- 20.37%
- 10Y*
- 30.18%
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 | -1.72% | 5.73% | -12.65% | -43.98% | 0.47% | -16.38% | 72.77% | -20.10% | 31.89% |
UPRO ProShares UltraPro S&P 500 | 17.21% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -34.60% |
Correlation
The correlation between VXZ and UPRO is -0.66, 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 | -0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.68 |
Correlation (5Y) Calculated over the trailing 5-year 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 -0.66 - 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 | -2.35 | ||
| Sortino ratioReturn per unit of downside risk | -2.99 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.28 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 2.34 | -3.17 |
| Martin ratioReturn relative to average drawdown | -1.54 | 9.52 | -11.05 |
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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 | -15.13% | -26.78% | +11.65% |
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 | -65.90% | -10.27% | -55.63% |
Average DrawdownAverage peak-to-trough decline | -36.93% | -14.39% | -22.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.36% | 6.57% | +1.79% |
Volatility
VXZ vs. UPRO - Volatility Comparison
The current volatility for iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) is 4.05%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 14.68%. 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 | 4.05% | 14.68% | -10.63% |
Volatility (6M)Calculated over the trailing 6-month period | 13.78% | 29.49% | -15.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.74% | 37.35% | -18.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.07% | 50.62% | -21.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.01% | 53.79% | -19.78% |
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 0.74%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 0.74% | 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 -0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (14.68%) compared to VXZ (4.05%). In terms of maximum drawdown, VXZ dropped -69.00% vs UPRO's -76.82%.
UPRO currently has the higher Sharpe Ratio (1.68 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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