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 -12.71%/yr vs 23.13%/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 1.50% return, which is significantly lower than UPRO's 27.90% return.
VXZ
- 1D
- 0.09%
- 1M
- -2.11%
- YTD
- 1.50%
- 6M
- -2.57%
- 1Y
- -7.63%
- 3Y*
- -12.46%
- 5Y*
- -12.71%
- 10Y*
- —
UPRO
- 1D
- -2.09%
- 1M
- 14.64%
- YTD
- 27.90%
- 6M
- 26.67%
- 1Y
- 80.84%
- 3Y*
- 52.58%
- 5Y*
- 23.13%
- 10Y*
- 30.09%
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 | 1.50% | 5.73% | -12.65% | -43.98% | 0.47% | -16.38% | 72.77% | -20.10% | 31.89% |
UPRO ProShares UltraPro S&P 500 | 27.90% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -34.30% |
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 | -0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.71 |
Correlation (All Time) Calculated using the full available price history since Jan 19, 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.
| VXZ | UPRO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.40 | 2.30 | -2.70 |
Sortino ratioReturn per unit of downside risk | -0.44 | 2.76 | -3.20 |
Omega ratioGain probability vs. loss probability | 0.95 | 1.36 | -0.42 |
Calmar ratioReturn relative to maximum drawdown | -0.52 | 3.03 | -3.56 |
Martin ratioReturn relative to average drawdown | -0.90 | 12.80 | -13.70 |
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
| VXZ | UPRO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.40 | 2.30 | -2.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.44 | 0.46 | -0.90 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.56 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.08 | 0.65 | -0.73 |
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 | -14.67% | -26.78% | +12.11% |
Max Drawdown (3Y)Largest decline over 3 years | -40.59% | -48.87% | +8.28% |
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 | -64.78% | -2.09% | -62.69% |
Average DrawdownAverage peak-to-trough decline | -36.78% | -14.42% | -22.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.54% | 6.33% | +2.21% |
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 8.45%. 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% | 8.45% | -4.76% |
Volatility (6M)Calculated over the trailing 6-month period | 13.51% | 26.60% | -13.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.11% | 35.35% | -16.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.16% | 50.32% | -21.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.11% | 53.74% | -19.63% |
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 0.68%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 0.68% | 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 (8.45%) 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 (2.30 vs -0.40), 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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