ZVOL vs. UVXY
ZVOL (Volatility Premium Plus ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both Volatility funds - ZVOL tracks the S&P 500 VIX Mid Term Futures Inverse Daily Index while UVXY tracks the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 3 years, ZVOL returned 9.26%/yr vs -64.55%/yr for UVXY. At a correlation of -0.90, they often move in opposite directions. ZVOL charges 1.35%/yr vs 0.95%/yr for UVXY.
Performance
ZVOL vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, ZVOL achieves a -2.29% return, which is significantly higher than UVXY's -19.06% return.
ZVOL
- 1D
- -0.60%
- 1M
- 2.30%
- YTD
- -2.29%
- 6M
- 2.14%
- 1Y
- 8.27%
- 3Y*
- 9.26%
- 5Y*
- —
- 10Y*
- —
UVXY
- 1D
- -0.24%
- 1M
- -22.10%
- YTD
- -19.06%
- 6M
- -37.37%
- 1Y
- -72.91%
- 3Y*
- -64.55%
- 5Y*
- -67.90%
- 10Y*
- -72.67%
ZVOL vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZVOL Volatility Premium Plus ETF | -2.29% | -10.71% | 9.27% | 51.65% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -19.06% | -65.32% | -50.90% | -77.55% |
Correlation
The correlation between ZVOL and UVXY is -0.90, 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 | -0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.90 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2023 | -0.90 |
The correlation between ZVOL and UVXY has been stable across timeframes, ranging from -0.90 to -0.90 - a consistent structural relationship.
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Return for Risk
ZVOL vs. UVXY — Risk / Return Rank
ZVOL
UVXY
ZVOL vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Volatility Premium Plus ETF (ZVOL) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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.
| ZVOL | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.31 | ||
| Sortino ratioReturn per unit of downside risk | +2.39 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.82 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.50 | -0.97 | +1.48 |
| Martin ratioReturn relative to average drawdown | 1.62 | -1.31 | +2.93 |
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
| ZVOL | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.44 | -0.87 | +1.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.66 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | -0.68 | +1.11 |
Drawdowns
ZVOL vs. UVXY - Drawdown Comparison
The maximum ZVOL drawdown since its inception was -37.25%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ZVOL and UVXY.
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Drawdown Indicators
| ZVOL | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.25% | -100.00% | +62.75% |
Max Drawdown (1Y)Largest decline over 1 year | -16.46% | -75.22% | +58.76% |
Max Drawdown (3Y)Largest decline over 3 years | -37.25% | -95.45% | +58.20% |
Max Drawdown (5Y)Largest decline over 5 years | — | -99.68% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -22.17% | -100.00% | +77.83% |
Average DrawdownAverage peak-to-trough decline | -13.43% | -98.55% | +85.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.12% | 55.63% | -50.51% |
Volatility
ZVOL vs. UVXY - Volatility Comparison
The current volatility for Volatility Premium Plus ETF (ZVOL) is 3.59%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. This indicates that ZVOL experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZVOL | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.59% | 11.77% | -8.18% |
Volatility (6M)Calculated over the trailing 6-month period | 13.27% | 62.64% | -49.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.74% | 84.42% | -65.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.27% | 103.85% | -74.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.27% | 113.82% | -84.55% |
ZVOL vs. UVXY - Expense Ratio Comparison
ZVOL has a 1.35% expense ratio, which is higher than UVXY's 0.95% expense ratio.
Dividends
ZVOL vs. UVXY - Dividend Comparison
ZVOL's dividend yield for the trailing twelve months is around 71.14%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% |
ZVOL Volatility Premium Plus ETF | 71.14% | 53.44% | 30.68% | 0.55% |
Frequently Asked Questions
ZVOL and UVXY have a correlation of -0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (11.77%) compared to ZVOL (3.59%). In terms of maximum drawdown, ZVOL dropped -37.25% vs UVXY's -100.00%.
On 3-year performance, ZVOL leads with 9.26% vs -64.55% for UVXY. On fees, UVXY is cheaper at 0.95% per year. On volatility, ZVOL has been the lower-risk option at 3.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ZVOL has performed better with a 9.26% return vs -64.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UVXY is cheaper with a 0.95% expense ratio, compared with 1.35% for ZVOL.
ZVOL has the higher dividend yield at 71.14%, compared with 0.00% for UVXY.
ZVOL tracks S&P 500 VIX Mid Term Futures Inverse Daily Index, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). They also come from different issuers: Volatility Shares and ProShares. Their fees differ too: 1.35% for ZVOL and 0.95% for UVXY.
ZVOL currently has the higher Sharpe Ratio (0.44 vs -0.87), 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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