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 7.50%/yr vs -64.22%/yr for UVXY. Their -0.88 correlation means they have often moved in opposite directions in the past. 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 6.79% return, which is significantly higher than UVXY's -38.60% return.
ZVOL
- 1D
- 1.11%
- 1M
- 0.56%
- 6M
- 7.89%
- YTD
- 6.79%
- 1Y
- 18.80%
- 3Y*
- 7.50%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 14.93%
UVXY
- 1D
- -4.83%
- 1M
- -7.27%
- 6M
- -41.44%
- YTD
- -38.60%
- 1Y
- -72.18%
- 3Y*
- -64.22%
- 5Y*
- -67.88%
- 10Y*
- -71.14%
- ALL TIME*
- -80.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $192.80M | $190.57M | $230.93M | |
| $400.40K | $408.25K | $373.49K |
ZVOL vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZVOL Volatility Premium Plus ETF | 6.79% | -10.71% | 9.27% | 51.85% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -38.60% | -65.32% | -50.90% | -77.61% |
Correlation
The correlation between ZVOL and UVXY is -0.86, 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. | -0.86 |
Correlation (3Y) Balances recent behavior with more history. | -0.89 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2023 | -0.88 |
The correlation between ZVOL and UVXY has been stable across timeframes, ranging from -0.89 to -0.86 - 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.
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.
| ZVOL | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.86 | ||
| Sortino ratioReturn per unit of downside risk | +3.11 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.83 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | -1.02 | +2.17 |
| Martin ratioReturn relative to average drawdown | 3.68 | -1.56 | +5.24 |
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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% | -71.05% | +54.59% |
Max Drawdown (3Y)Largest decline over 3 years | -37.25% | -95.55% | +58.30% |
Max Drawdown (5Y)Largest decline over 5 years | — | -99.69% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -14.93% | -100.00% | +85.07% |
Average DrawdownAverage peak-to-trough decline | -13.63% | -98.76% | +85.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.12% | 48.08% | -42.96% |
Volatility
ZVOL vs. UVXY - Volatility Comparison
The current volatility for Volatility Premium Plus ETF (ZVOL) is 3.36%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.42%. 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 | 3.36% | 22.42% | -19.06% |
Volatility (6M)Calculated over the trailing 6-month period | 13.57% | 65.04% | -51.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.64% | 85.86% | -67.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.69% | 103.36% | -74.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.69% | 112.06% | -83.37% |
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 73.39%, 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 | 73.39% | 53.44% | 30.68% | 0.55% |
Frequently Asked Questions
ZVOL and UVXY have a correlation of -0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.42%) compared to ZVOL (3.36%). In terms of maximum drawdown, ZVOL dropped -37.25% vs UVXY's -100.00%.
On 3-year performance, ZVOL leads with 7.50% vs -64.22% for UVXY. On fees, UVXY is cheaper at 0.95% per year. On volatility, ZVOL has been the lower-risk option at 3.36%. 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 7.50% return vs -64.22%. 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 73.39%, 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 (1.01 vs -0.84), 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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