^VIX vs. UVIX

Last updated Apr 3, 2026

Compare and contrast key facts about CBOE Volatility Index (^VIX) and Volatility Shares 2x Long VIX Futures ETF (UVIX).

UVIX is a passively managed fund by Volatility Shares that tracks the performance of the Long VIX Futures Index – Benchmark TR Gross (200%). It was launched on Mar 28, 2022.

Performance

^VIX vs. UVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CBOE Volatility Index (^VIX) and Volatility Shares 2x Long VIX Futures ETF (UVIX). The values are adjusted to include any dividend payments, if applicable.

^VIX vs. UVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
^VIX CBOE Volatility Index	59.67%	-13.83%	39.36%	-42.55%	12.11%
UVIX Volatility Shares 2x Long VIX Futures ETF	45.18%	-83.21%	-75.24%	-95.28%	-62.08%

Returns By Period

In the year-to-date period, ^VIX achieves a 59.67% return, which is significantly higher than UVIX's 45.18% return.

^VIX

• 1D: -2.73%
• 1M: 1.27%
• YTD: 59.67%
• 6M: 43.54%
• 1Y: 10.97%
• 3Y*: 8.77%
• 5Y*: 6.61%
• 10Y*: 5.39%

UVIX

• 1D: 0.12%
• 1M: 18.60%
• YTD: 45.18%
• 6M: -18.00%
• 1Y: -76.53%
• 3Y*: -82.40%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

^VIX vs. UVIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^VIX

^VIX Risk / Return Rank: 23
^VIX Sharpe Ratio Rank: 16
^VIX Sortino Ratio Rank: 45
^VIX Omega Ratio Rank: 39
^VIX Calmar Ratio Rank: 3
^VIX Martin Ratio Rank: 10

UVIX

UVIX Risk / Return Rank: 4
UVIX Sharpe Ratio Rank: 4
UVIX Sortino Ratio Rank: 6
UVIX Omega Ratio Rank: 6
UVIX Calmar Ratio Rank: 1
UVIX Martin Ratio Rank: 4

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^VIX vs. UVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CBOE Volatility Index (^VIX) and Volatility Shares 2x Long VIX Futures ETF (UVIX). 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.

	^VIX	UVIX	Difference
Sharpe ratio Return per unit of total volatility	0.08	-0.51	+0.59
Sortino ratio Return per unit of downside risk	1.23	-0.35	+1.58
Omega ratio Gain probability vs. loss probability	1.15	0.96	+0.19
Calmar ratio Return relative to maximum drawdown	-0.38	-0.83	+0.45
Martin ratio Return relative to average drawdown	-0.49	-0.94	+0.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^VIX vs. UVIX - Sharpe Ratio Comparison

The current ^VIX Sharpe Ratio is 0.08, which is higher than the UVIX Sharpe Ratio of -0.51. The chart below compares the historical Sharpe Ratios of ^VIX and UVIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	^VIX	UVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.08	-0.51	+0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.04	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.01	-0.59	+0.60

Correlation

The correlation between ^VIX and UVIX is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

^VIX vs. UVIX - Drawdown Comparison

The maximum ^VIX drawdown since its inception was -88.70%, smaller than the maximum UVIX drawdown of -99.96%. Use the drawdown chart below to compare losses from any high point for ^VIX and UVIX.

Drawdown Indicators

	^VIX	UVIX	Difference
Max Drawdown Largest peak-to-trough decline	-88.70%	-99.96%	+11.26%
Max Drawdown (1Y) Largest decline over 1 year	-74.26%	-94.23%	+19.97%
Max Drawdown (5Y) Largest decline over 5 years	-74.26%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-85.66%	—	—
Current Drawdown Current decline from peak	-71.13%	-99.94%	+28.81%
Average Drawdown Average peak-to-trough decline	-64.04%	-88.04%	+24.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.12%	82.85%	-36.73%

Volatility

^VIX vs. UVIX - Volatility Comparison

The current volatility for CBOE Volatility Index (^VIX) is 47.19%, while Volatility Shares 2x Long VIX Futures ETF (UVIX) has a volatility of 58.38%. This indicates that ^VIX experiences smaller price fluctuations and is considered to be less risky than UVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^VIX	UVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	47.19%	58.38%	-11.19%
Volatility (6M) Calculated over the trailing 6-month period	93.43%	94.46%	-1.03%
Volatility (1Y) Calculated over the trailing 1-year period	139.42%	149.69%	-10.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	125.21%	138.10%	-12.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	135.95%	138.10%	-2.15%