VXX vs UVXY: The VIX Fund vs. Its Leveraged Version
VXX tracks VIX futures directly. UVXY applies 1.5x daily leverage to the same futures. Neither is a buy-and-hold investment. Both are built to decay.
VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) both give exposure to short-term VIX futures, and neither is designed to be held for years. VIX futures usually trade in contango, meaning futures contracts further out cost more than the current price, so rolling from an expiring contract into the next one is a structural, ongoing cost baked into both funds. VXX absorbs that cost at 1x. UVXY applies 1.5x daily leverage on top of it, which compounds the decay. The result: UVXY has lost approximately 99% of its value over the trailing five years, even though the VIX itself has not gone to zero. VXX has also lost most of its value over the same stretch, just less catastrophically. Both funds are legitimate short-term hedging or trading tools, typically held for days, not years, against a specific expected spike in volatility. Neither belongs in a buy-and-hold portfolio.
Whether the lower-cost fund suits your situation depends on your existing holdings, account type, tax situation, and how you use each fund. This is a cost comparison, not a personalized recommendation.
Both funds trade commission-free at every major brokerage. How the major brokerages compare →
📋 VXX vs UVXY — Key Facts Side by Side
| Metric | VXX | UVXY |
|---|---|---|
| Fund Name | iPath Series B S&P 500 VIX Short-Term Futures ETN | ProShares Ultra VIX Short-Term Futures ETF |
| Issuer | Barclays | ProShares |
| Tracks Index | S&P 500 VIX Short-Term Futures Index | 1.5x S&P 500 VIX Short-Term Futures Index (Daily) |
| Expense Ratio | 0.89% ✓ | 0.95% |
| Cost per $10K/yr | $89.00 | $95.00 |
| AUM | $441.2M | $233.7M |
| Holdings | 1 | 1 |
| Inception | 2018 | 2011 |
| 1-Year Return | -48.03% | -67.99% |
| 3-Year Return | -38.44% | -61.34% |
| 5-Year Return | -46.22% | -67.97% |
| Holdings Overlap | See holdings overlap → | |
| Avg Bid-Ask Spread | 0.10% | 0.15% |
Expense ratio, AUM, and returns updated Jul 30, 2026 from ETF BFF database. Returns are annualised. Not investment advice.
📊 VXX vs UVXY — Annualised Returns
Annualised returns (trailing, price-based). Past performance does not guarantee future results.
🎯 Which Fund Fits Which Investor?
- want the lowest fees: saves ~$6/yr per $10K vs UVXY
- already use Barclays and prefer staying within one fund family
- already use ProShares and prefer staying within one fund family
💰 What the Fee Difference Actually Costs
Adjust the numbers for your situation. This models each fund's expense ratio compounding against your balance over time.
Assumes a constant annual return reinvested, with each fund's expense ratio deducted yearly. Illustrative only; actual returns vary. Past performance does not guarantee future results.
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❓ VXX vs UVXY — Frequently Asked Questions
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