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UVIX · Analysis updated Nov 6, 2026, 4:50 PM ET
Why is ProShares Ultra VIX Short-Term Futures ETF (2x Long VIX Futures) (UVIX) stock moving?
UVIX jumped 61% on Nov 5 to $53.36 on volume of about 12.9M shares, up from $33.11 the day before. The surge came as the VIX rose 69.7% to 28.18, its third-largest one-day gain on record. The trigger was a tech and AI-led selloff in which the S&P 500 fell 4.36%, the Nasdaq 5.5% and the Magnificent Seven lost over $1T. On Nov 6 equities rebounded and the VIX fell roughly 8-9% to the mid-$20s, so UVIX has probably given back part of its gain. Historical data in the coverage shows that spikes this large usually fade quickly: the VIX was lower a week later in 20 of 24 cases of a 40%+ one-day jump. The S&P 500 was also higher a month later in most cases. Some risk remains that this is the start of a bigger shock, as in Feb 2020, and election-related and AI-valuation uncertainty persists. UVIX is a 2x daily leveraged product that suffers contango roll costs and volatility decay, so a fading spike works strongly against holders. Compared with yesterday's tactical Bullish view, the outlook has turned Bearish now that volatility is receding.
News behind the analysis
- Stock market today: Nasdaq and S&P 500 rebound, Dow slips to cap bruising week for AI stocksEquities rebounded Friday after Thursday's selloff. The VIX fell about 9% to roughly 25.6, and October payrolls showed unemployment at 4.1%.
- Magnificent 7 loses $1 trillion. The most eye-popping stats from Thursday's tech stock plungeThe Magnificent Seven lost over $1T in market cap and Nvidia fell more than 9%. The VIX hit its highest level since March 31.
- Wall Street Fear Gauge Surges 70% as Stock Sentiment Falls Below CryptoThe VIX jumped nearly 70% to 28.18. The Nasdaq fell 5.52%, the S&P 500 fell 4.36%, and the Philadelphia Semiconductor Index fell 12.25%.
- Stock Market Today: November 6, 2026The VIX closed up 69.7% at 28.17, and the VVIX rose 49.3%. Past spikes of this size have usually faded.
- VIX: 69.65% jump is third-largest daily gain on recordThe VIX closed at 28.18, up from 16.61. Only Feb 2018 and Dec 2024 saw larger one-day percentage gains.
- VIX Spiked Nearly 70%: What History Says for the S&P 500After VIX jumps of 50% or more, the S&P 500 was higher a month later in 9 of 10 cases. The S&P 500 fell 4.36% to 7,353.73.
- Stock Market Today: November 5, 2026After the VIX's prior-day drop, it rose sharply. Historically such jumps fade, and the VIX was lower a week later in 20 of 24 cases.
- VIX Surges 70%, SPY Drops Amid Market Volatility on November 5, 2026The VIX hit its highest level in seven months as tech stocks sold off. The S&P 500 fell 3.5% and the Nasdaq 5.2% in early trading.
- Asia's Chip Stocks Crashed Overnight, With SK Hynix Down 11.7% And Taiwan Off More Than 8%Thursday's rout spread to Asian chip stocks, while Nasdaq futures pointed higher on Friday.
- Easy Quant: Signs of a PlungeAnalysis calls the VIX's 69.7% jump a historical outlier. It came from a low starting level of 16.61, so it was a sudden shock.