When you compare the 5 day VIX with the 5 day UVXY you can plainly see the effects of futures contango in UVXY despite a rising VIX. From last Friday's lows to yesterday's highs the VIX has climbed better than 15%, and closed better than 12.5% above last Friday's lows. Over those same three trading days UVXY traded to new lows yesterday - and closed just 1.3% above last Friday's lows. One can plainly see, due to futures contango and resulting "decay", this certainly DOES NOT operate like a 2X VIX pure play...