UVXY (https://www.etf.com/UVXY) and
SVXY (https://www.etf.com/SVXY) track the first- and second-month VIX futures positions.
SVXY, however, is an inverse tracker while
UVXY is not. What I don't understand is if they both track the same thing, why are their trends so out of line (accounting for the inversion, obviously).
UVXY reacted sharply in March 2020 because of the pandemic (as expected) and then relatively quickly settled back down to 2019 levels.
SVXY also reacted sharply in March 2020 because of the pandemic (as expected) but has not returned anywhere near its 2019 levels (like
UVXY). Why is this?