I have been watching today and it tracked down almost exactly 2 x the fall in the April futures. As to why it is a wasting asset and can't be viewed like a stock, look at the following: http://www.forexpros.com/indices/us-spx-vix-futures I know this is not exact but look at the Friday close of 16.13 and today's open at 21.75, which is the April futures I believe. It's as if it started trading at 2 x the April futures today. If April falls to 16.13, that represents a 50% drop. UVXY price does not equalize to the 21.75, but keeps falling as that drops. In other words it's apples and oranges, not apples to apples.