I know that, but it still does move nearly 2X with it. I know it's based off the futures of both months, but it can be used sometimes as a tell of top or bottom. I just think it's screaming temporary top right now.
The $VIX may be signaling a top, at atleast a temporarily pullback. That currently is my call. But it is not my call just for the fact that the VIX is low. UVXY spends an incredible amount of time at 52 week lows, so by nature, always seems like a top. Touch cookie if you are going to try and trade it. Short it for decent return on rising markets, but risk horrific draw downs if caught on the wrong side. Just look at TVIX during summer/fall '11.