Star-looking UFO disappears into distance at great speed

Looked at sky on clear night. Observed bright UFO that looked reminiscent of a star, but brighter. It stood out from the rest of the stars in the sky and I pointed it out to my significant other to see if they would be able to tell me which star, or planet it was. Moments after I helped identify the UFO, we both observed the bright star shrink very quickly before fading away, as if it were traveling away at great speed. We were facing south. That is when we both looked at each other in disbelief. We have not observed anything like this in the same area since, and even on clear nights there are no stars in that direction.