^VIX vs. VIXM

Last updated Apr 2, 2026

Compare and contrast key facts about CBOE Volatility Index (^VIX) and ProShares VIX Mid-Term Futures ETF (VIXM).

VIXM is a passively managed fund by ProShares that tracks the performance of the S&P 500 VIX Mid-Term Futures Index. It was launched on Jan 3, 2011.

Performance

^VIX vs. VIXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CBOE Volatility Index (^VIX) and ProShares VIX Mid-Term Futures ETF (VIXM). The values are adjusted to include any dividend payments, if applicable.

^VIX vs. VIXM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^VIX CBOE Volatility Index	64.15%	-13.83%	39.36%	-42.55%	25.84%	-24.31%	65.09%	-45.79%	130.25%	-21.37%
VIXM ProShares VIX Mid-Term Futures ETF	10.41%	5.60%	-13.67%	-44.83%	-0.69%	-16.70%	72.38%	-20.38%	26.43%	-50.05%

Returns By Period

In the year-to-date period, ^VIX achieves a 64.15% return, which is significantly higher than VIXM's 10.41% return. Over the past 10 years, ^VIX has outperformed VIXM with an annualized return of 6.48%, while VIXM has yielded a comparatively lower -10.63% annualized return.

^VIX

• 1D: -2.81%
• 1M: 14.46%
• YTD: 64.15%
• 6M: 50.64%
• 1Y: 12.72%
• 3Y*: 9.48%
• 5Y*: 7.21%
• 10Y*: 6.48%

VIXM

• 1D: -1.69%
• 1M: 6.64%
• YTD: 10.41%
• 6M: 6.51%
• 1Y: 6.84%
• 3Y*: -14.34%
• 5Y*: -13.16%
• 10Y*: -10.63%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

^VIX vs. VIXM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^VIX

^VIX Risk / Return Rank: 24
^VIX Sharpe Ratio Rank: 18
^VIX Sortino Ratio Rank: 49
^VIX Omega Ratio Rank: 43
^VIX Calmar Ratio Rank: 1
^VIX Martin Ratio Rank: 7

VIXM

VIXM Risk / Return Rank: 18
VIXM Sharpe Ratio Rank: 17
VIXM Sortino Ratio Rank: 20
VIXM Omega Ratio Rank: 20
VIXM Calmar Ratio Rank: 17
VIXM Martin Ratio Rank: 15

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^VIX vs. VIXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CBOE Volatility Index (^VIX) and ProShares VIX Mid-Term Futures ETF (VIXM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	^VIX	VIXM	Difference
Sharpe ratio Return per unit of total volatility	0.09	0.23	-0.14
Sortino ratio Return per unit of downside risk	1.25	0.57	+0.68
Omega ratio Gain probability vs. loss probability	1.15	1.08	+0.07
Calmar ratio Return relative to maximum drawdown	-0.58	0.27	-0.84
Martin ratio Return relative to average drawdown	-0.75	0.39	-1.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^VIX vs. VIXM - Sharpe Ratio Comparison

The current ^VIX Sharpe Ratio is 0.09, which is lower than the VIXM Sharpe Ratio of 0.23. The chart below compares the historical Sharpe Ratios of ^VIX and VIXM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	^VIX	VIXM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.09	0.23	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	-0.42	+0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.05	-0.32	+0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.01	-0.54	+0.55

Correlation

The correlation between ^VIX and VIXM is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

^VIX vs. VIXM - Drawdown Comparison

The maximum ^VIX drawdown since its inception was -88.70%, smaller than the maximum VIXM drawdown of -96.23%. Use the drawdown chart below to compare losses from any high point for ^VIX and VIXM.

Drawdown Indicators

	^VIX	VIXM	Difference
Max Drawdown Largest peak-to-trough decline	-88.70%	-96.23%	+7.53%
Max Drawdown (1Y) Largest decline over 1 year	-74.26%	-23.73%	-50.53%
Max Drawdown (5Y) Largest decline over 5 years	-74.26%	-63.40%	-10.86%
Max Drawdown (10Y) Largest decline over 10 years	-85.66%	-75.72%	-9.94%
Current Drawdown Current decline from peak	-70.32%	-95.37%	+25.05%
Average Drawdown Average peak-to-trough decline	-64.04%	-81.36%	+17.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.08%	16.14%	+29.94%

Volatility

^VIX vs. VIXM - Volatility Comparison

CBOE Volatility Index (^VIX) has a higher volatility of 48.46% compared to ProShares VIX Mid-Term Futures ETF (VIXM) at 10.08%. This indicates that ^VIX's price experiences larger fluctuations and is considered to be riskier than VIXM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^VIX	VIXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	48.46%	10.08%	+38.38%
Volatility (6M) Calculated over the trailing 6-month period	93.57%	15.33%	+78.24%
Volatility (1Y) Calculated over the trailing 1-year period	139.41%	29.84%	+109.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	125.25%	31.21%	+94.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	135.98%	33.06%	+102.92%