BFEB vs. VIXM
BFEB (Innovator S&P 500 Buffer ETF - February) and VIXM (ProShares VIX Mid-Term Futures ETF) are both exchange-traded funds - BFEB is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index February Series, while VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index. Both are passively managed. Over the past 5 years, BFEB returned 11.70%/yr vs -13.49%/yr for VIXM. At a correlation of -0.71, they often move in opposite directions. BFEB charges 0.79%/yr vs 0.85%/yr for VIXM.
Performance
BFEB vs. VIXM - Performance Comparison
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Returns By Period
In the year-to-date period, BFEB achieves a 8.25% return, which is significantly higher than VIXM's 1.31% return.
BFEB
- 1D
- -0.29%
- 1M
- 2.99%
- YTD
- 8.25%
- 6M
- 9.24%
- 1Y
- 21.21%
- 3Y*
- 16.68%
- 5Y*
- 11.70%
- 10Y*
- —
VIXM
- 1D
- 0.39%
- 1M
- -2.34%
- YTD
- 1.31%
- 6M
- -2.83%
- 1Y
- -8.35%
- 3Y*
- -13.22%
- 5Y*
- -13.49%
- 10Y*
- -11.17%
BFEB vs. VIXM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BFEB Innovator S&P 500 Buffer ETF - February | 8.25% | 12.99% | 17.58% | 22.35% | -6.76% | 18.05% | 10.17% |
VIXM ProShares VIX Mid-Term Futures ETF | 1.31% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | 75.77% |
Correlation
The correlation between BFEB and VIXM is -0.72, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.71 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2020 | -0.71 |
The correlation between BFEB and VIXM has been stable across timeframes, ranging from -0.72 to -0.67 - a consistent structural relationship.
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Return for Risk
BFEB vs. VIXM — Risk / Return Rank
BFEB
VIXM
BFEB vs. VIXM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator S&P 500 Buffer ETF - February (BFEB) 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.
| BFEB | VIXM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.08 | ||
| Sortino ratioReturn per unit of downside risk | +4.25 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 0.94 | +0.57 |
| Calmar ratioReturn relative to maximum drawdown | 3.32 | -0.55 | +3.87 |
| Martin ratioReturn relative to average drawdown | 16.95 | -0.96 | +17.91 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BFEB | VIXM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.63 | -0.44 | +3.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.03 | -0.44 | +1.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.34 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.90 | -0.55 | +1.45 |
Drawdowns
BFEB vs. VIXM - Drawdown Comparison
The maximum BFEB drawdown since its inception was -26.37%, smaller than the maximum VIXM drawdown of -96.23%. Use the drawdown chart below to compare losses from any high point for BFEB and VIXM.
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Drawdown Indicators
| BFEB | VIXM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.37% | -96.23% | +69.86% |
Max Drawdown (1Y)Largest decline over 1 year | -6.41% | -15.22% | +8.81% |
Max Drawdown (3Y)Largest decline over 3 years | -13.82% | -41.41% | +27.59% |
Max Drawdown (5Y)Largest decline over 5 years | -14.84% | -63.40% | +48.56% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.72% | — |
Current DrawdownCurrent decline from peak | -0.29% | -95.75% | +95.46% |
Average DrawdownAverage peak-to-trough decline | -2.69% | -81.52% | +78.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.25% | 8.74% | -7.49% |
Volatility
BFEB vs. VIXM - Volatility Comparison
The current volatility for Innovator S&P 500 Buffer ETF - February (BFEB) is 1.51%, while ProShares VIX Mid-Term Futures ETF (VIXM) has a volatility of 3.19%. This indicates that BFEB experiences smaller price fluctuations and is considered to be less risky than VIXM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BFEB | VIXM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.51% | 3.19% | -1.68% |
Volatility (6M)Calculated over the trailing 6-month period | 6.31% | 13.91% | -7.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.10% | 18.98% | -10.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.39% | 30.68% | -19.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.19% | 32.90% | -18.71% |
BFEB vs. VIXM - Expense Ratio Comparison
BFEB has a 0.79% expense ratio, which is lower than VIXM's 0.85% expense ratio.
Dividends
BFEB vs. VIXM - Dividend Comparison
Neither BFEB nor VIXM has paid dividends to shareholders.
Frequently Asked Questions
BFEB and VIXM have a correlation of -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIXM has higher volatility (3.19%) compared to BFEB (1.51%). In terms of maximum drawdown, BFEB dropped -26.37% vs VIXM's -96.23%.
On 5-year performance, BFEB leads with 11.70% vs -13.49% for VIXM. On fees, BFEB is cheaper at 0.79% per year. On volatility, BFEB has been the lower-risk option at 1.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BFEB has performed better with a 11.70% return vs -13.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BFEB is cheaper with a 0.79% expense ratio, compared with 0.85% for VIXM.
BFEB and VIXM have nearly identical dividend yields, around 0.00%.
BFEB is categorized as Options Trading, while VIXM is Volatility. BFEB tracks Cboe S&P 500 Buffer Protect Index February Series, while VIXM tracks S&P 500 VIX Mid-Term Futures Index. They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.79% for BFEB and 0.85% for VIXM.
BFEB currently has the higher Sharpe Ratio (2.63 vs -0.44), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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