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SPXN vs. VIXM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPXN vs. VIXM

Last updated Jun 4, 2026

SPXN (ProShares S&P 500 Ex-Financials ETF) and VIXM (ProShares VIX Mid-Term Futures ETF) are both exchange-traded funds - SPXN is a S&P 500 fund tracking the S&P 500 Ex-Financials and Real Estate Index, while VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index. Both are passively managed. Over the past 10 years, SPXN returned 16.26%/yr vs -11.17%/yr for VIXM. At a correlation of -0.58, they often move in opposite directions. SPXN charges 0.09%/yr vs 0.85%/yr for VIXM.

Performance

SPXN vs. VIXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Financials ETF (SPXN) and ProShares VIX Mid-Term Futures ETF (VIXM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPXN achieves a 13.57% return, which is significantly higher than VIXM's 1.31% return. Over the past 10 years, SPXN has outperformed VIXM with an annualized return of 16.26%, while VIXM has yielded a comparatively lower -11.17% annualized return.

SPXN

1D
-0.59%
1M
6.16%
YTD
13.57%
6M
13.21%
1Y
32.98%
3Y*
23.31%
5Y*
14.93%
10Y*
16.26%

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

SPXN vs. VIXM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPXN
ProShares S&P 500 Ex-Financials ETF		13.57%18.74%24.35%28.57%-18.87%27.04%22.15%31.50%-3.85%20.84%
VIXM
ProShares VIX Mid-Term Futures ETF		1.31%5.60%-13.67%-44.83%-0.69%-16.70%72.38%-20.38%26.43%-50.05%

Correlation

The correlation between SPXN and VIXM is -0.66, 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

-0.66

Correlation (3Y)
Calculated over the trailing 3-year period

-0.64

Correlation (5Y)
Calculated over the trailing 5-year period

-0.70

Correlation (10Y)
Calculated over the trailing 10-year period

-0.60

Correlation (All Time)
Calculated using the full available price history since Sep 25, 2015

-0.58

The correlation between SPXN and VIXM shifts across timeframes, from -0.70 (5 years) to -0.58 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares S&P 500 Ex-Financials ETF

ProShares VIX Mid-Term Futures ETF

Often compared with SPXN:
SPXN vs. SPYSPXN vs. SPXLSPXN vs. SPXVSPXN vs. QQQSPXN vs. LITSPXN vs. VOOSPXN vs. IWY
Often compared with VIXM:
VIXM vs. VIXYVIXM vs. ^VIXVIXM vs. VOOVIXM vs. VXXVIXM vs. UVXYVIXM vs. VXZVIXM vs. SPY

Return for Risk

SPXN vs. VIXM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPXN
SPXN Risk / Return Rank: 7878
Overall Rank
SPXN Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
SPXN Sortino Ratio Rank: 7777
Sortino Ratio Rank
SPXN Omega Ratio Rank: 7878
Omega Ratio Rank
SPXN Calmar Ratio Rank: 7171
Calmar Ratio Rank
SPXN Martin Ratio Rank: 8282
Martin Ratio Rank
VIXM
VIXM Risk / Return Rank: 44
Overall Rank
VIXM Sharpe Ratio Rank: 55
Sharpe Ratio Rank
VIXM Sortino Ratio Rank: 55
Sortino Ratio Rank
VIXM Omega Ratio Rank: 44
Omega Ratio Rank
VIXM Calmar Ratio Rank: 44
Calmar Ratio Rank
VIXM Martin Ratio Rank: 44
Martin Ratio Rank
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.

SPXN vs. VIXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Financials ETF (SPXN) 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.

SPXNVIXMDifference
Sharpe ratioReturn per unit of total volatility
2.61
-0.44

+3.05

Sortino ratioReturn per unit of downside risk
3.49
-0.49

+3.98

Omega ratioGain probability vs. loss probability

1.47

0.94

+0.53

Calmar ratioReturn relative to maximum drawdown

3.58

-0.55

+4.13

Martin ratioReturn relative to average drawdown

16.43

-0.96

+17.39

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXN vs. VIXM - Sharpe Ratio Comparison

The current SPXN Sharpe Ratio is 2.61, which is higher than the VIXM Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of SPXN and VIXM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SPXNVIXMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.61

-0.44

+3.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.87

-0.44

+1.32

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.92

-0.34

+1.26

Sharpe Ratio (All Time)

Calculated using the full available price history

0.92

-0.55

+1.47

Drawdowns

SPXN vs. VIXM - Drawdown Comparison

The maximum SPXN drawdown since its inception was -32.10%, smaller than the maximum VIXM drawdown of -96.23%. Use the drawdown chart below to compare losses from any high point for SPXN and VIXM.

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Drawdown Indicators

SPXNVIXMDifference

Max Drawdown

Largest peak-to-trough decline

-32.10%

-96.23%

+64.13%

Max Drawdown (1Y)

Largest decline over 1 year

-9.26%

-15.22%

+5.96%

Max Drawdown (3Y)

Largest decline over 3 years

-19.56%

-41.41%

+21.85%

Max Drawdown (5Y)

Largest decline over 5 years

-24.47%

-63.40%

+38.93%

Max Drawdown (10Y)

Largest decline over 10 years

-32.10%

-75.72%

+43.62%

Current Drawdown

Current decline from peak

-0.59%

-95.75%

+95.16%

Average Drawdown

Average peak-to-trough decline

-4.00%

-81.52%

+77.52%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.01%

8.74%

-6.73%

Volatility

SPXN vs. VIXM - Volatility Comparison

ProShares S&P 500 Ex-Financials ETF (SPXN) and ProShares VIX Mid-Term Futures ETF (VIXM) have volatilities of 3.16% and 3.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPXNVIXMDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.16%

3.19%

-0.03%

Volatility (6M)

Calculated over the trailing 6-month period

9.69%

13.91%

-4.22%

Volatility (1Y)

Calculated over the trailing 1-year period

12.70%

18.98%

-6.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.16%

30.68%

-13.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.64%

32.90%

-15.26%

SPXN vs. VIXM - Expense Ratio Comparison

SPXN has a 0.09% expense ratio, which is lower than VIXM's 0.85% expense ratio.

Dividends

SPXN vs. VIXM - Dividend Comparison

SPXN's dividend yield for the trailing twelve months is around 0.87%, while VIXM has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
SPXN
ProShares S&P 500 Ex-Financials ETF		0.87%0.98%1.12%1.19%1.35%0.94%1.09%1.41%1.76%1.54%2.60%0.52%
VIXM
ProShares VIX Mid-Term Futures ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

SPXN and VIXM have a correlation of -0.66, 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 SPXN (3.16%). In terms of maximum drawdown, SPXN dropped -32.10% vs VIXM's -96.23%.

On 10-year performance, SPXN leads with 16.26% vs -11.17% for VIXM. On fees, SPXN is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPXN has performed better with a 16.26% return vs -11.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPXN is cheaper with a 0.09% expense ratio, compared with 0.85% for VIXM.

SPXN has the higher dividend yield at 0.87%, compared with 0.00% for VIXM.

SPXN is categorized as S&P 500, while VIXM is Volatility. SPXN tracks S&P 500 Ex-Financials and Real Estate Index, while VIXM tracks S&P 500 VIX Mid-Term Futures Index. Their fees differ too: 0.09% for SPXN and 0.85% for VIXM.

SPXN currently has the higher Sharpe Ratio (2.61 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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