SPXN vs. VIXM
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 15.44%/yr vs -11.58%/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
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Returns By Period
In the year-to-date period, SPXN achieves a 11.33% return, which is significantly higher than VIXM's -5.96% return. Over the past 10 years, SPXN has outperformed VIXM with an annualized return of 15.44%, while VIXM has yielded a comparatively lower -11.58% annualized return.
SPXN
- 1D
- -0.71%
- 1M
- -0.48%
- 6M
- 9.55%
- YTD
- 11.33%
- 1Y
- 23.46%
- 3Y*
- 20.25%
- 5Y*
- 13.72%
- 10Y*
- 15.44%
VIXM
- 1D
- 0.95%
- 1M
- -4.46%
- 6M
- -4.07%
- YTD
- -5.96%
- 1Y
- -15.23%
- 3Y*
- -10.11%
- 5Y*
- -14.51%
- 10Y*
- -11.58%
SPXN vs. VIXM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXN ProShares S&P 500 Ex-Financials ETF | 11.33% | 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 | -5.96% | 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 -0.67, 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 | -0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.61 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 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.
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Return for Risk
SPXN vs. VIXM — Risk / Return Rank
SPXN
VIXM
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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SPXN | VIXM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.56 | ||
| Sortino ratioReturn per unit of downside risk | +3.42 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 0.87 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 2.55 | -0.79 | +3.34 |
| Martin ratioReturn relative to average drawdown | 10.41 | -1.61 | +12.02 |
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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
| SPXN | VIXM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.10% | -96.23% | +64.13% |
Max Drawdown (1Y)Largest decline over 1 year | -9.26% | -19.36% | +10.10% |
Max Drawdown (3Y)Largest decline over 3 years | -19.56% | -37.26% | +17.70% |
Max Drawdown (5Y)Largest decline over 5 years | -24.47% | -63.40% | +38.93% |
Max Drawdown (10Y)Largest decline over 10 years | -32.10% | -72.55% | +40.45% |
Current DrawdownCurrent decline from peak | -2.55% | -96.06% | +93.51% |
Average DrawdownAverage peak-to-trough decline | -3.99% | -81.60% | +77.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.26% | 9.46% | -7.20% |
Volatility
SPXN vs. VIXM - Volatility Comparison
ProShares S&P 500 Ex-Financials ETF (SPXN) has a higher volatility of 3.83% compared to ProShares VIX Mid-Term Futures ETF (VIXM) at 3.22%. This indicates that SPXN'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.
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Volatility by Period
| SPXN | VIXM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.83% | 3.22% | +0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 10.89% | 14.02% | -3.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.58% | 18.64% | -5.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.32% | 30.60% | -13.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.67% | 32.62% | -14.95% |
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 0.90%, while VIXM has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPXN ProShares S&P 500 Ex-Financials ETF | 0.90% | 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 -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXN has higher volatility (3.83%) compared to VIXM (3.22%). In terms of maximum drawdown, SPXN dropped -32.10% vs VIXM's -96.23%.
On 10-year performance, SPXN leads with 15.44% vs -11.58% for VIXM. On fees, SPXN is cheaper at 0.09% per year. On volatility, VIXM has been the lower-risk option at 3.22%. 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 15.44% return vs -11.58%. 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 0.90%, 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 (1.74 vs -0.82), 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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