SVXY vs. VIXM

Last updated Jul 14, 2026

SVXY (ProShares Short VIX Short-Term Futures ETF) and VIXM (ProShares VIX Mid-Term Futures ETF) are both Volatility funds from ProShares - SVXY tracks the S&P 500 VIX Short-Term Futures Index (-0.5x) while VIXM tracks the S&P 500 VIX Mid-Term Futures Index. Both are passively managed. Over the past 10 years, SVXY returned -0.01%/yr vs -11.64%/yr for VIXM. At a correlation of -0.89, they often move in opposite directions. SVXY charges 0.95%/yr vs 0.85%/yr for VIXM.

Performance

SVXY vs. VIXM - Performance Comparison

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

Returns By Period

In the year-to-date period, SVXY achieves a 4.12% return, which is significantly higher than VIXM's -5.83% return. Over the past 10 years, SVXY has outperformed VIXM with an annualized return of -0.01%, while VIXM has yielded a comparatively lower -11.64% annualized return.

SVXY

• 1D: -1.50%
• 1M: 5.03%
• 6M: 2.34%
• YTD: 4.12%
• 1Y: 31.22%
• 3Y*: 10.15%
• 5Y*: 15.62%
• 10Y*: -0.01%

VIXM

• 1D: 0.49%
• 1M: -5.64%
• 6M: -3.49%
• YTD: -5.83%
• 1Y: -13.43%
• 3Y*: -9.98%
• 5Y*: -14.38%
• 10Y*: -11.64%

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

SVXY vs. VIXM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SVXY ProShares Short VIX Short-Term Futures ETF	4.12%	10.63%	-3.17%	76.21%	-4.66%	48.53%	-36.47%	54.21%	-91.75%	181.84%
VIXM ProShares VIX Mid-Term Futures ETF	-5.83%	5.60%	-13.67%	-44.83%	-0.69%	-16.70%	72.38%	-20.38%	26.43%	-50.05%

Correlation

The correlation between SVXY and VIXM is -0.90, 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	-0.90
Correlation (3Y) Calculated over the trailing 3-year period	-0.90
Correlation (5Y) Calculated over the trailing 5-year period	-0.91
Correlation (10Y) Calculated over the trailing 10-year period	-0.89
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011	-0.89

The correlation between SVXY and VIXM has been stable across timeframes, ranging from -0.91 to -0.89 - a consistent structural relationship.

Return for Risk

SVXY vs. VIXM — Risk / Return Rank

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

SVXY

SVXY Risk / Return Rank: 37
SVXY Sharpe Ratio Rank: 38
SVXY Sortino Ratio Rank: 36
SVXY Omega Ratio Rank: 40
SVXY Calmar Ratio Rank: 34
SVXY Martin Ratio Rank: 37

VIXM

VIXM Risk / Return Rank: 3
VIXM Sharpe Ratio Rank: 3
VIXM Sortino Ratio Rank: 4
VIXM Omega Ratio Rank: 4
VIXM Calmar Ratio Rank: 3
VIXM Martin Ratio Rank: 1

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.

SVXY vs. VIXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short VIX Short-Term Futures ETF (SVXY) 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.

	SVXY	VIXM	Difference
Sharpe ratio: Return per unit of total volatility	1.09	-0.72	+1.81
Sortino ratio: Return per unit of downside risk	1.54	-0.91	+2.45
Omega ratio: Gain probability vs. loss probability	1.21	0.89	+0.32
Calmar ratio: Return relative to maximum drawdown	1.37	-0.70	+2.07
Martin ratio: Return relative to average drawdown	4.46	-1.46	+5.91

SVXY vs. VIXM - Sharpe Ratio Comparison

The current SVXY Sharpe Ratio is 1.09, which is higher than the VIXM Sharpe Ratio of -0.72. The chart below compares the historical Sharpe Ratios of SVXY 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.

Drawdowns

SVXY vs. VIXM - Drawdown Comparison

The maximum SVXY drawdown since its inception was -95.25%, roughly equal to the maximum VIXM drawdown of -96.23%. Use the drawdown chart below to compare losses from any high point for SVXY and VIXM.

Drawdown Indicators

	SVXY	VIXM	Difference
Max Drawdown Largest peak-to-trough decline	-95.25%	-96.23%	+0.98%
Max Drawdown (1Y) Largest decline over 1 year	-22.94%	-19.16%	-3.78%
Max Drawdown (3Y) Largest decline over 3 years	-46.45%	-37.26%	-9.19%
Max Drawdown (5Y) Largest decline over 5 years	-46.45%	-63.40%	+16.95%
Max Drawdown (10Y) Largest decline over 10 years	-95.25%	-72.55%	-22.70%
Current Drawdown Current decline from peak	-79.14%	-96.05%	+16.91%
Average Drawdown Average peak-to-trough decline	-57.01%	-81.59%	+24.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.03%	9.23%	-2.20%

Volatility

SVXY vs. VIXM - Volatility Comparison

ProShares Short VIX Short-Term Futures ETF (SVXY) has a higher volatility of 7.03% compared to ProShares VIX Mid-Term Futures ETF (VIXM) at 3.55%. This indicates that SVXY'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

	SVXY	VIXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.03%	3.55%	+3.48%
Volatility (6M) Calculated over the trailing 6-month period	22.81%	14.02%	+8.79%
Volatility (1Y) Calculated over the trailing 1-year period	28.92%	18.66%	+10.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.34%	30.60%	+4.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.50%	32.63%	+16.87%

SVXY vs. VIXM - Expense Ratio Comparison

SVXY has a 0.95% expense ratio, which is higher than VIXM's 0.85% expense ratio.

Dividends

SVXY vs. VIXM - Dividend Comparison

Neither SVXY nor VIXM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SVXY and VIXM in my portfolio?

SVXY and VIXM have a correlation of -0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SVXY or VIXM?

SVXY has higher volatility (7.03%) compared to VIXM (3.55%). In terms of maximum drawdown, SVXY dropped -95.25% vs VIXM's -96.23%.

Which ETF is better, SVXY or VIXM?

On 10-year performance, SVXY leads with -0.01% vs -11.64% for VIXM. On fees, VIXM is cheaper at 0.85% per year. On volatility, VIXM has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SVXY or VIXM?

Over the 10-year period, SVXY has performed better with a -0.01% return vs -11.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SVXY or VIXM?

VIXM is cheaper with a 0.85% expense ratio, compared with 0.95% for SVXY.

Which ETF pays a higher dividend yield, SVXY or VIXM?

SVXY and VIXM have nearly identical dividend yields, around 0.00%.

What is the main difference between SVXY and VIXM?

SVXY tracks S&P 500 VIX Short-Term Futures Index (-0.5x), while VIXM tracks S&P 500 VIX Mid-Term Futures Index. Their fees differ too: 0.95% for SVXY and 0.85% for VIXM.

Which has better risk-adjusted returns?

SVXY currently has the higher Sharpe Ratio (1.09 vs -0.72), 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.