SVXY vs. VIXM
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 2.76%/yr vs -12.34%/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
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Returns By Period
In the year-to-date period, SVXY achieves a 2.06% return, which is significantly higher than VIXM's -2.42% return. Over the past 10 years, SVXY has outperformed VIXM with an annualized return of 2.76%, while VIXM has yielded a comparatively lower -12.34% annualized return.
SVXY
- 1D
- 0.14%
- 1M
- 7.11%
- YTD
- 2.06%
- 6M
- 2.78%
- 1Y
- 39.97%
- 3Y*
- 11.27%
- 5Y*
- 15.52%
- 10Y*
- 2.76%
VIXM
- 1D
- -0.47%
- 1M
- -5.28%
- YTD
- -2.42%
- 6M
- -0.07%
- 1Y
- -13.67%
- 3Y*
- -12.09%
- 5Y*
- -13.41%
- 10Y*
- -12.34%
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 | 2.06% | 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 | -2.42% | 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 -0.91, 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 | -0.91 |
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.
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Return for Risk
SVXY vs. VIXM — Risk / Return Rank
SVXY
VIXM
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 ratioReturn per unit of total volatility | +2.13 | ||
| Sortino ratioReturn per unit of downside risk | +2.81 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.89 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | -0.88 | +2.63 |
| Martin ratioReturn relative to average drawdown | 5.71 | -1.64 | +7.35 |
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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.
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Drawdown Indicators
| SVXY | VIXM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.25% | -96.23% | +0.98% |
Max Drawdown (1Y)Largest decline over 1 year | -22.94% | -15.53% | -7.41% |
Max Drawdown (3Y)Largest decline over 3 years | -46.45% | -37.35% | -9.10% |
Max Drawdown (5Y)Largest decline over 5 years | -46.45% | -63.40% | +16.95% |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | -75.56% | -19.69% |
Current DrawdownCurrent decline from peak | -79.55% | -95.91% | +16.36% |
Average DrawdownAverage peak-to-trough decline | -56.93% | -81.54% | +24.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.02% | 8.50% | -1.48% |
Volatility
SVXY vs. VIXM - Volatility Comparison
ProShares Short VIX Short-Term Futures ETF (SVXY) has a higher volatility of 8.30% compared to ProShares VIX Mid-Term Futures ETF (VIXM) at 4.19%. 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.
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Volatility by Period
| SVXY | VIXM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.30% | 4.19% | +4.11% |
Volatility (6M)Calculated over the trailing 6-month period | 22.60% | 14.19% | +8.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.87% | 18.73% | +10.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.38% | 30.62% | +4.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.36% | 32.83% | +17.53% |
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.
Frequently Asked Questions
SVXY and VIXM have a correlation of -0.91, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SVXY has higher volatility (8.30%) compared to VIXM (4.19%). In terms of maximum drawdown, SVXY dropped -95.25% vs VIXM's -96.23%.
On 10-year performance, SVXY leads with 2.76% vs -12.34% for VIXM. On fees, VIXM is cheaper at 0.85% per year. On volatility, VIXM has been the lower-risk option at 4.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SVXY has performed better with a 2.76% return vs -12.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIXM is cheaper with a 0.85% expense ratio, compared with 0.95% for SVXY.
SVXY and VIXM have nearly identical dividend yields, around 0.00%.
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.
SVXY currently has the higher Sharpe Ratio (1.39 vs -0.73), 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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