VIXM vs. ^VIX
VIXM (ProShares VIX Mid-Term Futures ETF) is Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while ^VIX (CBOE Volatility Index) is an index. Over the past 10 years, VIXM returned -11.64%/yr vs 3.08%/yr for ^VIX. A 0.77 correlation means they provide meaningful diversification when combined.
Performance
VIXM vs. ^VIX - Performance Comparison
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Returns By Period
In the year-to-date period, VIXM achieves a -5.83% return, which is significantly lower than ^VIX's 14.78% return. Over the past 10 years, VIXM has underperformed ^VIX with an annualized return of -11.64%, while ^VIX has yielded a comparatively higher 3.08% annualized return.
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%
^VIX
- 1D
- 14.17%
- 1M
- -2.94%
- 6M
- 13.49%
- YTD
- 14.78%
- 1Y
- 4.63%
- 3Y*
- 8.76%
- 5Y*
- 1.00%
- 10Y*
- 3.08%
VIXM vs. ^VIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
^VIX CBOE Volatility Index | 14.78% | -13.83% | 39.36% | -42.55% | 25.84% | -24.31% | 65.09% | -45.79% | 130.25% | -21.37% |
Correlation
The correlation between VIXM and ^VIX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011 | 0.77 |
The correlation between VIXM and ^VIX has been stable across timeframes, ranging from 0.77 to 0.80 - a consistent structural relationship.
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Return for Risk
VIXM vs. ^VIX — Risk / Return Rank
VIXM
^VIX
VIXM vs. ^VIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and CBOE Volatility Index (^VIX). 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.
| VIXM | ^VIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.95 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.12 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.70 | 0.09 | -0.79 |
| Martin ratioReturn relative to average drawdown | -1.46 | 0.14 | -1.60 |
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Drawdowns
VIXM vs. ^VIX - Drawdown Comparison
The maximum VIXM drawdown since its inception was -96.23%, which is greater than ^VIX's maximum drawdown of -88.70%. Use the drawdown chart below to compare losses from any high point for VIXM and ^VIX.
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Drawdown Indicators
| VIXM | ^VIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -88.70% | -7.53% |
Max Drawdown (1Y)Largest decline over 1 year | -19.16% | -51.59% | +32.43% |
Max Drawdown (3Y)Largest decline over 3 years | -37.26% | -74.26% | +37.00% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -74.26% | +10.86% |
Max Drawdown (10Y)Largest decline over 10 years | -72.55% | -85.66% | +13.11% |
Current DrawdownCurrent decline from peak | -96.05% | -79.25% | -16.80% |
Average DrawdownAverage peak-to-trough decline | -81.59% | -64.09% | -17.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.23% | 32.36% | -23.13% |
Volatility
VIXM vs. ^VIX - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.55%, while CBOE Volatility Index (^VIX) has a volatility of 34.86%. This indicates that VIXM experiences smaller price fluctuations and is considered to be less risky than ^VIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXM | ^VIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.55% | 34.86% | -31.31% |
Volatility (6M)Calculated over the trailing 6-month period | 14.02% | 92.44% | -78.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.66% | 124.55% | -105.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.60% | 127.59% | -96.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.63% | 136.48% | -103.85% |
Frequently Asked Questions
VIXM and ^VIX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^VIX has higher volatility (34.86%) compared to VIXM (3.55%). In terms of maximum drawdown, VIXM dropped -96.23% vs ^VIX's -88.70%.
^VIX currently has the higher Sharpe Ratio (0.04 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.
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