VIXM vs. ^VIX

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares VIX Mid-Term Futures ETF (VIXM) and CBOE Volatility Index (^VIX).

VIXM is a passively managed fund by ProShares that tracks the performance of the S&P 500 VIX Mid-Term Futures Index. It was launched on Jan 3, 2011.

Performance

VIXM vs. ^VIX - Performance Comparison

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

VIXM vs. ^VIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIXM ProShares VIX Mid-Term Futures ETF	10.41%	5.60%	-13.67%	-44.83%	-0.69%	-16.70%	72.38%	-20.38%	26.43%	-50.05%
^VIX CBOE Volatility Index	64.15%	-13.83%	39.36%	-42.55%	25.84%	-24.31%	65.09%	-45.79%	130.25%	-21.37%

Returns By Period

In the year-to-date period, VIXM achieves a 10.41% return, which is significantly lower than ^VIX's 64.15% return. Over the past 10 years, VIXM has underperformed ^VIX with an annualized return of -10.63%, while ^VIX has yielded a comparatively higher 6.48% annualized return.

VIXM

• 1D: -1.69%
• 1M: 6.64%
• YTD: 10.41%
• 6M: 6.51%
• 1Y: 6.84%
• 3Y*: -14.34%
• 5Y*: -13.16%
• 10Y*: -10.63%

^VIX

• 1D: -2.81%
• 1M: 14.46%
• YTD: 64.15%
• 6M: 50.64%
• 1Y: 12.72%
• 3Y*: 9.48%
• 5Y*: 7.21%
• 10Y*: 6.48%

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

Return for Risk

VIXM vs. ^VIX — Risk / Return Rank

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

VIXM

VIXM Risk / Return Rank: 18
VIXM Sharpe Ratio Rank: 17
VIXM Sortino Ratio Rank: 20
VIXM Omega Ratio Rank: 20
VIXM Calmar Ratio Rank: 17
VIXM Martin Ratio Rank: 15

^VIX

^VIX Risk / Return Rank: 24
^VIX Sharpe Ratio Rank: 18
^VIX Sortino Ratio Rank: 49
^VIX Omega Ratio Rank: 43
^VIX Calmar Ratio Rank: 1
^VIX Martin Ratio Rank: 7

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.

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.

	VIXM	^VIX	Difference
Sharpe ratio Return per unit of total volatility	0.23	0.09	+0.14
Sortino ratio Return per unit of downside risk	0.57	1.25	-0.68
Omega ratio Gain probability vs. loss probability	1.08	1.15	-0.07
Calmar ratio Return relative to maximum drawdown	0.27	-0.58	+0.84
Martin ratio Return relative to average drawdown	0.39	-0.75	+1.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIXM vs. ^VIX - Sharpe Ratio Comparison

The current VIXM Sharpe Ratio is 0.23, which is higher than the ^VIX Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of VIXM and ^VIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VIXM	^VIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.23	0.09	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.42	0.06	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.32	0.05	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	-0.54	0.01	-0.55

Correlation

The correlation between VIXM and ^VIX is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

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.

Drawdown Indicators

	VIXM	^VIX	Difference
Max Drawdown Largest peak-to-trough decline	-96.23%	-88.70%	-7.53%
Max Drawdown (1Y) Largest decline over 1 year	-23.73%	-74.26%	+50.53%
Max Drawdown (5Y) Largest decline over 5 years	-63.40%	-74.26%	+10.86%
Max Drawdown (10Y) Largest decline over 10 years	-75.72%	-85.66%	+9.94%
Current Drawdown Current decline from peak	-95.37%	-70.32%	-25.05%
Average Drawdown Average peak-to-trough decline	-81.36%	-64.04%	-17.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.14%	46.08%	-29.94%

Volatility

VIXM vs. ^VIX - Volatility Comparison

The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 10.08%, while CBOE Volatility Index (^VIX) has a volatility of 48.46%. 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.

Volatility by Period

	VIXM	^VIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.08%	48.46%	-38.38%
Volatility (6M) Calculated over the trailing 6-month period	15.33%	93.57%	-78.24%
Volatility (1Y) Calculated over the trailing 1-year period	29.84%	139.41%	-109.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.21%	125.25%	-94.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.06%	135.98%	-102.92%