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 -12.34%/yr vs -3.91%/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 -2.42% return, which is significantly lower than ^VIX's 15.59% return. Over the past 10 years, VIXM has underperformed ^VIX with an annualized return of -12.34%, while ^VIX has yielded a comparatively higher -3.91% annualized return.
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%
^VIX
- 1D
- 5.37%
- 1M
- 3.47%
- YTD
- 15.59%
- 6M
- 22.73%
- 1Y
- -16.20%
- 3Y*
- 8.74%
- 5Y*
- 1.15%
- 10Y*
- -3.91%
VIXM vs. ^VIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
^VIX CBOE Volatility Index | 15.59% | -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 0.80, 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 | 0.80 |
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 | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -1.65 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.08 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | -0.32 | -0.56 |
| Martin ratioReturn relative to average drawdown | -1.64 | -0.52 | -1.11 |
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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 | -15.53% | -50.66% | +35.13% |
Max Drawdown (3Y)Largest decline over 3 years | -37.35% | -74.26% | +36.91% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -74.26% | +10.86% |
Max Drawdown (10Y)Largest decline over 10 years | -75.56% | -85.66% | +10.10% |
Current DrawdownCurrent decline from peak | -95.91% | -79.10% | -16.81% |
Average DrawdownAverage peak-to-trough decline | -81.54% | -64.07% | -17.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.50% | 31.03% | -22.53% |
Volatility
VIXM vs. ^VIX - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 4.19%, while CBOE Volatility Index (^VIX) has a volatility of 47.71%. 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 | 4.19% | 47.71% | -43.52% |
Volatility (6M)Calculated over the trailing 6-month period | 14.19% | 91.20% | -77.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.73% | 123.62% | -104.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.62% | 127.66% | -97.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.83% | 137.49% | -104.66% |
Frequently Asked Questions
VIXM and ^VIX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^VIX has higher volatility (47.71%) compared to VIXM (4.19%). In terms of maximum drawdown, VIXM dropped -96.23% vs ^VIX's -88.70%.
^VIX currently has the higher Sharpe Ratio (-0.13 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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