VIXM vs. APRT
VIXM (ProShares VIX Mid-Term Futures ETF) and APRT (AllianzIM U.S. Large Cap Buffer10 Apr ETF) are both exchange-traded funds - VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while APRT is a Options Trading fund actively managed by Allianz. VIXM is passively managed, while APRT is actively managed. Over the past 5 years, VIXM returned -13.23%/yr vs 10.31%/yr for APRT. At a correlation of -0.71, they often move in opposite directions. VIXM charges 0.85%/yr vs 0.74%/yr for APRT.
Performance
VIXM vs. APRT - Performance Comparison
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Returns By Period
In the year-to-date period, VIXM achieves a -2.62% return, which is significantly lower than APRT's 9.22% return.
VIXM
- 1D
- -0.87%
- 1M
- -5.47%
- YTD
- -2.62%
- 6M
- -1.13%
- 1Y
- -11.22%
- 3Y*
- -12.15%
- 5Y*
- -13.23%
- 10Y*
- -12.35%
APRT
- 1D
- -0.04%
- 1M
- -0.12%
- YTD
- 9.22%
- 6M
- 9.26%
- 1Y
- 16.82%
- 3Y*
- 13.68%
- 5Y*
- 10.31%
- 10Y*
- —
VIXM vs. APRT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | -2.62% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | -7.23% |
APRT AllianzIM U.S. Large Cap Buffer10 Apr ETF | 9.22% | 7.99% | 15.15% | 22.13% | -6.41% | 11.89% | 9.46% |
Correlation
The correlation between VIXM and APRT is -0.74, 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 | -0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.71 |
Correlation (All Time) Calculated using the full available price history since Jun 1, 2020 | -0.71 |
The correlation between VIXM and APRT has been stable across timeframes, ranging from -0.74 to -0.68 - a consistent structural relationship.
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Return for Risk
VIXM vs. APRT — Risk / Return Rank
VIXM
APRT
VIXM vs. APRT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and AllianzIM U.S. Large Cap Buffer10 Apr ETF (APRT). 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 | APRT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.93 | ||
| Sortino ratioReturn per unit of downside risk | -6.38 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.81 | -0.90 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 10.62 | -11.33 |
| Martin ratioReturn relative to average drawdown | -1.35 | 50.57 | -51.92 |
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Drawdowns
VIXM vs. APRT - Drawdown Comparison
The maximum VIXM drawdown since its inception was -96.23%, which is greater than APRT's maximum drawdown of -14.98%. Use the drawdown chart below to compare losses from any high point for VIXM and APRT.
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Drawdown Indicators
| VIXM | APRT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -14.98% | -81.25% |
Max Drawdown (1Y)Largest decline over 1 year | -15.70% | -1.59% | -14.11% |
Max Drawdown (3Y)Largest decline over 3 years | -37.26% | -14.98% | -22.28% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -14.98% | -48.42% |
Max Drawdown (10Y)Largest decline over 10 years | -75.56% | — | — |
Current DrawdownCurrent decline from peak | -95.92% | -0.81% | -95.11% |
Average DrawdownAverage peak-to-trough decline | -81.55% | -2.04% | -79.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.31% | 0.33% | +7.98% |
Volatility
VIXM vs. APRT - Volatility Comparison
ProShares VIX Mid-Term Futures ETF (VIXM) has a higher volatility of 4.17% compared to AllianzIM U.S. Large Cap Buffer10 Apr ETF (APRT) at 1.81%. This indicates that VIXM's price experiences larger fluctuations and is considered to be riskier than APRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXM | APRT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.17% | 1.81% | +2.36% |
Volatility (6M)Calculated over the trailing 6-month period | 14.05% | 4.32% | +9.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.72% | 5.12% | +13.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.62% | 10.80% | +19.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.67% | 10.27% | +22.40% |
VIXM vs. APRT - Expense Ratio Comparison
VIXM has a 0.85% expense ratio, which is higher than APRT's 0.74% expense ratio.
Dividends
VIXM vs. APRT - Dividend Comparison
Neither VIXM nor APRT has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
APRT AllianzIM U.S. Large Cap Buffer10 Apr ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 4.67% |
VIXM ProShares VIX Mid-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VIXM and APRT have a correlation of -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIXM has higher volatility (4.17%) compared to APRT (1.81%). In terms of maximum drawdown, VIXM dropped -96.23% vs APRT's -14.98%.
On 5-year performance, APRT leads with 10.31% vs -13.23% for VIXM. On fees, APRT is cheaper at 0.74% per year. On volatility, APRT has been the lower-risk option at 1.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, APRT has performed better with a 10.31% return vs -13.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
APRT is cheaper with a 0.74% expense ratio, compared with 0.85% for VIXM.
VIXM and APRT have nearly identical dividend yields, around 0.00%.
VIXM is categorized as Volatility, while APRT is Options Trading. They also come from different issuers: ProShares and Allianz. Their fees differ too: 0.85% for VIXM and 0.74% for APRT.
APRT currently has the higher Sharpe Ratio (3.32 vs -0.61), 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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