VIXM vs. BFEB
VIXM (ProShares VIX Mid-Term Futures ETF) and BFEB (Innovator S&P 500 Buffer ETF - February) are both exchange-traded funds - VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while BFEB is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index February Series. Both are passively managed. Over the past 5 years, VIXM returned -13.09%/yr vs 11.29%/yr for BFEB. At a correlation of -0.71, they often move in opposite directions. VIXM charges 0.85%/yr vs 0.79%/yr for BFEB.
Performance
VIXM vs. BFEB - Performance Comparison
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Returns By Period
In the year-to-date period, VIXM achieves a -1.77% return, which is significantly lower than BFEB's 7.13% return.
VIXM
- 1D
- 0.67%
- 1M
- -4.64%
- YTD
- -1.77%
- 6M
- 0.07%
- 1Y
- -12.74%
- 3Y*
- -11.89%
- 5Y*
- -13.09%
- 10Y*
- -12.28%
BFEB
- 1D
- -0.71%
- 1M
- -0.31%
- YTD
- 7.13%
- 6M
- 6.83%
- 1Y
- 19.04%
- 3Y*
- 15.76%
- 5Y*
- 11.29%
- 10Y*
- —
VIXM vs. BFEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | -1.77% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | 73.52% |
BFEB Innovator S&P 500 Buffer ETF - February | 7.13% | 12.99% | 17.58% | 22.35% | -6.76% | 18.05% | 6.01% |
Correlation
The correlation between VIXM and BFEB is -0.73, 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 | -0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.72 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2020 | -0.71 |
The correlation between VIXM and BFEB has been stable across timeframes, ranging from -0.73 to -0.68 - a consistent structural relationship.
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Return for Risk
VIXM vs. BFEB — Risk / Return Rank
VIXM
BFEB
VIXM vs. BFEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and Innovator S&P 500 Buffer ETF - February (BFEB). 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 | BFEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.99 | ||
| Sortino ratioReturn per unit of downside risk | -4.10 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.44 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 2.98 | -3.81 |
| Martin ratioReturn relative to average drawdown | -1.55 | 14.92 | -16.47 |
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Drawdowns
VIXM vs. BFEB - Drawdown Comparison
The maximum VIXM drawdown since its inception was -96.23%, which is greater than BFEB's maximum drawdown of -27.20%. Use the drawdown chart below to compare losses from any high point for VIXM and BFEB.
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Drawdown Indicators
| VIXM | BFEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -27.20% | -69.03% |
Max Drawdown (1Y)Largest decline over 1 year | -15.53% | -6.41% | -9.12% |
Max Drawdown (3Y)Largest decline over 3 years | -37.35% | -13.82% | -23.53% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -14.84% | -48.56% |
Max Drawdown (10Y)Largest decline over 10 years | -75.56% | — | — |
Current DrawdownCurrent decline from peak | -95.88% | -1.31% | -94.57% |
Average DrawdownAverage peak-to-trough decline | -81.54% | -2.77% | -78.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.43% | 1.28% | +7.15% |
Volatility
VIXM vs. BFEB - Volatility Comparison
ProShares VIX Mid-Term Futures ETF (VIXM) has a higher volatility of 4.20% compared to Innovator S&P 500 Buffer ETF - February (BFEB) at 2.70%. This indicates that VIXM's price experiences larger fluctuations and is considered to be riskier than BFEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXM | BFEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.20% | 2.70% | +1.50% |
Volatility (6M)Calculated over the trailing 6-month period | 14.13% | 6.75% | +7.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.70% | 8.34% | +10.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.62% | 11.43% | +19.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.68% | 14.25% | +18.43% |
VIXM vs. BFEB - Expense Ratio Comparison
VIXM has a 0.85% expense ratio, which is higher than BFEB's 0.79% expense ratio.
Dividends
VIXM vs. BFEB - Dividend Comparison
Neither VIXM nor BFEB has paid dividends to shareholders.
Frequently Asked Questions
VIXM and BFEB have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIXM has higher volatility (4.20%) compared to BFEB (2.70%). In terms of maximum drawdown, VIXM dropped -96.23% vs BFEB's -27.20%.
On 5-year performance, BFEB leads with 11.29% vs -13.09% for VIXM. On fees, BFEB is cheaper at 0.79% per year. On volatility, BFEB has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BFEB has performed better with a 11.29% return vs -13.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BFEB is cheaper with a 0.79% expense ratio, compared with 0.85% for VIXM.
VIXM and BFEB have nearly identical dividend yields, around 0.00%.
VIXM is categorized as Volatility, while BFEB is Options Trading. VIXM tracks S&P 500 VIX Mid-Term Futures Index, while BFEB tracks Cboe S&P 500 Buffer Protect Index February Series. They also come from different issuers: ProShares and Innovator. Their fees differ too: 0.85% for VIXM and 0.79% for BFEB.
BFEB currently has the higher Sharpe Ratio (2.30 vs -0.68), 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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