VIXM vs. BND
VIXM (ProShares VIX Mid-Term Futures ETF) and BND (Vanguard Total Bond Market ETF) are both exchange-traded funds - VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Both are passively managed. Over the past 10 years, VIXM returned -11.18%/yr vs 1.44%/yr for BND. Their 0.09 correlation means their historical movements had little consistent relationship. VIXM charges 0.85%/yr vs 0.03%/yr for BND.
Performance
VIXM vs. BND - Performance Comparison
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Returns By Period
In the year-to-date period, VIXM achieves a -5.57% return, which is significantly lower than BND's 0.10% return. Over the past 10 years, VIXM has underperformed BND with an annualized return of -11.18%, while BND has yielded a comparatively higher 1.44% annualized return.
VIXM
- 1D
- 0.21%
- 1M
- 0.70%
- 6M
- -5.57%
- YTD
- -5.57%
- 1Y
- -14.47%
- 3Y*
- -10.95%
- 5Y*
- -14.33%
- 10Y*
- -11.18%
- ALL TIME*
- -18.02%
BND
- 1D
- 0.40%
- 1M
- -0.57%
- 6M
- -0.04%
- YTD
- 0.10%
- 1Y
- 2.34%
- 3Y*
- 4.18%
- 5Y*
- -0.30%
- 10Y*
- 1.44%
- ALL TIME*
- 3.02%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $475.81M | $507.50M | $591.13M | |
| $8.24M | $6.07M | $4.69M |
VIXM vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | -5.57% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | 72.38% | -20.38% | 26.43% | -50.05% |
BND Vanguard Total Bond Market ETF | 0.10% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
Correlation
The correlation between VIXM and BND is -0.20, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.20 |
Correlation (3Y) Balances recent behavior with more history. | -0.13 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.10 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011 | 0.09 |
The correlation between VIXM and BND shifts across timeframes, from -0.20 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VIXM vs. BND — Risk / Return Rank
VIXM
BND
VIXM vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and Vanguard Total Bond Market ETF (BND). 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 | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.44 | ||
| Sortino ratioReturn per unit of downside risk | -1.96 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.11 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 0.88 | -1.63 |
| Martin ratioReturn relative to average drawdown | -1.43 | 2.17 | -3.60 |
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Drawdowns
VIXM vs. BND - Drawdown Comparison
The maximum VIXM drawdown since its inception was -96.23%, which is greater than BND's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for VIXM and BND.
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Drawdown Indicators
| VIXM | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -18.58% | -77.65% |
Max Drawdown (1Y)Largest decline over 1 year | -19.36% | -2.68% | -16.68% |
Max Drawdown (3Y)Largest decline over 3 years | -37.26% | -4.81% | -32.45% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -17.81% | -45.59% |
Max Drawdown (10Y)Largest decline over 10 years | -72.34% | -18.58% | -53.76% |
Current DrawdownCurrent decline from peak | -96.04% | -2.53% | -93.51% |
Average DrawdownAverage peak-to-trough decline | -81.65% | -3.06% | -78.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.17% | 1.08% | +9.09% |
Volatility
VIXM vs. BND - Volatility Comparison
ProShares VIX Mid-Term Futures ETF (VIXM) has a higher volatility of 3.09% compared to Vanguard Total Bond Market ETF (BND) at 1.11%. This indicates that VIXM's price experiences larger fluctuations and is considered to be riskier than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXM | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.09% | 1.11% | +1.98% |
Volatility (6M)Calculated over the trailing 6-month period | 13.72% | 2.93% | +10.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.41% | 3.63% | +14.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.50% | 6.03% | +24.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.61% | 5.53% | +27.08% |
VIXM vs. BND - Expense Ratio Comparison
VIXM has a 0.85% expense ratio, which is higher than BND's 0.03% expense ratio.
Dividends
VIXM vs. BND - Dividend Comparison
VIXM has not paid dividends to shareholders, while BND's dividend yield for the trailing twelve months is around 4.03%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 4.03% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
VIXM ProShares VIX Mid-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VIXM and BND have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIXM has higher volatility (3.09%) compared to BND (1.11%). In terms of maximum drawdown, VIXM dropped -96.23% vs BND's -18.58%.
On 10-year performance, BND leads with 1.44% vs -11.18% for VIXM. On fees, BND is cheaper at 0.03% per year. On volatility, BND has been the lower-risk option at 1.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BND has performed better with a 1.44% return vs -11.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BND is cheaper with a 0.03% expense ratio, compared with 0.85% for VIXM.
BND has the higher dividend yield at 4.03%, compared with 0.00% for VIXM.
VIXM is categorized as Volatility, while BND is Total Bond Market. VIXM tracks S&P 500 VIX Mid-Term Futures Index, while BND tracks Bloomberg U.S. Aggregate Float Adjusted Index. They also come from different issuers: ProShares and Vanguard. Their fees differ too: 0.85% for VIXM and 0.03% for BND.
BND currently has the higher Sharpe Ratio (0.65 vs -0.79), 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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