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 -11.17%/yr vs 1.58%/yr for BND. At a 0.09 correlation, their price movements are largely independent. 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 1.31% return, which is significantly higher than BND's 0.27% return. Over the past 10 years, VIXM has underperformed BND with an annualized return of -11.17%, while BND has yielded a comparatively higher 1.58% annualized return.
VIXM
- 1D
- 0.39%
- 1M
- -2.34%
- YTD
- 1.31%
- 6M
- -2.83%
- 1Y
- -8.35%
- 3Y*
- -13.22%
- 5Y*
- -13.49%
- 10Y*
- -11.17%
BND
- 1D
- -0.19%
- 1M
- 0.27%
- YTD
- 0.27%
- 6M
- 0.12%
- 1Y
- 5.11%
- 3Y*
- 3.96%
- 5Y*
- 0.09%
- 10Y*
- 1.58%
VIXM vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | 1.31% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | 72.38% | -20.38% | 26.43% | -50.05% |
BND Vanguard Total Bond Market ETF | 0.27% | 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 -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2011 | 0.09 |
The correlation between VIXM and BND shifts across timeframes, from -0.13 (3 years) 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.
| VIXM | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.80 | ||
| Sortino ratioReturn per unit of downside risk | -2.52 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.24 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | 1.92 | -2.47 |
| Martin ratioReturn relative to average drawdown | -0.96 | 5.80 | -6.76 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VIXM | BND | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.44 | 1.36 | -1.80 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.44 | 0.01 | -0.46 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.34 | 0.29 | -0.63 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.55 | 0.59 | -1.13 |
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 | -15.22% | -2.68% | -12.54% |
Max Drawdown (3Y)Largest decline over 3 years | -41.41% | -5.92% | -35.49% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -17.91% | -45.49% |
Max Drawdown (10Y)Largest decline over 10 years | -75.72% | -18.58% | -57.14% |
Current DrawdownCurrent decline from peak | -95.75% | -2.37% | -93.38% |
Average DrawdownAverage peak-to-trough decline | -81.52% | -3.06% | -78.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.74% | 0.88% | +7.86% |
Volatility
VIXM vs. BND - Volatility Comparison
ProShares VIX Mid-Term Futures ETF (VIXM) has a higher volatility of 3.19% compared to Vanguard Total Bond Market ETF (BND) at 1.23%. 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 | 3.19% | 1.23% | +1.96% |
Volatility (6M)Calculated over the trailing 6-month period | 13.91% | 2.66% | +11.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.98% | 3.78% | +15.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.68% | 6.02% | +24.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.90% | 5.53% | +27.37% |
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 3.97%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 3.97% | 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 -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIXM has higher volatility (3.19%) compared to BND (1.23%). In terms of maximum drawdown, VIXM dropped -96.23% vs BND's -18.58%.
On 10-year performance, BND leads with 1.58% vs -11.17% for VIXM. On fees, BND is cheaper at 0.03% per year. On volatility, BND has been the lower-risk option at 1.23%. 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 1.58% return vs -11.17%. 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 3.97%, 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 (1.36 vs -0.44), 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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