VIXM vs. BUFP

Last updated Aug 5, 2026

VIXM (ProShares VIX Mid-Term Futures ETF) and BUFP (PGIM Laddered S&P 500 Buffer 12 ETF) are both exchange-traded funds - VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while BUFP is a Defined Outcome fund tracking the S&P 500. Both are passively managed. Over the past year, VIXM returned -14.47% vs 14.59% for BUFP. Their -0.70 correlation means they have often moved in opposite directions in the past. VIXM charges 0.85%/yr vs 0.50%/yr for BUFP.

Performance

VIXM vs. BUFP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares VIX Mid-Term Futures ETF (VIXM) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIXM achieves a -5.57% return, which is significantly lower than BUFP's 8.36% 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%

BUFP

• 1D: 0.66%
• 1M: 1.85%
• 6M: 7.59%
• YTD: 8.36%
• 1Y: 14.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.07%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	$1.09M	$1.22M	$1.51M
VIXM ProShares VIX Mid-Term Futures ETF	$8.24M	$6.07M	$4.69M

VIXM vs. BUFP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VIXM ProShares VIX Mid-Term Futures ETF	-5.57%	5.60%	2.55%
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	8.36%	12.92%	6.30%

Correlation

The correlation between VIXM and BUFP is -0.75, 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.	-0.75
Correlation (All Time) Calculated using the full available price history since Jun 13, 2024	-0.70

The correlation between VIXM and BUFP has been stable across timeframes, ranging from -0.75 to -0.70 - a consistent structural relationship.

Return for Risk

VIXM vs. BUFP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VIXM

VIXM Risk / Return Rank: 3
VIXM Sharpe Ratio Rank: 3
VIXM Sortino Ratio Rank: 3
VIXM Omega Ratio Rank: 3
VIXM Calmar Ratio Rank: 3
VIXM Martin Ratio Rank: 1

BUFP

BUFP Risk / Return Rank: 88
BUFP Sharpe Ratio Rank: 87
BUFP Sortino Ratio Rank: 90
BUFP Omega Ratio Rank: 91
BUFP Calmar Ratio Rank: 81
BUFP Martin Ratio Rank: 92

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VIXM vs. BUFP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). 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	BUFP	Difference
Sharpe ratio: Return per unit of total volatility	-0.79	2.29	-3.08
Sortino ratio: Return per unit of downside risk	-1.02	3.39	-4.41
Omega ratio: Gain probability vs. loss probability	0.88	1.46	-0.58
Calmar ratio: Return relative to maximum drawdown	-0.75	3.32	-4.07
Martin ratio: Return relative to average drawdown	-1.43	17.76	-19.19

VIXM vs. BUFP - Sharpe Ratio Comparison

The current VIXM Sharpe Ratio is -0.79, which is lower than the BUFP Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of VIXM and BUFP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VIXM vs. BUFP - Drawdown Comparison

The maximum VIXM drawdown since its inception was -96.23%, which is greater than BUFP's maximum drawdown of -11.98%. Use the drawdown chart below to compare losses from any high point for VIXM and BUFP.

Drawdown Indicators

	VIXM	BUFP	Difference
Max Drawdown Largest peak-to-trough decline	-96.23%	-11.98%	-84.25%
Max Drawdown (1Y) Largest decline over 1 year	-19.36%	-4.41%	-14.95%
Max Drawdown (3Y) Largest decline over 3 years	-37.26%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-63.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-72.34%	—	—
Current Drawdown Current decline from peak	-96.04%	0.00%	-96.04%
Average Drawdown Average peak-to-trough decline	-81.65%	-0.96%	-80.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.17%	0.82%	+9.35%

Volatility

VIXM vs. BUFP - Volatility Comparison

ProShares VIX Mid-Term Futures ETF (VIXM) has a higher volatility of 3.09% compared to PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) at 1.78%. This indicates that VIXM's price experiences larger fluctuations and is considered to be riskier than BUFP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIXM	BUFP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.09%	1.78%	+1.31%
Volatility (6M) Calculated over the trailing 6-month period	13.72%	5.28%	+8.44%
Volatility (1Y) Calculated over the trailing 1-year period	18.41%	6.45%	+11.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.50%	9.30%	+21.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.61%	9.30%	+23.31%

VIXM vs. BUFP - Expense Ratio Comparison

VIXM has a 0.85% expense ratio, which is higher than BUFP's 0.50% expense ratio.

Dividends

VIXM vs. BUFP - Dividend Comparison

VIXM has not paid dividends to shareholders, while BUFP's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025	2024
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	0.01%	0.01%	0.02%
VIXM ProShares VIX Mid-Term Futures ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VIXM and BUFP in my portfolio?

VIXM and BUFP have a correlation of -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIXM or BUFP?

VIXM has higher volatility (3.09%) compared to BUFP (1.78%). In terms of maximum drawdown, VIXM dropped -96.23% vs BUFP's -11.98%.

Which ETF is better, VIXM or BUFP?

On 1-year performance, BUFP leads with 14.59% vs -14.47% for VIXM. On fees, BUFP is cheaper at 0.50% per year. On volatility, BUFP has been the lower-risk option at 1.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIXM or BUFP?

Over the 1-year period, BUFP has performed better with a 14.59% return vs -14.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIXM or BUFP?

BUFP is cheaper with a 0.50% expense ratio, compared with 0.85% for VIXM.

Which ETF pays a higher dividend yield, VIXM or BUFP?

BUFP has the higher dividend yield at 0.01%, compared with 0.00% for VIXM.

What is the main difference between VIXM and BUFP?

VIXM is categorized as Volatility, while BUFP is Defined Outcome. VIXM tracks S&P 500 VIX Mid-Term Futures Index, while BUFP tracks S&P 500. They also come from different issuers: ProShares and PGIM. Their fees differ too: 0.85% for VIXM and 0.50% for BUFP.

Which has better risk-adjusted returns?

BUFP currently has the higher Sharpe Ratio (2.29 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.