VIXM vs. BUFR
VIXM (ProShares VIX Mid-Term Futures ETF) and BUFR (FT Vest Laddered Buffer ETF) are both exchange-traded funds - VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while BUFR is a Defined Outcome fund actively managed by First Trust. VIXM is passively managed, while BUFR is actively managed. Over the past 5 years, VIXM returned -13.49%/yr vs 9.98%/yr for BUFR. At a correlation of -0.70, they often move in opposite directions. VIXM charges 0.85%/yr vs 0.95%/yr for BUFR.
Performance
VIXM vs. BUFR - Performance Comparison
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Returns By Period
In the year-to-date period, VIXM achieves a 1.31% return, which is significantly lower than BUFR's 6.42% 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%
BUFR
- 1D
- -0.21%
- 1M
- 2.16%
- YTD
- 6.42%
- 6M
- 7.11%
- 1Y
- 17.61%
- 3Y*
- 14.50%
- 5Y*
- 9.98%
- 10Y*
- —
VIXM vs. BUFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | 1.31% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | -6.15% |
BUFR FT Vest Laddered Buffer ETF | 6.42% | 12.44% | 14.68% | 19.63% | -7.57% | 11.88% | 7.57% |
Correlation
The correlation between VIXM and BUFR 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 | -0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.71 |
Correlation (All Time) Calculated using the full available price history since Aug 12, 2020 | -0.70 |
The correlation between VIXM and BUFR has been stable across timeframes, ranging from -0.73 to -0.69 - a consistent structural relationship.
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Return for Risk
VIXM vs. BUFR — Risk / Return Rank
VIXM
BUFR
VIXM vs. BUFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and FT Vest Laddered Buffer ETF (BUFR). 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 | BUFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.15 | ||
| Sortino ratioReturn per unit of downside risk | -4.44 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.55 | -0.61 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | 3.84 | -4.39 |
| Martin ratioReturn relative to average drawdown | -0.96 | 20.78 | -21.73 |
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 | BUFR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.44 | 2.71 | -3.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.44 | 0.96 | -1.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.34 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.55 | 1.07 | -1.62 |
Drawdowns
VIXM vs. BUFR - Drawdown Comparison
The maximum VIXM drawdown since its inception was -96.23%, which is greater than BUFR's maximum drawdown of -13.73%. Use the drawdown chart below to compare losses from any high point for VIXM and BUFR.
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Drawdown Indicators
| VIXM | BUFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -13.73% | -82.50% |
Max Drawdown (1Y)Largest decline over 1 year | -15.22% | -4.61% | -10.61% |
Max Drawdown (3Y)Largest decline over 3 years | -41.41% | -12.81% | -28.60% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -13.73% | -49.67% |
Max Drawdown (10Y)Largest decline over 10 years | -75.72% | — | — |
Current DrawdownCurrent decline from peak | -95.75% | -0.21% | -95.54% |
Average DrawdownAverage peak-to-trough decline | -81.52% | -2.09% | -79.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.74% | 0.85% | +7.89% |
Volatility
VIXM vs. BUFR - Volatility Comparison
ProShares VIX Mid-Term Futures ETF (VIXM) has a higher volatility of 3.19% compared to FT Vest Laddered Buffer ETF (BUFR) at 1.03%. This indicates that VIXM's price experiences larger fluctuations and is considered to be riskier than BUFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXM | BUFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.19% | 1.03% | +2.16% |
Volatility (6M)Calculated over the trailing 6-month period | 13.91% | 4.95% | +8.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.98% | 6.53% | +12.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.68% | 10.44% | +20.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.90% | 10.23% | +22.67% |
VIXM vs. BUFR - Expense Ratio Comparison
VIXM has a 0.85% expense ratio, which is lower than BUFR's 0.95% expense ratio.
Dividends
VIXM vs. BUFR - Dividend Comparison
Neither VIXM nor BUFR has paid dividends to shareholders.
Frequently Asked Questions
VIXM and BUFR 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 (3.19%) compared to BUFR (1.03%). In terms of maximum drawdown, VIXM dropped -96.23% vs BUFR's -13.73%.
On 5-year performance, BUFR leads with 9.98% vs -13.49% for VIXM. On fees, VIXM is cheaper at 0.85% per year. On volatility, BUFR has been the lower-risk option at 1.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BUFR has performed better with a 9.98% return vs -13.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIXM is cheaper with a 0.85% expense ratio, compared with 0.95% for BUFR.
VIXM and BUFR have nearly identical dividend yields, around 0.00%.
VIXM is categorized as Volatility, while BUFR is Defined Outcome. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.85% for VIXM and 0.95% for BUFR.
BUFR currently has the higher Sharpe Ratio (2.71 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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