VIXM vs. BUFZ

Last updated Aug 5, 2026

VIXM (ProShares VIX Mid-Term Futures ETF) and BUFZ (FT Cboe Vest Laddered Moderate Buffer ETF) are both exchange-traded funds - VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while BUFZ is a Options Trading fund actively managed by FT Vest. VIXM is passively managed, while BUFZ is actively managed. Over the past year, VIXM returned -14.47% vs 12.27% for BUFZ. Their -0.67 correlation means they have often moved in opposite directions in the past. VIXM charges 0.85%/yr vs 1.05%/yr for BUFZ.

Performance

VIXM vs. BUFZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares VIX Mid-Term Futures ETF (VIXM) and FT Cboe Vest Laddered Moderate Buffer ETF (BUFZ). 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 BUFZ's 6.94% 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%

BUFZ

• 1D: 0.64%
• 1M: 1.67%
• 6M: 6.37%
• YTD: 6.94%
• 1Y: 12.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.04%

*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)
BUFZ FT Cboe Vest Laddered Moderate Buffer ETF	$5.62M	$4.22M	$4.50M
VIXM ProShares VIX Mid-Term Futures ETF	$8.24M	$6.07M	$4.69M

VIXM vs. BUFZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VIXM ProShares VIX Mid-Term Futures ETF	-5.57%	5.60%	-13.67%	-21.84%
BUFZ FT Cboe Vest Laddered Moderate Buffer ETF	6.94%	11.05%	11.48%	8.75%

Correlation

The correlation between VIXM and BUFZ 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 Oct 26, 2023	-0.67

The correlation between VIXM and BUFZ has been stable across timeframes, ranging from -0.75 to -0.67 - a consistent structural relationship.

Return for Risk

VIXM vs. BUFZ — 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

BUFZ

BUFZ Risk / Return Rank: 90
BUFZ Sharpe Ratio Rank: 88
BUFZ Sortino Ratio Rank: 91
BUFZ Omega Ratio Rank: 91
BUFZ Calmar Ratio Rank: 84
BUFZ Martin Ratio Rank: 93

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. BUFZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and FT Cboe Vest Laddered Moderate Buffer ETF (BUFZ). 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	BUFZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.79	2.34	-3.13
Sortino ratio: Return per unit of downside risk	-1.02	3.51	-4.52
Omega ratio: Gain probability vs. loss probability	0.88	1.47	-0.59
Calmar ratio: Return relative to maximum drawdown	-0.75	3.51	-4.26
Martin ratio: Return relative to average drawdown	-1.43	18.44	-19.87

VIXM vs. BUFZ - Sharpe Ratio Comparison

The current VIXM Sharpe Ratio is -0.79, which is lower than the BUFZ Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of VIXM and BUFZ, 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. BUFZ - Drawdown Comparison

The maximum VIXM drawdown since its inception was -96.23%, which is greater than BUFZ's maximum drawdown of -10.14%. Use the drawdown chart below to compare losses from any high point for VIXM and BUFZ.

Drawdown Indicators

	VIXM	BUFZ	Difference
Max Drawdown Largest peak-to-trough decline	-96.23%	-10.14%	-86.09%
Max Drawdown (1Y) Largest decline over 1 year	-19.36%	-3.51%	-15.85%
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%	-0.63%	-81.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.17%	0.67%	+9.50%

Volatility

VIXM vs. BUFZ - Volatility Comparison

ProShares VIX Mid-Term Futures ETF (VIXM) has a higher volatility of 3.09% compared to FT Cboe Vest Laddered Moderate Buffer ETF (BUFZ) at 1.64%. This indicates that VIXM's price experiences larger fluctuations and is considered to be riskier than BUFZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIXM	BUFZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.09%	1.64%	+1.45%
Volatility (6M) Calculated over the trailing 6-month period	13.72%	4.35%	+9.37%
Volatility (1Y) Calculated over the trailing 1-year period	18.41%	5.31%	+13.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.50%	7.22%	+23.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.61%	7.22%	+25.39%

VIXM vs. BUFZ - Expense Ratio Comparison

VIXM has a 0.85% expense ratio, which is lower than BUFZ's 1.05% expense ratio.

Dividends

VIXM vs. BUFZ - Dividend Comparison

Neither VIXM nor BUFZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both VIXM and BUFZ in my portfolio?

VIXM and BUFZ 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 BUFZ?

VIXM has higher volatility (3.09%) compared to BUFZ (1.64%). In terms of maximum drawdown, VIXM dropped -96.23% vs BUFZ's -10.14%.

Which ETF is better, VIXM or BUFZ?

On 1-year performance, BUFZ leads with 12.27% vs -14.47% for VIXM. On fees, VIXM is cheaper at 0.85% per year. On volatility, BUFZ has been the lower-risk option at 1.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIXM or BUFZ?

Over the 1-year period, BUFZ has performed better with a 12.27% 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 BUFZ?

VIXM is cheaper with a 0.85% expense ratio, compared with 1.05% for BUFZ.

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

VIXM and BUFZ have nearly identical dividend yields, around 0.00%.

What is the main difference between VIXM and BUFZ?

VIXM is categorized as Volatility, while BUFZ is Options Trading. They also come from different issuers: ProShares and FT Vest. Their fees differ too: 0.85% for VIXM and 1.05% for BUFZ.

Which has better risk-adjusted returns?

BUFZ currently has the higher Sharpe Ratio (2.34 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.