VIXM vs. GLD
VIXM (ProShares VIX Mid-Term Futures ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, VIXM returned -11.17%/yr vs 13.12%/yr for GLD. At a 0.00 correlation, their price movements are largely independent. VIXM charges 0.85%/yr vs 0.40%/yr for GLD.
Performance
VIXM vs. GLD - 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 GLD's 2.92% return. Over the past 10 years, VIXM has underperformed GLD with an annualized return of -11.17%, while GLD has yielded a comparatively higher 13.12% 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%
GLD
- 1D
- -0.99%
- 1M
- -1.65%
- YTD
- 2.92%
- 6M
- 5.43%
- 1Y
- 32.04%
- 3Y*
- 31.09%
- 5Y*
- 18.15%
- 10Y*
- 13.12%
VIXM vs. GLD - 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% |
GLD SPDR Gold Shares | 2.92% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between VIXM and GLD is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
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 | 0.00 |
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Return for Risk
VIXM vs. GLD — Risk / Return Rank
VIXM
GLD
VIXM vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.65 | ||
| Sortino ratioReturn per unit of downside risk | -2.09 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.24 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | 1.68 | -2.23 |
| Martin ratioReturn relative to average drawdown | -0.96 | 4.15 | -5.11 |
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 | GLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.44 | 1.21 | -1.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.44 | 1.01 | -1.46 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.34 | 0.83 | -1.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.55 | 0.60 | -1.15 |
Drawdowns
VIXM vs. GLD - Drawdown Comparison
The maximum VIXM drawdown since its inception was -96.23%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for VIXM and GLD.
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Drawdown Indicators
| VIXM | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -45.56% | -50.67% |
Max Drawdown (1Y)Largest decline over 1 year | -15.22% | -19.21% | +3.99% |
Max Drawdown (3Y)Largest decline over 3 years | -41.41% | -19.21% | -22.20% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -21.03% | -42.37% |
Max Drawdown (10Y)Largest decline over 10 years | -75.72% | -22.00% | -53.72% |
Current DrawdownCurrent decline from peak | -95.75% | -17.75% | -78.00% |
Average DrawdownAverage peak-to-trough decline | -81.52% | -16.16% | -65.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.74% | 7.73% | +1.01% |
Volatility
VIXM vs. GLD - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.19%, while SPDR Gold Shares (GLD) has a volatility of 5.51%. This indicates that VIXM experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXM | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.19% | 5.51% | -2.32% |
Volatility (6M)Calculated over the trailing 6-month period | 13.91% | 23.16% | -9.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.98% | 26.61% | -7.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.68% | 18.00% | +12.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.90% | 15.95% | +16.95% |
VIXM vs. GLD - Expense Ratio Comparison
VIXM has a 0.85% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
VIXM vs. GLD - Dividend Comparison
Neither VIXM nor GLD has paid dividends to shareholders.
Frequently Asked Questions
VIXM and GLD have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (5.51%) compared to VIXM (3.19%). In terms of maximum drawdown, VIXM dropped -96.23% vs GLD's -45.56%.
On 10-year performance, GLD leads with 13.12% vs -11.17% for VIXM. On fees, GLD is cheaper at 0.40% per year. On volatility, VIXM has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 13.12% return vs -11.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.85% for VIXM.
VIXM and GLD have nearly identical dividend yields, around 0.00%.
VIXM is categorized as Volatility, while GLD is Gold. VIXM tracks S&P 500 VIX Mid-Term Futures Index, while GLD tracks LBMA Gold Price PM. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.85% for VIXM and 0.40% for GLD.
GLD currently has the higher Sharpe Ratio (1.21 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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