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 -11.18%/yr vs 11.36%/yr for GLD. Their 0.00 correlation means their historical movements had little consistent relationship. VIXM charges 0.85%/yr vs 0.40%/yr for GLD.
Performance
VIXM vs. GLD - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with VIXM having a -5.57% return and GLD slightly lower at -5.59%. Over the past 10 years, VIXM has underperformed GLD with an annualized return of -11.18%, while GLD has yielded a comparatively higher 11.36% annualized 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%
GLD
- 1D
- 0.66%
- 1M
- -1.05%
- 6M
- -17.64%
- YTD
- -5.59%
- 1Y
- 20.34%
- 3Y*
- 27.58%
- 5Y*
- 17.25%
- 10Y*
- 11.36%
- ALL TIME*
- 10.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.41B | $2.34B | $2.70B | |
| $8.24M | $6.07M | $4.69M |
VIXM vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | -5.57% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | 72.38% | -20.38% | 26.43% | -50.05% |
GLD SPDR Gold Shares | -5.59% | 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 -0.12, 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. | -0.12 |
Correlation (3Y) Balances recent behavior with more history. | -0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.04 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011 | 0.00 |
The correlation between VIXM and GLD shifts across timeframes, from -0.12 (1 year) to 0.00 (all time), reflecting how their relationship changes across market environments.
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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.
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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.52 | ||
| Sortino ratioReturn per unit of downside risk | -2.09 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.16 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 0.77 | -1.52 |
| Martin ratioReturn relative to average drawdown | -1.43 | 1.65 | -3.07 |
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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 | -19.36% | -26.40% | +7.04% |
Max Drawdown (3Y)Largest decline over 3 years | -37.26% | -26.40% | -10.86% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -26.40% | -37.00% |
Max Drawdown (10Y)Largest decline over 10 years | -72.34% | -26.40% | -45.94% |
Current DrawdownCurrent decline from peak | -96.04% | -24.55% | -71.49% |
Average DrawdownAverage peak-to-trough decline | -81.65% | -16.21% | -65.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.17% | 12.38% | -2.21% |
Volatility
VIXM vs. GLD - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.09%, while SPDR Gold Shares (GLD) has a volatility of 5.99%. 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 | 3.09% | 5.99% | -2.90% |
Volatility (6M)Calculated over the trailing 6-month period | 13.72% | 20.58% | -6.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.41% | 28.06% | -9.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.50% | 18.50% | +12.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.61% | 16.13% | +16.48% |
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 -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (5.99%) compared to VIXM (3.09%). In terms of maximum drawdown, VIXM dropped -96.23% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.36% vs -11.18% for VIXM. On fees, GLD is cheaper at 0.40% per year. On volatility, VIXM has been the lower-risk option at 3.09%. 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 11.36% return vs -11.18%. 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 (0.73 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.
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