VIXM vs. PJUL
VIXM (ProShares VIX Mid-Term Futures ETF) and PJUL (Innovator U.S. Equity Power Buffer ETF - July) are both exchange-traded funds - VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while PJUL is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index July. Both are passively managed. Over the past 5 years, VIXM returned -13.49%/yr vs 10.49%/yr for PJUL. At a correlation of -0.70, they often move in opposite directions. VIXM charges 0.85%/yr vs 0.79%/yr for PJUL.
Performance
VIXM vs. PJUL - 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 PJUL's 4.74% 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%
PJUL
- 1D
- 0.10%
- 1M
- 1.44%
- YTD
- 4.74%
- 6M
- 5.40%
- 1Y
- 15.32%
- 3Y*
- 13.95%
- 5Y*
- 10.49%
- 10Y*
- —
VIXM vs. PJUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | 1.31% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | 72.38% | -20.38% | 29.37% |
PJUL Innovator U.S. Equity Power Buffer ETF - July | 4.74% | 12.78% | 13.76% | 19.87% | -2.08% | 7.20% | 7.51% | 12.47% | -4.45% |
Correlation
The correlation between VIXM and PJUL 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 | -0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.71 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2018 | -0.70 |
The correlation between VIXM and PJUL has been stable across timeframes, ranging from -0.73 to -0.68 - a consistent structural relationship.
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Return for Risk
VIXM vs. PJUL — Risk / Return Rank
VIXM
PJUL
VIXM vs. PJUL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and Innovator U.S. Equity Power Buffer ETF - July (PJUL). 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 | PJUL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.17 | ||
| Sortino ratioReturn per unit of downside risk | -4.61 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.59 | -0.65 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | 4.22 | -4.77 |
| Martin ratioReturn relative to average drawdown | -0.96 | 23.24 | -24.20 |
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 | PJUL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.44 | 2.73 | -3.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.44 | 1.23 | -1.67 |
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 | 0.90 | -1.44 |
Drawdowns
VIXM vs. PJUL - Drawdown Comparison
The maximum VIXM drawdown since its inception was -96.23%, which is greater than PJUL's maximum drawdown of -18.17%. Use the drawdown chart below to compare losses from any high point for VIXM and PJUL.
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Drawdown Indicators
| VIXM | PJUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -18.17% | -78.06% |
Max Drawdown (1Y)Largest decline over 1 year | -15.22% | -3.64% | -11.58% |
Max Drawdown (3Y)Largest decline over 3 years | -41.41% | -10.69% | -30.72% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -10.69% | -52.71% |
Max Drawdown (10Y)Largest decline over 10 years | -75.72% | — | — |
Current DrawdownCurrent decline from peak | -95.75% | 0.00% | -95.75% |
Average DrawdownAverage peak-to-trough decline | -81.52% | -1.47% | -80.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.74% | 0.66% | +8.08% |
Volatility
VIXM vs. PJUL - Volatility Comparison
ProShares VIX Mid-Term Futures ETF (VIXM) has a higher volatility of 3.19% compared to Innovator U.S. Equity Power Buffer ETF - July (PJUL) at 0.42%. This indicates that VIXM's price experiences larger fluctuations and is considered to be riskier than PJUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXM | PJUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.19% | 0.42% | +2.77% |
Volatility (6M)Calculated over the trailing 6-month period | 13.91% | 3.89% | +10.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.98% | 5.66% | +13.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.68% | 8.60% | +22.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.90% | 10.03% | +22.87% |
VIXM vs. PJUL - Expense Ratio Comparison
VIXM has a 0.85% expense ratio, which is higher than PJUL's 0.79% expense ratio.
Dividends
VIXM vs. PJUL - Dividend Comparison
Neither VIXM nor PJUL has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
PJUL Innovator U.S. Equity Power Buffer ETF - July | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.82% |
VIXM ProShares VIX Mid-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VIXM and PJUL 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 PJUL (0.42%). In terms of maximum drawdown, VIXM dropped -96.23% vs PJUL's -18.17%.
On 5-year performance, PJUL leads with 10.49% vs -13.49% for VIXM. On fees, PJUL is cheaper at 0.79% per year. On volatility, PJUL has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PJUL has performed better with a 10.49% return vs -13.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PJUL is cheaper with a 0.79% expense ratio, compared with 0.85% for VIXM.
VIXM and PJUL have nearly identical dividend yields, around 0.00%.
VIXM is categorized as Volatility, while PJUL is Defined Outcome. VIXM tracks S&P 500 VIX Mid-Term Futures Index, while PJUL tracks Cboe S&P 500 Buffer Protect Index July. They also come from different issuers: ProShares and Innovator. Their fees differ too: 0.85% for VIXM and 0.79% for PJUL.
PJUL currently has the higher Sharpe Ratio (2.73 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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