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VIXM vs. SPXN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VIXM vs. SPXN

Last updated Jun 4, 2026

VIXM (ProShares VIX Mid-Term Futures ETF) and SPXN (ProShares S&P 500 Ex-Financials ETF) are both exchange-traded funds - VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while SPXN is a S&P 500 fund tracking the S&P 500 Ex-Financials and Real Estate Index. Both are passively managed. Over the past 10 years, VIXM returned -11.17%/yr vs 16.26%/yr for SPXN. At a correlation of -0.58, they often move in opposite directions. VIXM charges 0.85%/yr vs 0.09%/yr for SPXN.

Performance

VIXM vs. SPXN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares VIX Mid-Term Futures ETF (VIXM) and ProShares S&P 500 Ex-Financials ETF (SPXN). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VIXM achieves a 1.31% return, which is significantly lower than SPXN's 13.57% return. Over the past 10 years, VIXM has underperformed SPXN with an annualized return of -11.17%, while SPXN has yielded a comparatively higher 16.26% 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%

SPXN

1D
-0.59%
1M
6.16%
YTD
13.57%
6M
13.21%
1Y
32.98%
3Y*
23.31%
5Y*
14.93%
10Y*
16.26%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VIXM vs. SPXN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SPXN
ProShares S&P 500 Ex-Financials ETF		13.57%18.74%24.35%28.57%-18.87%27.04%22.15%31.50%-3.85%20.84%

Correlation

The correlation between VIXM and SPXN is -0.66, 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

-0.66

Correlation (3Y)
Calculated over the trailing 3-year period

-0.64

Correlation (5Y)
Calculated over the trailing 5-year period

-0.70

Correlation (10Y)
Calculated over the trailing 10-year period

-0.60

Correlation (All Time)
Calculated using the full available price history since Sep 25, 2015

-0.58

The correlation between VIXM and SPXN shifts across timeframes, from -0.70 (5 years) to -0.58 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares VIX Mid-Term Futures ETF

ProShares S&P 500 Ex-Financials ETF

Often compared with VIXM:
VIXM vs. VIXYVIXM vs. ^VIXVIXM vs. VOOVIXM vs. VXXVIXM vs. UVXYVIXM vs. VXZVIXM vs. SPY
Often compared with SPXN:
SPXN vs. SPYSPXN vs. SPXLSPXN vs. SPXVSPXN vs. QQQSPXN vs. LITSPXN vs. VOOSPXN vs. IWY

Return for Risk

VIXM vs. SPXN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VIXM
VIXM Risk / Return Rank: 44
Overall Rank
VIXM Sharpe Ratio Rank: 55
Sharpe Ratio Rank
VIXM Sortino Ratio Rank: 55
Sortino Ratio Rank
VIXM Omega Ratio Rank: 44
Omega Ratio Rank
VIXM Calmar Ratio Rank: 44
Calmar Ratio Rank
VIXM Martin Ratio Rank: 44
Martin Ratio Rank
SPXN
SPXN Risk / Return Rank: 7878
Overall Rank
SPXN Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
SPXN Sortino Ratio Rank: 7777
Sortino Ratio Rank
SPXN Omega Ratio Rank: 7878
Omega Ratio Rank
SPXN Calmar Ratio Rank: 7171
Calmar Ratio Rank
SPXN Martin Ratio Rank: 8282
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VIXM vs. SPXN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and ProShares S&P 500 Ex-Financials ETF (SPXN). 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.

VIXMSPXNDifference
Sharpe ratioReturn per unit of total volatility
-0.44
2.61

-3.05

Sortino ratioReturn per unit of downside risk
-0.49
3.49

-3.98

Omega ratioGain probability vs. loss probability

0.94

1.47

-0.53

Calmar ratioReturn relative to maximum drawdown

-0.55

3.58

-4.13

Martin ratioReturn relative to average drawdown

-0.96

16.43

-17.39

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIXM vs. SPXN - Sharpe Ratio Comparison

The current VIXM Sharpe Ratio is -0.44, which is lower than the SPXN Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of VIXM and SPXN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

VIXMSPXNDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.44

2.61

-3.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.44

0.87

-1.32

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.34

0.92

-1.26

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.55

0.92

-1.47

Drawdowns

VIXM vs. SPXN - Drawdown Comparison

The maximum VIXM drawdown since its inception was -96.23%, which is greater than SPXN's maximum drawdown of -32.10%. Use the drawdown chart below to compare losses from any high point for VIXM and SPXN.

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Drawdown Indicators

VIXMSPXNDifference

Max Drawdown

Largest peak-to-trough decline

-96.23%

-32.10%

-64.13%

Max Drawdown (1Y)

Largest decline over 1 year

-15.22%

-9.26%

-5.96%

Max Drawdown (3Y)

Largest decline over 3 years

-41.41%

-19.56%

-21.85%

Max Drawdown (5Y)

Largest decline over 5 years

-63.40%

-24.47%

-38.93%

Max Drawdown (10Y)

Largest decline over 10 years

-75.72%

-32.10%

-43.62%

Current Drawdown

Current decline from peak

-95.75%

-0.59%

-95.16%

Average Drawdown

Average peak-to-trough decline

-81.52%

-4.00%

-77.52%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.74%

2.01%

+6.73%

Volatility

VIXM vs. SPXN - Volatility Comparison

ProShares VIX Mid-Term Futures ETF (VIXM) and ProShares S&P 500 Ex-Financials ETF (SPXN) have volatilities of 3.19% and 3.16%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VIXMSPXNDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.19%

3.16%

+0.03%

Volatility (6M)

Calculated over the trailing 6-month period

13.91%

9.69%

+4.22%

Volatility (1Y)

Calculated over the trailing 1-year period

18.98%

12.70%

+6.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.68%

17.16%

+13.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.90%

17.64%

+15.26%

VIXM vs. SPXN - Expense Ratio Comparison

VIXM has a 0.85% expense ratio, which is higher than SPXN's 0.09% expense ratio.

Dividends

VIXM vs. SPXN - Dividend Comparison

VIXM has not paid dividends to shareholders, while SPXN's dividend yield for the trailing twelve months is around 0.87%.

PositionTTM20252024202320222021202020192018201720162015
SPXN
ProShares S&P 500 Ex-Financials ETF		0.87%0.98%1.12%1.19%1.35%0.94%1.09%1.41%1.76%1.54%2.60%0.52%
VIXM
ProShares VIX Mid-Term Futures ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

VIXM and SPXN have a correlation of -0.66, 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 SPXN (3.16%). In terms of maximum drawdown, VIXM dropped -96.23% vs SPXN's -32.10%.

On 10-year performance, SPXN leads with 16.26% vs -11.17% for VIXM. On fees, SPXN is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPXN has performed better with a 16.26% return vs -11.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPXN is cheaper with a 0.09% expense ratio, compared with 0.85% for VIXM.

SPXN has the higher dividend yield at 0.87%, compared with 0.00% for VIXM.

VIXM is categorized as Volatility, while SPXN is S&P 500. VIXM tracks S&P 500 VIX Mid-Term Futures Index, while SPXN tracks S&P 500 Ex-Financials and Real Estate Index. Their fees differ too: 0.85% for VIXM and 0.09% for SPXN.

SPXN currently has the higher Sharpe Ratio (2.61 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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