VIXM vs. SPXN
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 -12.35%/yr vs 15.79%/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
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Returns By Period
In the year-to-date period, VIXM achieves a -2.62% return, which is significantly lower than SPXN's 8.93% return. Over the past 10 years, VIXM has underperformed SPXN with an annualized return of -12.35%, while SPXN has yielded a comparatively higher 15.79% annualized return.
VIXM
- 1D
- -0.87%
- 1M
- -5.47%
- YTD
- -2.62%
- 6M
- -1.13%
- 1Y
- -11.22%
- 3Y*
- -12.15%
- 5Y*
- -13.23%
- 10Y*
- -12.35%
SPXN
- 1D
- -0.53%
- 1M
- -2.48%
- YTD
- 8.93%
- 6M
- 7.76%
- 1Y
- 24.75%
- 3Y*
- 20.84%
- 5Y*
- 13.53%
- 10Y*
- 15.79%
VIXM vs. SPXN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | -2.62% | 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 | 8.93% | 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 -0.65, 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 | -0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.65 |
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 24, 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.
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Return for Risk
VIXM vs. SPXN — Risk / Return Rank
VIXM
SPXN
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.
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 | SPXN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.45 | ||
| Sortino ratioReturn per unit of downside risk | -3.23 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.33 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 2.69 | -3.40 |
| Martin ratioReturn relative to average drawdown | -1.35 | 11.51 | -12.86 |
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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
| VIXM | SPXN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -32.10% | -64.13% |
Max Drawdown (1Y)Largest decline over 1 year | -15.70% | -9.26% | -6.44% |
Max Drawdown (3Y)Largest decline over 3 years | -37.26% | -19.56% | -17.70% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -24.47% | -38.93% |
Max Drawdown (10Y)Largest decline over 10 years | -75.56% | -32.10% | -43.46% |
Current DrawdownCurrent decline from peak | -95.92% | -4.65% | -91.27% |
Average DrawdownAverage peak-to-trough decline | -81.55% | -3.99% | -77.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.31% | 2.16% | +6.15% |
Volatility
VIXM vs. SPXN - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 4.17%, while ProShares S&P 500 Ex-Financials ETF (SPXN) has a volatility of 5.37%. This indicates that VIXM experiences smaller price fluctuations and is considered to be less risky than SPXN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXM | SPXN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.17% | 5.37% | -1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 14.05% | 10.72% | +3.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.72% | 13.50% | +5.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.62% | 17.30% | +13.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.67% | 17.72% | +14.95% |
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 0.91%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPXN ProShares S&P 500 Ex-Financials ETF | 0.91% | 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 -0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXN has higher volatility (5.37%) compared to VIXM (4.17%). In terms of maximum drawdown, VIXM dropped -96.23% vs SPXN's -32.10%.
On 10-year performance, SPXN leads with 15.79% vs -12.35% for VIXM. On fees, SPXN is cheaper at 0.09% per year. On volatility, VIXM has been the lower-risk option at 4.17%. 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 15.79% return vs -12.35%. 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 0.91%, 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 (1.85 vs -0.61), 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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