VIXM vs. SPY
VIXM (ProShares VIX Mid-Term Futures ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VIXM returned -12.34%/yr vs 15.70%/yr for SPY. At a correlation of -0.74, they often move in opposite directions. VIXM charges 0.85%/yr vs 0.09%/yr for SPY.
Performance
VIXM vs. SPY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VIXM achieves a -2.42% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, VIXM has underperformed SPY with an annualized return of -12.34%, while SPY has yielded a comparatively higher 15.70% annualized return.
VIXM
- 1D
- -0.47%
- 1M
- -5.28%
- YTD
- -2.42%
- 6M
- -0.07%
- 1Y
- -13.67%
- 3Y*
- -12.09%
- 5Y*
- -13.41%
- 10Y*
- -12.34%
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
VIXM vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | -2.42% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | 72.38% | -20.38% | 26.43% | -50.05% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between VIXM and SPY is -0.68, 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 | -0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.71 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011 | -0.74 |
The correlation between VIXM and SPY has been stable across timeframes, ranging from -0.74 to -0.68 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VIXM vs. SPY — Risk / Return Rank
VIXM
SPY
VIXM vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.89 | ||
| Sortino ratioReturn per unit of downside risk | -3.83 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.39 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | 3.01 | -3.90 |
| Martin ratioReturn relative to average drawdown | -1.64 | 13.54 | -15.17 |
Loading charts...
Drawdowns
VIXM vs. SPY - Drawdown Comparison
The maximum VIXM drawdown since its inception was -96.23%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VIXM and SPY.
Loading charts...
Drawdown Indicators
| VIXM | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -55.19% | -41.04% |
Max Drawdown (1Y)Largest decline over 1 year | -15.53% | -8.88% | -6.65% |
Max Drawdown (3Y)Largest decline over 3 years | -37.35% | -18.76% | -18.59% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -24.50% | -38.90% |
Max Drawdown (10Y)Largest decline over 10 years | -75.56% | -33.72% | -41.84% |
Current DrawdownCurrent decline from peak | -95.91% | -1.75% | -94.16% |
Average DrawdownAverage peak-to-trough decline | -81.54% | -9.04% | -72.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.50% | 1.97% | +6.53% |
Volatility
VIXM vs. SPY - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 4.19%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that VIXM experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VIXM | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.19% | 4.64% | -0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 14.19% | 9.75% | +4.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.73% | 12.43% | +6.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.62% | 17.14% | +13.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.83% | 17.99% | +14.84% |
VIXM vs. SPY - Expense Ratio Comparison
VIXM has a 0.85% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
VIXM vs. SPY - Dividend Comparison
VIXM has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
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 SPY have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (4.64%) compared to VIXM (4.19%). In terms of maximum drawdown, VIXM dropped -96.23% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.70% vs -12.34% for VIXM. On fees, SPY is cheaper at 0.09% per year. On volatility, VIXM has been the lower-risk option at 4.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.70% return vs -12.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.85% for VIXM.
SPY has the higher dividend yield at 1.01%, compared with 0.00% for VIXM.
VIXM is categorized as Volatility, while SPY is S&P 500. VIXM tracks S&P 500 VIX Mid-Term Futures Index, while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.85% for VIXM and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.16 vs -0.73), 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.
Find the right allocation for VIXM and SPY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer