VIXM vs. SSO
VIXM (ProShares VIX Mid-Term Futures ETF) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, VIXM returned -11.17%/yr vs 24.21%/yr for SSO. At a correlation of -0.74, they often move in opposite directions. VIXM charges 0.85%/yr vs 0.87%/yr for SSO.
Performance
VIXM vs. SSO - 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 SSO's 19.37% return. Over the past 10 years, VIXM has underperformed SSO with an annualized return of -11.17%, while SSO has yielded a comparatively higher 24.21% 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%
SSO
- 1D
- -1.40%
- 1M
- 9.75%
- YTD
- 19.37%
- 6M
- 18.81%
- 1Y
- 52.69%
- 3Y*
- 37.56%
- 5Y*
- 19.62%
- 10Y*
- 24.21%
VIXM vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SSO ProShares Ultra S&P500 | 19.37% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Correlation
The correlation between VIXM and SSO is -0.67, 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 | -0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.71 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2011 | -0.74 |
The correlation between VIXM and SSO has been stable across timeframes, ranging from -0.74 to -0.67 - a consistent structural relationship.
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Return for Risk
VIXM vs. SSO — Risk / Return Rank
VIXM
SSO
VIXM vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and ProShares Ultra S&P500 (SSO). 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 | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.69 | ||
| Sortino ratioReturn per unit of downside risk | -3.35 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.38 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | 2.91 | -3.47 |
| Martin ratioReturn relative to average drawdown | -0.96 | 12.80 | -13.76 |
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 | SSO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.44 | 2.25 | -2.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.44 | 0.59 | -1.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.34 | 0.68 | -1.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.55 | 0.42 | -0.96 |
Drawdowns
VIXM vs. SSO - Drawdown Comparison
The maximum VIXM drawdown since its inception was -96.23%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for VIXM and SSO.
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Drawdown Indicators
| VIXM | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -84.67% | -11.56% |
Max Drawdown (1Y)Largest decline over 1 year | -15.22% | -18.17% | +2.95% |
Max Drawdown (3Y)Largest decline over 3 years | -41.41% | -35.21% | -6.20% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -46.73% | -16.67% |
Max Drawdown (10Y)Largest decline over 10 years | -75.72% | -59.34% | -16.38% |
Current DrawdownCurrent decline from peak | -95.75% | -1.40% | -94.35% |
Average DrawdownAverage peak-to-trough decline | -81.52% | -19.57% | -61.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.74% | 4.13% | +4.61% |
Volatility
VIXM vs. SSO - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.19%, while ProShares Ultra S&P500 (SSO) has a volatility of 5.66%. This indicates that VIXM experiences smaller price fluctuations and is considered to be less risky than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXM | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.19% | 5.66% | -2.47% |
Volatility (6M)Calculated over the trailing 6-month period | 13.91% | 17.78% | -3.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.98% | 23.60% | -4.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.68% | 33.65% | -2.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.90% | 35.89% | -2.99% |
VIXM vs. SSO - Expense Ratio Comparison
VIXM has a 0.85% expense ratio, which is lower than SSO's 0.87% expense ratio.
Dividends
VIXM vs. SSO - Dividend Comparison
VIXM has not paid dividends to shareholders, while SSO's dividend yield for the trailing twelve months is around 0.62%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | 0.62% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
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 SSO have a correlation of -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SSO has higher volatility (5.66%) compared to VIXM (3.19%). In terms of maximum drawdown, VIXM dropped -96.23% vs SSO's -84.67%.
On 10-year performance, SSO leads with 24.21% vs -11.17% for VIXM. On fees, VIXM is cheaper at 0.85% per year. On volatility, VIXM has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SSO has performed better with a 24.21% return vs -11.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIXM is cheaper with a 0.85% expense ratio, compared with 0.87% for SSO.
SSO has the higher dividend yield at 0.62%, compared with 0.00% for VIXM.
VIXM is categorized as Volatility, while SSO is Leveraged Equities. VIXM tracks S&P 500 VIX Mid-Term Futures Index, while SSO tracks S&P 500. Their fees differ too: 0.85% for VIXM and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (2.25 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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