VIXM vs. SVIX
VIXM (ProShares VIX Mid-Term Futures ETF) and SVIX (Volatility Shares -1x Short VIX Futures ETF) are both exchange-traded funds - VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while SVIX is a Inverse Equities fund managed by Volatility Shares. Over the past 3 years, VIXM returned -13.22%/yr vs -0.59%/yr for SVIX. At a correlation of -0.91, they often move in opposite directions. VIXM charges 0.85%/yr vs 1.47%/yr for SVIX.
Performance
VIXM vs. SVIX - Performance Comparison
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Returns By Period
In the year-to-date period, VIXM achieves a 1.31% return, which is significantly higher than SVIX's -8.17% 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%
SVIX
- 1D
- -0.09%
- 1M
- 16.92%
- YTD
- -8.17%
- 6M
- 7.59%
- 1Y
- 51.46%
- 3Y*
- -0.59%
- 5Y*
- —
- 10Y*
- —
VIXM vs. SVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | 1.31% | 5.60% | -13.67% | -44.83% | -2.25% |
SVIX Volatility Shares -1x Short VIX Futures ETF | -8.17% | -4.49% | -32.76% | 157.37% | -0.88% |
Correlation
The correlation between VIXM and SVIX is -0.91, 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 | -0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.90 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022 | -0.91 |
The correlation between VIXM and SVIX has been stable across timeframes, ranging from -0.91 to -0.90 - a consistent structural relationship.
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Return for Risk
VIXM vs. SVIX — Risk / Return Rank
VIXM
SVIX
VIXM vs. SVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and Volatility Shares -1x Short VIX Futures ETF (SVIX). 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 | SVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.39 | ||
| Sortino ratioReturn per unit of downside risk | -1.95 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.20 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | 1.21 | -1.76 |
| Martin ratioReturn relative to average drawdown | -0.96 | 3.50 | -4.46 |
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 | SVIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.44 | 0.95 | -1.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.44 | — | — |
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 | 0.16 | -0.70 |
Drawdowns
VIXM vs. SVIX - Drawdown Comparison
The maximum VIXM drawdown since its inception was -96.23%, which is greater than SVIX's maximum drawdown of -79.30%. Use the drawdown chart below to compare losses from any high point for VIXM and SVIX.
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Drawdown Indicators
| VIXM | SVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -79.30% | -16.93% |
Max Drawdown (1Y)Largest decline over 1 year | -15.22% | -42.69% | +27.47% |
Max Drawdown (3Y)Largest decline over 3 years | -41.41% | -79.30% | +37.89% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -75.72% | — | — |
Current DrawdownCurrent decline from peak | -95.75% | -56.14% | -39.61% |
Average DrawdownAverage peak-to-trough decline | -81.52% | -31.60% | -49.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.74% | 14.75% | -6.01% |
Volatility
VIXM vs. SVIX - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.19%, while Volatility Shares -1x Short VIX Futures ETF (SVIX) has a volatility of 7.38%. This indicates that VIXM experiences smaller price fluctuations and is considered to be less risky than SVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXM | SVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.19% | 7.38% | -4.19% |
Volatility (6M)Calculated over the trailing 6-month period | 13.91% | 41.05% | -27.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.98% | 54.75% | -35.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.68% | 66.27% | -35.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.90% | 66.27% | -33.37% |
VIXM vs. SVIX - Expense Ratio Comparison
VIXM has a 0.85% expense ratio, which is lower than SVIX's 1.47% expense ratio.
Dividends
VIXM vs. SVIX - Dividend Comparison
Neither VIXM nor SVIX has paid dividends to shareholders.
Frequently Asked Questions
VIXM and SVIX have a correlation of -0.91, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SVIX has higher volatility (7.38%) compared to VIXM (3.19%). In terms of maximum drawdown, VIXM dropped -96.23% vs SVIX's -79.30%.
On 3-year performance, SVIX leads with -0.59% vs -13.22% 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 3-year period, SVIX has performed better with a -0.59% return vs -13.22%. 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 1.47% for SVIX.
VIXM and SVIX have nearly identical dividend yields, around 0.00%.
VIXM is categorized as Volatility, while SVIX is Inverse Equities. They also come from different issuers: ProShares and Volatility Shares. Their fees differ too: 0.85% for VIXM and 1.47% for SVIX.
SVIX currently has the higher Sharpe Ratio (0.95 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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