VIXM vs. SVOL
VIXM (ProShares VIX Mid-Term Futures ETF) and SVOL (Simplify Volatility Premium ETF) are both Volatility funds. VIXM is passively managed, while SVOL is actively managed. Over the past 5 years, VIXM returned -14.33%/yr vs 6.74%/yr for SVOL. Their -0.77 correlation means they have often moved in opposite directions in the past. VIXM charges 0.85%/yr vs 0.50%/yr for SVOL.
Performance
VIXM vs. SVOL - Performance Comparison
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Returns By Period
In the year-to-date period, VIXM achieves a -5.57% return, which is significantly lower than SVOL's 1.56% return.
VIXM
- 1D
- 0.21%
- 1M
- 0.70%
- 6M
- -5.57%
- YTD
- -5.57%
- 1Y
- -14.47%
- 3Y*
- -10.95%
- 5Y*
- -14.33%
- 10Y*
- -11.18%
- ALL TIME*
- -18.02%
SVOL
- 1D
- 0.00%
- 1M
- 0.32%
- 6M
- 1.07%
- YTD
- 1.56%
- 1Y
- 15.39%
- 3Y*
- 5.96%
- 5Y*
- 6.74%
- 10Y*
- —
- ALL TIME*
- 7.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.56M | $3.75M | $4.33M | |
| $8.24M | $6.07M | $4.69M |
VIXM vs. SVOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | -5.57% | 5.60% | -13.67% | -44.83% | -0.69% | -17.56% |
SVOL Simplify Volatility Premium ETF | 1.56% | 2.41% | 6.77% | 22.88% | -3.30% | 12.70% |
Correlation
The correlation between VIXM and SVOL is -0.74, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.74 |
Correlation (3Y) Balances recent behavior with more history. | -0.72 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.76 |
Correlation (All Time) Calculated using the full available price history since May 13, 2021 | -0.77 |
The correlation between VIXM and SVOL has been stable across timeframes, ranging from -0.77 to -0.72 - a consistent structural relationship.
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Return for Risk
VIXM vs. SVOL — Risk / Return Rank
VIXM
SVOL
VIXM vs. SVOL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and Simplify Volatility Premium ETF (SVOL). 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 | SVOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.70 | ||
| Sortino ratioReturn per unit of downside risk | -2.40 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.18 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 1.35 | -2.10 |
| Martin ratioReturn relative to average drawdown | -1.43 | 3.94 | -5.36 |
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Drawdowns
VIXM vs. SVOL - Drawdown Comparison
The maximum VIXM drawdown since its inception was -96.23%, which is greater than SVOL's maximum drawdown of -33.50%. Use the drawdown chart below to compare losses from any high point for VIXM and SVOL.
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Drawdown Indicators
| VIXM | SVOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -33.50% | -62.73% |
Max Drawdown (1Y)Largest decline over 1 year | -19.36% | -11.42% | -7.94% |
Max Drawdown (3Y)Largest decline over 3 years | -37.26% | -33.50% | -3.76% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -33.50% | -29.90% |
Max Drawdown (10Y)Largest decline over 10 years | -72.34% | — | — |
Current DrawdownCurrent decline from peak | -96.04% | -1.58% | -94.46% |
Average DrawdownAverage peak-to-trough decline | -81.65% | -4.68% | -76.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.17% | 3.92% | +6.25% |
Volatility
VIXM vs. SVOL - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.09%, while Simplify Volatility Premium ETF (SVOL) has a volatility of 3.99%. This indicates that VIXM experiences smaller price fluctuations and is considered to be less risky than SVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXM | SVOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.09% | 3.99% | -0.90% |
Volatility (6M)Calculated over the trailing 6-month period | 13.72% | 9.57% | +4.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.41% | 17.06% | +1.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.50% | 21.96% | +8.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.61% | 21.73% | +10.88% |
VIXM vs. SVOL - Expense Ratio Comparison
VIXM has a 0.85% expense ratio, which is higher than SVOL's 0.50% expense ratio.
Dividends
VIXM vs. SVOL - Dividend Comparison
VIXM has not paid dividends to shareholders, while SVOL's dividend yield for the trailing twelve months is around 22.19%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
SVOL Simplify Volatility Premium ETF | 22.19% | 19.82% | 16.79% | 16.36% | 18.32% | 4.65% |
VIXM ProShares VIX Mid-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VIXM and SVOL have a correlation of -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SVOL has higher volatility (3.99%) compared to VIXM (3.09%). In terms of maximum drawdown, VIXM dropped -96.23% vs SVOL's -33.50%.
On 5-year performance, SVOL leads with 6.74% vs -14.33% for VIXM. On fees, SVOL is cheaper at 0.50% per year. On volatility, VIXM has been the lower-risk option at 3.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SVOL has performed better with a 6.74% return vs -14.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SVOL is cheaper with a 0.50% expense ratio, compared with 0.85% for VIXM.
SVOL has the higher dividend yield at 22.19%, compared with 0.00% for VIXM.
They also come from different issuers: ProShares and Simplify. Their fees differ too: 0.85% for VIXM and 0.50% for SVOL.
SVOL currently has the higher Sharpe Ratio (0.91 vs -0.79), 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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