VIXM vs. SVXY

Last updated Jun 3, 2026

VIXM (ProShares VIX Mid-Term Futures ETF) and SVXY (ProShares Short VIX Short-Term Futures ETF) are both Volatility funds from ProShares - VIXM tracks the S&P 500 VIX Mid-Term Futures Index while SVXY tracks the S&P 500 VIX Short-Term Futures Index (-100%). Both are passively managed. Over the past 10 years, VIXM returned -11.20%/yr vs -1.57%/yr for SVXY. At a correlation of -0.89, they often move in opposite directions. VIXM charges 0.85%/yr vs 1.38%/yr for SVXY.

Performance

VIXM vs. SVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares VIX Mid-Term Futures ETF (VIXM) and ProShares Short VIX Short-Term Futures ETF (SVXY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIXM achieves a 0.92% return, which is significantly higher than SVXY's -0.72% return. Over the past 10 years, VIXM has underperformed SVXY with an annualized return of -11.20%, while SVXY has yielded a comparatively higher -1.57% annualized return.

VIXM

• 1D: -0.58%
• 1M: -1.91%
• YTD: 0.92%
• 6M: -3.39%
• 1Y: -9.09%
• 3Y*: -13.33%
• 5Y*: -14.02%
• 10Y*: -11.20%

SVXY

• 1D: 0.90%
• 1M: 7.87%
• YTD: -0.72%
• 6M: 8.06%
• 1Y: 35.12%
• 3Y*: 13.29%
• 5Y*: 16.44%
• 10Y*: -1.57%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VIXM vs. SVXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIXM ProShares VIX Mid-Term Futures ETF	0.92%	5.60%	-13.67%	-44.83%	-0.69%	-16.70%	72.38%	-20.38%	26.43%	-50.05%
SVXY ProShares Short VIX Short-Term Futures ETF	-0.72%	10.63%	-3.17%	76.21%	-4.66%	48.53%	-36.47%	54.21%	-91.75%	181.84%

Correlation

The correlation between VIXM and SVXY 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 (5Y) Calculated over the trailing 5-year period	-0.91
Correlation (10Y) Calculated over the trailing 10-year period	-0.89
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011	-0.89

The correlation between VIXM and SVXY has been stable across timeframes, ranging from -0.91 to -0.89 - a consistent structural relationship.

Return for Risk

VIXM vs. SVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VIXM

VIXM Risk / Return Rank: 4
VIXM Sharpe Ratio Rank: 4
VIXM Sortino Ratio Rank: 4
VIXM Omega Ratio Rank: 4
VIXM Calmar Ratio Rank: 3
VIXM Martin Ratio Rank: 3

SVXY

SVXY Risk / Return Rank: 33
SVXY Sharpe Ratio Rank: 34
SVXY Sortino Ratio Rank: 32
SVXY Omega Ratio Rank: 36
SVXY Calmar Ratio Rank: 32
SVXY Martin Ratio Rank: 33

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VIXM vs. SVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and ProShares Short VIX Short-Term Futures ETF (SVXY). 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	SVXY	Difference
Sharpe ratio Return per unit of total volatility	-0.48	1.23	-1.71
Sortino ratio Return per unit of downside risk	-0.55	1.71	-2.26
Omega ratio Gain probability vs. loss probability	0.93	1.24	-0.31
Calmar ratio Return relative to maximum drawdown	-0.63	1.57	-2.20
Martin ratio Return relative to average drawdown	-1.10	5.14	-6.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIXM vs. SVXY - Sharpe Ratio Comparison

The current VIXM Sharpe Ratio is -0.48, which is lower than the SVXY Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of VIXM and SVXY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VIXM	SVXY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.48	1.23	-1.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.46	0.47	-0.93
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.34	-0.03	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	-0.55	0.22	-0.77

Drawdowns

VIXM vs. SVXY - Drawdown Comparison

The maximum VIXM drawdown since its inception was -96.23%, roughly equal to the maximum SVXY drawdown of -95.25%. Use the drawdown chart below to compare losses from any high point for VIXM and SVXY.

Drawdown Indicators

	VIXM	SVXY	Difference
Max Drawdown Largest peak-to-trough decline	-96.23%	-95.25%	-0.98%
Max Drawdown (1Y) Largest decline over 1 year	-15.22%	-22.94%	+7.72%
Max Drawdown (3Y) Largest decline over 3 years	-41.95%	-46.45%	+4.50%
Max Drawdown (5Y) Largest decline over 5 years	-63.40%	-46.45%	-16.95%
Max Drawdown (10Y) Largest decline over 10 years	-75.72%	-95.25%	+19.53%
Current Drawdown Current decline from peak	-95.77%	-80.11%	-15.66%
Average Drawdown Average peak-to-trough decline	-81.51%	-56.86%	-24.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.71%	7.00%	+1.71%

Volatility

VIXM vs. SVXY - Volatility Comparison

The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.29%, while ProShares Short VIX Short-Term Futures ETF (SVXY) has a volatility of 3.88%. This indicates that VIXM experiences smaller price fluctuations and is considered to be less risky than SVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIXM	SVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.29%	3.88%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	13.90%	21.42%	-7.52%
Volatility (1Y) Calculated over the trailing 1-year period	18.98%	28.62%	-9.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.68%	35.38%	-4.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.90%	50.76%	-17.86%

VIXM vs. SVXY - Expense Ratio Comparison

VIXM has a 0.85% expense ratio, which is lower than SVXY's 1.38% expense ratio.

Dividends

VIXM vs. SVXY - Dividend Comparison

Neither VIXM nor SVXY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both VIXM and SVXY in my portfolio?

VIXM and SVXY 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.

Which is riskier, VIXM or SVXY?

SVXY has higher volatility (3.88%) compared to VIXM (3.29%). In terms of maximum drawdown, VIXM dropped -96.23% vs SVXY's -95.25%.

Which ETF is better, VIXM or SVXY?

On 10-year performance, SVXY leads with -1.57% vs -11.20% for VIXM. On fees, VIXM is cheaper at 0.85% per year. On volatility, VIXM has been the lower-risk option at 3.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIXM or SVXY?

Over the 10-year period, SVXY has performed better with a -1.57% return vs -11.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIXM or SVXY?

VIXM is cheaper with a 0.85% expense ratio, compared with 1.38% for SVXY.

Which ETF pays a higher dividend yield, VIXM or SVXY?

VIXM and SVXY have nearly identical dividend yields, around 0.00%.

What is the main difference between VIXM and SVXY?

VIXM tracks S&P 500 VIX Mid-Term Futures Index, while SVXY tracks S&P 500 VIX Short-Term Futures Index (-100%). Their fees differ too: 0.85% for VIXM and 1.38% for SVXY.

Which has better risk-adjusted returns?

SVXY currently has the higher Sharpe Ratio (1.23 vs -0.48), 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.