VIXM vs. TLSA
VIXM (ProShares VIX Mid-Term Futures ETF) is Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while TLSA (Tiziana Life Sciences PLC) is a stock. Over the past 5 years, VIXM returned -13.09%/yr vs -14.03%/yr for TLSA. At a correlation of -0.12, they often move in opposite directions.
Performance
VIXM vs. TLSA - Performance Comparison
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Returns By Period
In the year-to-date period, VIXM achieves a -1.77% return, which is significantly higher than TLSA's -22.15% return.
VIXM
- 1D
- 0.67%
- 1M
- -4.64%
- YTD
- -1.77%
- 6M
- 0.07%
- 1Y
- -12.74%
- 3Y*
- -11.89%
- 5Y*
- -13.09%
- 10Y*
- -12.28%
TLSA
- 1D
- 0.87%
- 1M
- -21.62%
- YTD
- -22.15%
- 6M
- -20.55%
- 1Y
- -25.16%
- 3Y*
- 17.23%
- 5Y*
- -14.03%
- 10Y*
- —
VIXM vs. TLSA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | -1.77% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | 72.38% | -20.38% | 7.65% |
TLSA Tiziana Life Sciences PLC | -22.15% | 114.02% | 24.32% | -6.43% | -37.66% | -52.48% | 86.96% | -27.52% | -29.05% |
Correlation
The correlation between VIXM and TLSA is -0.24, 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 | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2018 | -0.12 |
The correlation between VIXM and TLSA shifts across timeframes, from -0.24 (1 year) to -0.11 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
VIXM vs. TLSA — Risk / Return Rank
VIXM
TLSA
VIXM vs. TLSA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and Tiziana Life Sciences PLC (TLSA). 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 | TLSA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.88 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.00 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | -0.44 | -0.38 |
| Martin ratioReturn relative to average drawdown | -1.55 | -0.70 | -0.85 |
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Drawdowns
VIXM vs. TLSA - Drawdown Comparison
The maximum VIXM drawdown since its inception was -96.23%, roughly equal to the maximum TLSA drawdown of -94.03%. Use the drawdown chart below to compare losses from any high point for VIXM and TLSA.
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Drawdown Indicators
| VIXM | TLSA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -94.03% | -2.20% |
Max Drawdown (1Y)Largest decline over 1 year | -15.53% | -56.80% | +41.27% |
Max Drawdown (3Y)Largest decline over 3 years | -37.35% | -56.80% | +19.45% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -83.32% | +19.92% |
Max Drawdown (10Y)Largest decline over 10 years | -75.56% | — | — |
Current DrawdownCurrent decline from peak | -95.88% | -83.40% | -12.48% |
Average DrawdownAverage peak-to-trough decline | -81.54% | -70.35% | -11.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.43% | 36.19% | -27.76% |
Volatility
VIXM vs. TLSA - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 4.20%, while Tiziana Life Sciences PLC (TLSA) has a volatility of 19.72%. This indicates that VIXM experiences smaller price fluctuations and is considered to be less risky than TLSA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXM | TLSA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.20% | 19.72% | -15.52% |
Volatility (6M)Calculated over the trailing 6-month period | 14.13% | 53.62% | -39.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.70% | 79.22% | -60.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.62% | 92.68% | -62.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.68% | 112.54% | -79.86% |
Dividends
VIXM vs. TLSA - Dividend Comparison
Neither VIXM nor TLSA has paid dividends to shareholders.
Frequently Asked Questions
VIXM and TLSA have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLSA has higher volatility (19.72%) compared to VIXM (4.20%). In terms of maximum drawdown, VIXM dropped -96.23% vs TLSA's -94.03%.
TLSA currently has the higher Sharpe Ratio (-0.32 vs -0.68), 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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