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 -14.33%/yr vs -13.86%/yr for TLSA. Their -0.12 correlation means they have often moved in opposite directions in the past.
Performance
VIXM vs. TLSA - Performance Comparison
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Returns By Period
In the year-to-date period, VIXM achieves a -5.57% return, which is significantly higher than TLSA's -35.06% 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%
TLSA
- 1D
- -0.18%
- 1M
- -26.14%
- 6M
- -33.73%
- YTD
- -35.06%
- 1Y
- -60.51%
- 3Y*
- 13.60%
- 5Y*
- -13.86%
- 10Y*
- —
- ALL TIME*
- -9.57%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $549.92K | $427.27K | $351.18K | |
| $8.24M | $6.07M | $4.69M |
VIXM vs. TLSA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | -5.57% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | 72.38% | -20.38% | 7.65% |
TLSA Tiziana Life Sciences PLC | -35.06% | 114.02% | 24.32% | -6.43% | -37.66% | -52.48% | 86.96% | -27.52% | -29.05% |
Correlation
The correlation between VIXM and TLSA is -0.20, 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. | -0.20 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (5Y) Shows whether the relationship held over a longer 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 -0.20 (1 year) to -0.10 (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 | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 0.88 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | -0.95 | +0.20 |
| Martin ratioReturn relative to average drawdown | -1.43 | -1.52 | +0.09 |
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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 | -19.36% | -63.72% | +44.36% |
Max Drawdown (3Y)Largest decline over 3 years | -37.26% | -64.30% | +27.04% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -79.95% | +16.55% |
Max Drawdown (10Y)Largest decline over 10 years | -72.34% | — | — |
Current DrawdownCurrent decline from peak | -96.04% | -86.16% | -9.88% |
Average DrawdownAverage peak-to-trough decline | -81.65% | -70.56% | -11.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.17% | 39.82% | -29.65% |
Volatility
VIXM vs. TLSA - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.09%, while Tiziana Life Sciences PLC (TLSA) has a volatility of 27.12%. 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 | 3.09% | 27.12% | -24.03% |
Volatility (6M)Calculated over the trailing 6-month period | 13.72% | 55.60% | -41.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.41% | 78.94% | -60.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.50% | 93.16% | -62.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.61% | 112.24% | -79.63% |
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 -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLSA has higher volatility (27.12%) compared to VIXM (3.09%). In terms of maximum drawdown, VIXM dropped -96.23% vs TLSA's -94.03%.
TLSA currently has the higher Sharpe Ratio (-0.77 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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