VIXM vs. UPRO
VIXM (ProShares VIX Mid-Term Futures ETF) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, VIXM returned -11.68%/yr vs 28.77%/yr for UPRO. At a correlation of -0.73, they often move in opposite directions. VIXM charges 0.85%/yr vs 0.89%/yr for UPRO.
Performance
VIXM vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, VIXM achieves a -6.22% return, which is significantly lower than UPRO's 25.19% return. Over the past 10 years, VIXM has underperformed UPRO with an annualized return of -11.68%, while UPRO has yielded a comparatively higher 28.77% annualized return.
VIXM
- 1D
- -0.42%
- 1M
- -6.04%
- 6M
- -4.34%
- YTD
- -6.22%
- 1Y
- -14.41%
- 3Y*
- -10.10%
- 5Y*
- -14.31%
- 10Y*
- -11.68%
UPRO
- 1D
- 1.09%
- 1M
- 3.72%
- 6M
- 19.35%
- YTD
- 25.19%
- 1Y
- 54.82%
- 3Y*
- 44.60%
- 5Y*
- 20.39%
- 10Y*
- 28.77%
VIXM vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | -6.22% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | 72.38% | -20.38% | 26.43% | -50.05% |
UPRO ProShares UltraPro S&P 500 | 25.19% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between VIXM and UPRO is -0.68, 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 | -0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.71 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011 | -0.73 |
The correlation between VIXM and UPRO has been stable across timeframes, ranging from -0.73 to -0.68 - a consistent structural relationship.
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Return for Risk
VIXM vs. UPRO — Risk / Return Rank
VIXM
UPRO
VIXM vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and ProShares UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.24 | ||
| Sortino ratioReturn per unit of downside risk | -2.96 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.26 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 2.06 | -2.81 |
| Martin ratioReturn relative to average drawdown | -1.55 | 8.12 | -9.67 |
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Drawdowns
VIXM vs. UPRO - Drawdown Comparison
The maximum VIXM drawdown since its inception was -96.23%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for VIXM and UPRO.
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Drawdown Indicators
| VIXM | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -76.82% | -19.41% |
Max Drawdown (1Y)Largest decline over 1 year | -19.16% | -26.78% | +7.62% |
Max Drawdown (3Y)Largest decline over 3 years | -37.26% | -48.87% | +11.61% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -63.94% | +0.54% |
Max Drawdown (10Y)Largest decline over 10 years | -72.55% | -76.82% | +4.27% |
Current DrawdownCurrent decline from peak | -96.07% | -4.16% | -91.91% |
Average DrawdownAverage peak-to-trough decline | -81.60% | -14.37% | -67.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.30% | 6.77% | +2.53% |
Volatility
VIXM vs. UPRO - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.38%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 11.73%. This indicates that VIXM experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXM | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.38% | 11.73% | -8.35% |
Volatility (6M)Calculated over the trailing 6-month period | 13.99% | 29.96% | -15.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.62% | 37.57% | -18.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.60% | 50.68% | -20.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.63% | 53.72% | -21.09% |
VIXM vs. UPRO - Expense Ratio Comparison
VIXM has a 0.85% expense ratio, which is lower than UPRO's 0.89% expense ratio.
Dividends
VIXM vs. UPRO - Dividend Comparison
VIXM has not paid dividends to shareholders, while UPRO's dividend yield for the trailing twelve months is around 0.75%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 0.75% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
VIXM ProShares VIX Mid-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VIXM and UPRO have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (11.73%) compared to VIXM (3.38%). In terms of maximum drawdown, VIXM dropped -96.23% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 28.77% vs -11.68% for VIXM. On fees, VIXM is cheaper at 0.85% per year. On volatility, VIXM has been the lower-risk option at 3.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 28.77% return vs -11.68%. 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 0.89% for UPRO.
UPRO has the higher dividend yield at 0.75%, compared with 0.00% for VIXM.
VIXM is categorized as Volatility, while UPRO is Leveraged Equities. VIXM tracks S&P 500 VIX Mid-Term Futures Index, while UPRO tracks S&P 500. Their fees differ too: 0.85% for VIXM and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.47 vs -0.78), 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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