VIXM vs. USD
VIXM (ProShares VIX Mid-Term Futures ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, VIXM returned -11.18%/yr vs 55.47%/yr for USD. Their -0.57 correlation means they have often moved in opposite directions in the past. VIXM charges 0.85%/yr vs 0.95%/yr for USD.
Performance
VIXM vs. USD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VIXM achieves a -5.57% return, which is significantly lower than USD's 71.41% return. Over the past 10 years, VIXM has underperformed USD with an annualized return of -11.18%, while USD has yielded a comparatively higher 55.47% annualized 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%
USD
- 1D
- 10.39%
- 1M
- 2.58%
- 6M
- 64.91%
- YTD
- 71.41%
- 1Y
- 106.91%
- 3Y*
- 102.00%
- 5Y*
- 57.55%
- 10Y*
- 55.47%
- ALL TIME*
- 28.92%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $73.98M | $71.11M | $96.07M | |
| $8.24M | $6.07M | $4.69M |
VIXM vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | -5.57% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | 72.38% | -20.38% | 26.43% | -50.05% |
USD ProShares Ultra Semiconductors | 71.41% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between VIXM and USD is -0.45, 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. | -0.45 |
Correlation (3Y) Balances recent behavior with more history. | -0.48 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.55 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.56 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011 | -0.57 |
The correlation between VIXM and USD shifts across timeframes, from -0.57 (all time) to -0.45 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VIXM vs. USD — Risk / Return Rank
VIXM
USD
VIXM vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.24 | ||
| Sortino ratioReturn per unit of downside risk | -2.98 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.25 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 2.73 | -3.48 |
| Martin ratioReturn relative to average drawdown | -1.43 | 7.78 | -9.20 |
Loading charts...
Drawdowns
VIXM vs. USD - Drawdown Comparison
The maximum VIXM drawdown since its inception was -96.23%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for VIXM and USD.
Loading charts...
Drawdown Indicators
| VIXM | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -88.63% | -7.60% |
Max Drawdown (1Y)Largest decline over 1 year | -19.36% | -39.33% | +19.97% |
Max Drawdown (3Y)Largest decline over 3 years | -37.26% | -64.46% | +27.20% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -77.85% | +14.45% |
Max Drawdown (10Y)Largest decline over 10 years | -72.34% | -77.85% | +5.51% |
Current DrawdownCurrent decline from peak | -96.04% | -20.81% | -75.23% |
Average DrawdownAverage peak-to-trough decline | -81.65% | -32.23% | -49.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.17% | 13.80% | -3.63% |
Volatility
VIXM vs. USD - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.09%, while ProShares Ultra Semiconductors (USD) has a volatility of 29.12%. This indicates that VIXM experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VIXM | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.09% | 29.12% | -26.03% |
Volatility (6M)Calculated over the trailing 6-month period | 13.72% | 61.81% | -48.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.41% | 74.29% | -55.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.50% | 78.90% | -48.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.61% | 70.46% | -37.85% |
VIXM vs. USD - Expense Ratio Comparison
VIXM has a 0.85% expense ratio, which is lower than USD's 0.95% expense ratio.
Dividends
VIXM vs. USD - Dividend Comparison
VIXM has not paid dividends to shareholders, while USD's dividend yield for the trailing twelve months is around 0.34%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 0.34% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
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 USD have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (29.12%) compared to VIXM (3.09%). In terms of maximum drawdown, VIXM dropped -96.23% vs USD's -88.63%.
On 10-year performance, USD leads with 55.47% vs -11.18% for VIXM. On fees, VIXM is cheaper at 0.85% 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 10-year period, USD has performed better with a 55.47% return vs -11.18%. 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 0.95% for USD.
USD has the higher dividend yield at 0.34%, compared with 0.00% for VIXM.
VIXM is categorized as Volatility, while USD is Leveraged Equities. VIXM tracks S&P 500 VIX Mid-Term Futures Index, while USD tracks Dow Jones U.S. Semiconductors Index (200%). Their fees differ too: 0.85% for VIXM and 0.95% for USD.
USD currently has the higher Sharpe Ratio (1.45 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.
Find the right allocation for VIXM and USD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer