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 -11.17%/yr vs 62.16%/yr for USD. At a correlation of -0.57, they often move in opposite directions. VIXM charges 0.85%/yr vs 0.95%/yr for USD.
Performance
VIXM vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, VIXM achieves a 1.31% return, which is significantly lower than USD's 114.00% return. Over the past 10 years, VIXM has underperformed USD with an annualized return of -11.17%, while USD has yielded a comparatively higher 62.16% annualized return.
VIXM
- 1D
- 0.39%
- 1M
- -2.34%
- YTD
- 1.31%
- 6M
- -2.83%
- 1Y
- -8.35%
- 3Y*
- -13.22%
- 5Y*
- -13.49%
- 10Y*
- -11.17%
USD
- 1D
- -1.14%
- 1M
- 44.53%
- YTD
- 114.00%
- 6M
- 111.06%
- 1Y
- 274.62%
- 3Y*
- 127.67%
- 5Y*
- 69.52%
- 10Y*
- 62.16%
VIXM vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | 1.31% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | 72.38% | -20.38% | 26.43% | -50.05% |
USD ProShares Ultra Semiconductors | 114.00% | 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 -0.44, 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 | -0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.56 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2011 | -0.57 |
The correlation between VIXM and USD shifts across timeframes, from -0.57 (all time) to -0.44 (1 year), reflecting how their relationship changes across market environments.
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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.
| VIXM | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.97 | ||
| Sortino ratioReturn per unit of downside risk | -4.30 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.51 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | 8.70 | -9.25 |
| Martin ratioReturn relative to average drawdown | -0.96 | 25.16 | -26.12 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VIXM | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.44 | 4.53 | -4.97 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.44 | 0.91 | -1.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.34 | 0.90 | -1.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.55 | 0.49 | -1.04 |
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.
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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 | -15.22% | -31.80% | +16.58% |
Max Drawdown (3Y)Largest decline over 3 years | -41.41% | -64.46% | +23.05% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -77.85% | +14.45% |
Max Drawdown (10Y)Largest decline over 10 years | -75.72% | -77.85% | +2.13% |
Current DrawdownCurrent decline from peak | -95.75% | -1.14% | -94.61% |
Average DrawdownAverage peak-to-trough decline | -81.52% | -32.35% | -49.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.74% | 10.97% | -2.23% |
Volatility
VIXM vs. USD - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.19%, while ProShares Ultra Semiconductors (USD) has a volatility of 20.36%. 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.
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Volatility by Period
| VIXM | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.19% | 20.36% | -17.17% |
Volatility (6M)Calculated over the trailing 6-month period | 13.91% | 46.39% | -32.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.98% | 61.22% | -42.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.68% | 76.55% | -45.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.90% | 69.23% | -36.33% |
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 0.21%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 0.21% | 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 -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (20.36%) compared to VIXM (3.19%). In terms of maximum drawdown, VIXM dropped -96.23% vs USD's -88.63%.
On 10-year performance, USD leads with 62.16% vs -11.17% for VIXM. On fees, VIXM is cheaper at 0.85% per year. On volatility, VIXM has been the lower-risk option at 3.19%. 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 62.16% return vs -11.17%. 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 0.21%, 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 (4.53 vs -0.44), 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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