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 -11.68%/yr vs 58.18%/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 -6.22% return, which is significantly lower than USD's 81.18% return. Over the past 10 years, VIXM has underperformed USD with an annualized return of -11.68%, while USD has yielded a comparatively higher 58.18% 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%
USD
- 1D
- 6.38%
- 1M
- -3.04%
- 6M
- 68.72%
- YTD
- 81.18%
- 1Y
- 145.11%
- 3Y*
- 104.08%
- 5Y*
- 63.45%
- 10Y*
- 58.18%
VIXM vs. USD - 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% |
USD ProShares Ultra Semiconductors | 81.18% | 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 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 | -0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.48 |
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 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.
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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.
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 | -2.84 | ||
| Sortino ratioReturn per unit of downside risk | -3.34 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.31 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 4.59 | -5.35 |
| Martin ratioReturn relative to average drawdown | -1.55 | 11.97 | -13.52 |
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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 | -19.16% | -31.80% | +12.64% |
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 | -72.55% | -77.85% | +5.30% |
Current DrawdownCurrent decline from peak | -96.07% | -16.30% | -79.77% |
Average DrawdownAverage peak-to-trough decline | -81.60% | -32.25% | -49.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.30% | 12.17% | -2.87% |
Volatility
VIXM vs. USD - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.38%, while ProShares Ultra Semiconductors (USD) has a volatility of 31.36%. 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 | 3.38% | 31.36% | -27.98% |
Volatility (6M)Calculated over the trailing 6-month period | 13.99% | 57.84% | -43.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.62% | 70.75% | -52.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.60% | 78.26% | -47.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.63% | 70.08% | -37.45% |
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 0.32%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 0.32% | 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 (31.36%) compared to VIXM (3.38%). In terms of maximum drawdown, VIXM dropped -96.23% vs USD's -88.63%.
On 10-year performance, USD leads with 58.18% 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, USD has performed better with a 58.18% 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 0.95% for USD.
USD has the higher dividend yield at 0.32%, 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 (2.06 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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