VIXM vs. UVXY
VIXM (ProShares VIX Mid-Term Futures ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both Volatility funds from ProShares - VIXM tracks the S&P 500 VIX Mid-Term Futures Index while UVXY tracks the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, VIXM returned -11.64%/yr vs -72.05%/yr for UVXY. Their correlation of 0.90 suggests significant overlap in exposure. VIXM charges 0.85%/yr vs 0.95%/yr for UVXY.
Performance
VIXM vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, VIXM achieves a -5.83% return, which is significantly higher than UVXY's -32.31% return. Over the past 10 years, VIXM has outperformed UVXY with an annualized return of -11.64%, while UVXY has yielded a comparatively lower -72.05% annualized return.
VIXM
- 1D
- 0.49%
- 1M
- -5.64%
- 6M
- -3.49%
- YTD
- -5.83%
- 1Y
- -13.43%
- 3Y*
- -9.98%
- 5Y*
- -14.38%
- 10Y*
- -11.64%
UVXY
- 1D
- 4.92%
- 1M
- -15.35%
- 6M
- -29.18%
- YTD
- -32.31%
- 1Y
- -71.44%
- 3Y*
- -61.73%
- 5Y*
- -67.56%
- 10Y*
- -72.05%
VIXM vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | -5.83% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | 72.38% | -20.38% | 26.43% | -50.05% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -32.31% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between VIXM and UVXY is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.90 |
The correlation between VIXM and UVXY has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.
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Return for Risk
VIXM vs. UVXY — Risk / Return Rank
VIXM
UVXY
VIXM vs. UVXY - 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 VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.58 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.83 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.70 | -0.98 | +0.27 |
| Martin ratioReturn relative to average drawdown | -1.46 | -1.46 | 0.00 |
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Drawdowns
VIXM vs. UVXY - Drawdown Comparison
The maximum VIXM drawdown since its inception was -96.23%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for VIXM and UVXY.
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Drawdown Indicators
| VIXM | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -100.00% | +3.77% |
Max Drawdown (1Y)Largest decline over 1 year | -19.16% | -73.42% | +54.26% |
Max Drawdown (3Y)Largest decline over 3 years | -37.26% | -95.32% | +58.06% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -99.74% | +36.34% |
Max Drawdown (10Y)Largest decline over 10 years | -72.55% | -100.00% | +27.45% |
Current DrawdownCurrent decline from peak | -96.05% | -100.00% | +3.95% |
Average DrawdownAverage peak-to-trough decline | -81.59% | -98.75% | +17.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.23% | 48.91% | -39.68% |
Volatility
VIXM vs. UVXY - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.55%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 21.23%. This indicates that VIXM experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXM | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.55% | 21.23% | -17.68% |
Volatility (6M)Calculated over the trailing 6-month period | 14.02% | 66.69% | -52.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.66% | 85.49% | -66.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.60% | 103.84% | -73.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.63% | 112.03% | -79.40% |
VIXM vs. UVXY - Expense Ratio Comparison
VIXM has a 0.85% expense ratio, which is lower than UVXY's 0.95% expense ratio.
Dividends
VIXM vs. UVXY - Dividend Comparison
Neither VIXM nor UVXY has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.91, VIXM and UVXY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
UVXY has higher volatility (21.23%) compared to VIXM (3.55%). In terms of maximum drawdown, VIXM dropped -96.23% vs UVXY's -100.00%.
On 10-year performance, VIXM leads with -11.64% vs -72.05% for UVXY. On fees, VIXM is cheaper at 0.85% per year. On volatility, VIXM has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VIXM has performed better with a -11.64% return vs -72.05%. 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 UVXY.
VIXM and UVXY have nearly identical dividend yields, around 0.00%.
VIXM tracks S&P 500 VIX Mid-Term Futures Index, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.85% for VIXM and 0.95% for UVXY.
VIXM currently has the higher Sharpe Ratio (-0.72 vs -0.84), 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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