VIXM vs. VIXY
Compare and contrast key facts about ProShares VIX Mid-Term Futures ETF (VIXM) and ProShares VIX Short-Term Futures ETF (VIXY).
VIXM and VIXY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VIXM is a passively managed fund by ProShares that tracks the performance of the S&P 500 VIX Mid-Term Futures Index. It was launched on Jan 4, 2011. VIXY is a passively managed fund by ProFund Advisors LLC that tracks the performance of the S&P 500 VIX Short-Term Futures Index Total Return. It was launched on Jan 3, 2011. Both VIXM and VIXY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: VIXM or VIXY.
Key characteristics
| VIXM | VIXY | |
|---|---|---|
| YTD Return | -15.94% | -29.11% |
| 1Y Return | -22.59% | -44.27% |
| 3Y Return (Ann) | -22.31% | -49.24% |
| 5Y Return (Ann) | -8.88% | -48.47% |
| 10Y Return (Ann) | -13.56% | -48.09% |
| Sharpe Ratio | -0.59 | -0.58 |
| Sortino Ratio | -0.79 | -0.76 |
| Omega Ratio | 0.90 | 0.91 |
| Calmar Ratio | -0.23 | -0.45 |
| Martin Ratio | -1.22 | -1.25 |
| Ulcer Index | 18.40% | 35.77% |
| Daily Std Dev | 37.92% | 76.79% |
| Max Drawdown | -96.20% | -100.00% |
| Current Drawdown | -96.13% | -100.00% |
Correlation
The correlation between VIXM and VIXY is 0.90, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
VIXM vs. VIXY - Performance Comparison
In the year-to-date period, VIXM achieves a -15.94% return, which is significantly higher than VIXY's -29.11% return. Over the past 10 years, VIXM has outperformed VIXY with an annualized return of -13.56%, while VIXY has yielded a comparatively lower -48.09% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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VIXM vs. VIXY - Expense Ratio Comparison
Both VIXM and VIXY have an expense ratio of 0.85%.
Risk-Adjusted Performance
VIXM vs. VIXY - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and ProShares VIX Short-Term Futures ETF (VIXY). 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.
Dividends
VIXM vs. VIXY - Dividend Comparison
Neither VIXM nor VIXY has paid dividends to shareholders.
Drawdowns
VIXM vs. VIXY - Drawdown Comparison
The maximum VIXM drawdown since its inception was -96.20%, roughly equal to the maximum VIXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for VIXM and VIXY. For additional features, visit the drawdowns tool.
Volatility
VIXM vs. VIXY - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 8.59%, while ProShares VIX Short-Term Futures ETF (VIXY) has a volatility of 18.17%. This indicates that VIXM experiences smaller price fluctuations and is considered to be less risky than VIXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.