VIXM vs. VIXY
VIXM (ProShares VIX Mid-Term Futures ETF) and VIXY (ProShares VIX Short-Term Futures ETF) are both Volatility funds from ProShares - VIXM tracks the S&P 500 VIX Mid-Term Futures Index while VIXY tracks the S&P 500 VIX Short-Term Futures Index. Both are passively managed. Over the past 10 years, VIXM returned -12.34%/yr vs -48.85%/yr for VIXY. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.85% expense ratio.
Performance
VIXM vs. VIXY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VIXM achieves a -2.42% return, which is significantly higher than VIXY's -14.78% return. Over the past 10 years, VIXM has outperformed VIXY with an annualized return of -12.34%, while VIXY has yielded a comparatively lower -48.85% annualized return.
VIXM
- 1D
- -0.47%
- 1M
- -5.28%
- YTD
- -2.42%
- 6M
- -0.07%
- 1Y
- -13.67%
- 3Y*
- -12.09%
- 5Y*
- -13.41%
- 10Y*
- -12.34%
VIXY
- 1D
- -0.23%
- 1M
- -14.08%
- YTD
- -14.78%
- 6M
- -16.35%
- 1Y
- -58.11%
- 3Y*
- -40.97%
- 5Y*
- -46.43%
- 10Y*
- -48.85%
VIXM vs. VIXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | -2.42% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | 72.38% | -20.38% | 26.43% | -50.05% |
VIXY ProShares VIX Short-Term Futures ETF | -14.78% | -43.05% | -27.43% | -72.74% | -24.98% | -72.40% | 10.54% | -67.81% | 66.78% | -72.78% |
Correlation
The correlation between VIXM and VIXY 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 Jan 4, 2011 | 0.90 |
The correlation between VIXM and VIXY has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.
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. VIXY — Risk / Return Rank
VIXM
VIXY
VIXM vs. VIXY - Risk-Adjusted Trends 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.
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 | VIXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.86 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.80 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | -1.01 | +0.12 |
| Martin ratioReturn relative to average drawdown | -1.64 | -1.47 | -0.17 |
Loading charts...
Drawdowns
VIXM vs. VIXY - Drawdown Comparison
The maximum VIXM drawdown since its inception was -96.23%, 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.
Loading charts...
Drawdown Indicators
| VIXM | VIXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -100.00% | +3.77% |
Max Drawdown (1Y)Largest decline over 1 year | -15.53% | -57.79% | +42.26% |
Max Drawdown (3Y)Largest decline over 3 years | -37.35% | -79.94% | +42.59% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -96.20% | +32.80% |
Max Drawdown (10Y)Largest decline over 10 years | -75.56% | -99.88% | +24.32% |
Current DrawdownCurrent decline from peak | -95.91% | -100.00% | +4.09% |
Average DrawdownAverage peak-to-trough decline | -81.54% | -92.19% | +10.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.50% | 40.39% | -31.89% |
Volatility
VIXM vs. VIXY - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 4.19%, while ProShares VIX Short-Term Futures ETF (VIXY) has a volatility of 16.16%. 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.
Loading charts...
Volatility by Period
| VIXM | VIXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.19% | 16.16% | -11.97% |
Volatility (6M)Calculated over the trailing 6-month period | 14.19% | 43.79% | -29.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.73% | 56.29% | -37.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.62% | 70.34% | -39.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.83% | 72.33% | -39.50% |
VIXM vs. VIXY - Expense Ratio Comparison
Both VIXM and VIXY have an expense ratio of 0.85%.
Dividends
VIXM vs. VIXY - Dividend Comparison
Neither VIXM nor VIXY has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.91, VIXM and VIXY 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.
VIXY has higher volatility (16.16%) compared to VIXM (4.19%). In terms of maximum drawdown, VIXM dropped -96.23% vs VIXY's -100.00%.
On 10-year performance, VIXM leads with -12.34% vs -48.85% for VIXY. Both ETFs have the same 0.85% expense ratio. On volatility, VIXM has been the lower-risk option at 4.19%. 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 -12.34% return vs -48.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIXM and VIXY have the same expense ratio: 0.85% per year.
VIXM and VIXY have nearly identical dividend yields, around 0.00%.
VIXM tracks S&P 500 VIX Mid-Term Futures Index, while VIXY tracks S&P 500 VIX Short-Term Futures Index.
VIXM currently has the higher Sharpe Ratio (-0.73 vs -1.04), 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 VIXY
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