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 -11.39%/yr vs -46.69%/yr for VIXY. Their correlation of 0.90 means they have usually moved in the same direction. Both charge a 0.85% expense ratio.
Performance
VIXM vs. VIXY - Performance Comparison
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Returns By Period
In the year-to-date period, VIXM achieves a -5.24% return, which is significantly higher than VIXY's -20.01% return. Over the past 10 years, VIXM has outperformed VIXY with an annualized return of -11.39%, while VIXY has yielded a comparatively lower -46.69% annualized return.
VIXM
- 1D
- -0.69%
- 1M
- 1.05%
- 6M
- -5.55%
- YTD
- -5.24%
- 1Y
- -15.13%
- 3Y*
- -9.59%
- 5Y*
- -14.51%
- 10Y*
- -11.39%
- ALL TIME*
- -18.01%
VIXY
- 1D
- -2.66%
- 1M
- -3.39%
- 6M
- -23.21%
- YTD
- -20.01%
- 1Y
- -54.18%
- 3Y*
- -39.34%
- 5Y*
- -47.11%
- 10Y*
- -46.69%
- ALL TIME*
- -48.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.30M | $4.78M | $4.32M | |
| $61.09M | $56.74M | $72.28M |
VIXM vs. VIXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | -5.24% | 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 | -20.01% | -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, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.90 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.91 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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.
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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 | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.85 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | -0.92 | +0.21 |
| Martin ratioReturn relative to average drawdown | -1.36 | -1.40 | +0.05 |
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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.
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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 | -19.36% | -55.18% | +35.82% |
Max Drawdown (3Y)Largest decline over 3 years | -37.26% | -81.45% | +44.19% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -95.91% | +32.51% |
Max Drawdown (10Y)Largest decline over 10 years | -72.34% | -99.82% | +27.48% |
Current DrawdownCurrent decline from peak | -96.03% | -100.00% | +3.97% |
Average DrawdownAverage peak-to-trough decline | -81.64% | -92.24% | +10.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.14% | 36.13% | -25.99% |
Volatility
VIXM vs. VIXY - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.08%, while ProShares VIX Short-Term Futures ETF (VIXY) has a volatility of 14.60%. 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.
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Volatility by Period
| VIXM | VIXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.08% | 14.60% | -11.52% |
Volatility (6M)Calculated over the trailing 6-month period | 13.78% | 43.36% | -29.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.49% | 57.54% | -39.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.50% | 69.97% | -39.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.61% | 71.89% | -39.28% |
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 (14.60%) compared to VIXM (3.08%). In terms of maximum drawdown, VIXM dropped -96.23% vs VIXY's -100.00%.
On 10-year performance, VIXM leads with -11.39% vs -46.69% for VIXY. Both ETFs have the same 0.85% expense ratio. On volatility, VIXM has been the lower-risk option at 3.08%. 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 -11.39% return vs -46.69%. 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 (-0.74 vs -0.88), 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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