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VIXM vs. VOO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VIXM vs. VOO

Last updated Jun 3, 2026

VIXM (ProShares VIX Mid-Term Futures ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VIXM returned -11.20%/yr vs 15.65%/yr for VOO. At a correlation of -0.74, they often move in opposite directions. VIXM charges 0.85%/yr vs 0.03%/yr for VOO.

Performance

VIXM vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares VIX Mid-Term Futures ETF (VIXM) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VIXM achieves a 0.92% return, which is significantly lower than VOO's 11.69% return. Over the past 10 years, VIXM has underperformed VOO with an annualized return of -11.20%, while VOO has yielded a comparatively higher 15.65% annualized return.

VIXM

1D
-0.58%
1M
-1.91%
YTD
0.92%
6M
-3.39%
1Y
-9.09%
3Y*
-13.33%
5Y*
-14.02%
10Y*
-11.20%

VOO

1D
0.14%
1M
5.39%
YTD
11.69%
6M
12.11%
1Y
29.68%
3Y*
22.73%
5Y*
14.26%
10Y*
15.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VIXM vs. VOO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VIXM
ProShares VIX Mid-Term Futures ETF		0.92%5.60%-13.67%-44.83%-0.69%-16.70%72.38%-20.38%26.43%-50.05%
VOO
Vanguard S&P 500 ETF		11.69%17.82%24.98%26.32%-18.17%28.79%18.32%31.37%-4.50%21.77%

Correlation

The correlation between VIXM and VOO is -0.67, 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

-0.67

Correlation (3Y)
Calculated over the trailing 3-year period

-0.66

Correlation (5Y)
Calculated over the trailing 5-year period

-0.71

Correlation (10Y)
Calculated over the trailing 10-year period

-0.71

Correlation (All Time)
Calculated using the full available price history since Jan 5, 2011

-0.74

The correlation between VIXM and VOO has been stable across timeframes, ranging from -0.74 to -0.66 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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ProShares VIX Mid-Term Futures ETF

Vanguard S&P 500 ETF

Often compared with VIXM:
VIXM vs. VIXYVIXM vs. ^VIXVIXM vs. VXXVIXM vs. UVXYVIXM vs. VXZVIXM vs. SPYVIXM vs. SVXY
Often compared with VOO:
VOO vs. VTIVOO vs. QQQVOO vs. SCHDVOO vs. VTVOO vs. SPYVOO vs. FXAIXVOO vs. IVV

Return for Risk

VIXM vs. VOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VIXM
VIXM Risk / Return Rank: 44
Overall Rank
VIXM Sharpe Ratio Rank: 44
Sharpe Ratio Rank
VIXM Sortino Ratio Rank: 44
Sortino Ratio Rank
VIXM Omega Ratio Rank: 44
Omega Ratio Rank
VIXM Calmar Ratio Rank: 33
Calmar Ratio Rank
VIXM Martin Ratio Rank: 33
Martin Ratio Rank
VOO
VOO Risk / Return Rank: 7575
Overall Rank
VOO Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
VOO Sortino Ratio Rank: 7575
Sortino Ratio Rank
VOO Omega Ratio Rank: 7676
Omega Ratio Rank
VOO Calmar Ratio Rank: 6868
Calmar Ratio Rank
VOO Martin Ratio Rank: 8080
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VIXM vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and Vanguard S&P 500 ETF (VOO). 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.

VIXMVOODifference

Sharpe ratio

Return per unit of total volatility

-0.48

2.53

-3.01

Sortino ratio

Return per unit of downside risk

-0.55

3.43

-3.98

Omega ratio

Gain probability vs. loss probability

0.93

1.46

-0.53

Calmar ratio

Return relative to maximum drawdown

-0.63

3.42

-4.05

Martin ratio

Return relative to average drawdown

-1.10

15.95

-17.04

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIXM vs. VOO - Sharpe Ratio Comparison

The current VIXM Sharpe Ratio is -0.48, which is lower than the VOO Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of VIXM and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

VIXMVOODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.48

2.53

-3.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.46

0.85

-1.31

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.34

0.87

-1.21

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.55

0.89

-1.44

Drawdowns

VIXM vs. VOO - Drawdown Comparison

The maximum VIXM drawdown since its inception was -96.23%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for VIXM and VOO.

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Drawdown Indicators

VIXMVOODifference

Max Drawdown

Largest peak-to-trough decline

-96.23%

-33.99%

-62.24%

Max Drawdown (1Y)

Largest decline over 1 year

-15.22%

-8.90%

-6.32%

Max Drawdown (3Y)

Largest decline over 3 years

-41.95%

-18.69%

-23.26%

Max Drawdown (5Y)

Largest decline over 5 years

-63.40%

-24.52%

-38.88%

Max Drawdown (10Y)

Largest decline over 10 years

-75.72%

-33.99%

-41.73%

Current Drawdown

Current decline from peak

-95.77%

0.00%

-95.77%

Average Drawdown

Average peak-to-trough decline

-81.51%

-3.69%

-77.82%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.71%

1.91%

+6.80%

Volatility

VIXM vs. VOO - Volatility Comparison

ProShares VIX Mid-Term Futures ETF (VIXM) has a higher volatility of 3.29% compared to Vanguard S&P 500 ETF (VOO) at 2.74%. This indicates that VIXM's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VIXMVOODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.29%

2.74%

+0.55%

Volatility (6M)

Calculated over the trailing 6-month period

13.90%

8.88%

+5.02%

Volatility (1Y)

Calculated over the trailing 1-year period

18.98%

11.78%

+7.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.68%

16.81%

+13.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.90%

18.01%

+14.89%

VIXM vs. VOO - Expense Ratio Comparison

VIXM has a 0.85% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

VIXM vs. VOO - Dividend Comparison

VIXM has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.02%.

PositionTTM20252024202320222021202020192018201720162015
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%
VOO
Vanguard S&P 500 ETF		1.02%1.13%1.24%1.46%1.69%1.25%1.54%1.88%2.06%1.78%2.02%2.10%

Frequently Asked Questions

VIXM and VOO have a correlation of -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VIXM has higher volatility (3.29%) compared to VOO (2.74%). In terms of maximum drawdown, VIXM dropped -96.23% vs VOO's -33.99%.

On 10-year performance, VOO leads with 15.65% vs -11.20% for VIXM. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 2.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VOO has performed better with a 15.65% return vs -11.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VOO is cheaper with a 0.03% expense ratio, compared with 0.85% for VIXM.

VOO has the higher dividend yield at 1.02%, compared with 0.00% for VIXM.

VIXM is categorized as Volatility, while VOO is S&P 500. VIXM tracks S&P 500 VIX Mid-Term Futures Index, while VOO tracks S&P 500 Index. They also come from different issuers: ProShares and Vanguard. Their fees differ too: 0.85% for VIXM and 0.03% for VOO.

VOO currently has the higher Sharpe Ratio (2.53 vs -0.48), 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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