VIXM vs. VXZ
VIXM (ProShares VIX Mid-Term Futures ETF) is Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while VXZ (iPath Series B S&P 500® VIX Mid-Term Futures ETN) is a stock. Both are passively managed. Over the past 5 years, VIXM returned -14.51%/yr vs -13.66%/yr for VXZ. Their correlation of 0.91 means they have usually moved in the same direction. VIXM charges 0.85%/yr vs 0.89%/yr for VXZ.
Performance
VIXM vs. VXZ - Performance Comparison
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Returns By Period
In the year-to-date period, VIXM achieves a -5.24% return, which is significantly lower than VXZ's -4.62% 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%
VXZ
- 1D
- -0.08%
- 1M
- 1.31%
- 6M
- -4.72%
- YTD
- -4.62%
- 1Y
- -14.50%
- 3Y*
- -8.83%
- 5Y*
- -13.66%
- 10Y*
- —
- ALL TIME*
- -3.24%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.30M | $4.78M | $4.32M | |
| $603.06K | $845.13K | $781.77K |
VIXM vs. VXZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | -5.24% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | 72.38% | -20.38% | 31.21% |
VXZ iPath Series B S&P 500® VIX Mid-Term Futures ETN | -4.62% | 5.73% | -12.65% | -43.98% | 0.47% | -16.38% | 72.77% | -20.10% | 31.89% |
Correlation
The correlation between VIXM and VXZ is 0.95 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.95 |
Correlation (3Y) Balances recent behavior with more history. | 0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.97 |
Correlation (All Time) Calculated using the full available price history since Jan 18, 2018 | 0.91 |
The correlation between VIXM and VXZ has been stable across timeframes, ranging from 0.91 to 0.97 - a consistent structural relationship.
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Return for Risk
VIXM vs. VXZ — Risk / Return Rank
VIXM
VXZ
VIXM vs. VXZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ). 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 | VXZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.90 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | -0.67 | -0.04 |
| Martin ratioReturn relative to average drawdown | -1.36 | -1.28 | -0.08 |
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Drawdowns
VIXM vs. VXZ - Drawdown Comparison
The maximum VIXM drawdown since its inception was -96.23%, which is greater than VXZ's maximum drawdown of -69.00%. Use the drawdown chart below to compare losses from any high point for VIXM and VXZ.
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Drawdown Indicators
| VIXM | VXZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -69.00% | -27.23% |
Max Drawdown (1Y)Largest decline over 1 year | -19.36% | -19.20% | -0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -37.26% | -36.45% | -0.81% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -62.05% | -1.35% |
Max Drawdown (10Y)Largest decline over 10 years | -72.34% | — | — |
Current DrawdownCurrent decline from peak | -96.03% | -66.90% | -29.13% |
Average DrawdownAverage peak-to-trough decline | -81.64% | -37.31% | -44.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.14% | 10.04% | +0.10% |
Volatility
VIXM vs. VXZ - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.08%, while iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) has a volatility of 3.69%. This indicates that VIXM experiences smaller price fluctuations and is considered to be less risky than VXZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXM | VXZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.08% | 3.69% | -0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 13.78% | 13.55% | +0.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.49% | 18.60% | -0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.50% | 28.95% | +1.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.61% | 33.83% | -1.22% |
VIXM vs. VXZ - Expense Ratio Comparison
VIXM has a 0.85% expense ratio, which is lower than VXZ's 0.89% expense ratio.
Dividends
VIXM vs. VXZ - Dividend Comparison
Neither VIXM nor VXZ has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.95, VIXM and VXZ 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.
VXZ has higher volatility (3.69%) compared to VIXM (3.08%). In terms of maximum drawdown, VIXM dropped -96.23% vs VXZ's -69.00%.
VXZ currently has the higher Sharpe Ratio (-0.69 vs -0.74), 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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