VIXM vs. VXZ

Last updated Jun 3, 2026

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 -14.02%/yr vs -13.12%/yr for VXZ. Their correlation of 0.91 suggests significant overlap in exposure. VIXM charges 0.85%/yr vs 0.89%/yr for VXZ.

Performance

VIXM vs. VXZ - Performance Comparison

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

Returns By Period

In the year-to-date period, VIXM achieves a 0.92% return, which is significantly lower than VXZ's 1.40% 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%

VXZ

• 1D: -0.37%
• 1M: -1.70%
• YTD: 1.40%
• 6M: -2.73%
• 1Y: -8.61%
• 3Y*: -12.48%
• 5Y*: -13.12%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

VIXM vs. VXZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VIXM ProShares VIX Mid-Term Futures ETF	0.92%	5.60%	-13.67%	-44.83%	-0.69%	-16.70%	72.38%	-20.38%	30.63%
VXZ iPath Series B S&P 500® VIX Mid-Term Futures ETN	1.40%	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 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 19, 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.

Return for Risk

VIXM vs. VXZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VIXM

VIXM Risk / Return Rank: 4
VIXM Sharpe Ratio Rank: 4
VIXM Sortino Ratio Rank: 4
VIXM Omega Ratio Rank: 4
VIXM Calmar Ratio Rank: 3
VIXM Martin Ratio Rank: 3

VXZ

VXZ Risk / Return Rank: 20
VXZ Sharpe Ratio Rank: 21
VXZ Sortino Ratio Rank: 19
VXZ Omega Ratio Rank: 19
VXZ Calmar Ratio Rank: 20
VXZ Martin Ratio Rank: 20

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. 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.

	VIXM	VXZ	Difference
Sharpe ratio Return per unit of total volatility	-0.48	-0.45	-0.03
Sortino ratio Return per unit of downside risk	-0.55	-0.51	-0.04
Omega ratio Gain probability vs. loss probability	0.93	0.94	-0.01
Calmar ratio Return relative to maximum drawdown	-0.63	-0.58	-0.05
Martin ratio Return relative to average drawdown	-1.10	-0.99	-0.11
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. VXZ - Sharpe Ratio Comparison

The current VIXM Sharpe Ratio is -0.48, which is comparable to the VXZ Sharpe Ratio of -0.45. The chart below compares the historical Sharpe Ratios of VIXM and VXZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VIXM	VXZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.48	-0.45	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.46	-0.45	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.34	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.55	-0.08	-0.47

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.

Drawdown Indicators

	VIXM	VXZ	Difference
Max Drawdown Largest peak-to-trough decline	-96.23%	-69.00%	-27.23%
Max Drawdown (1Y) Largest decline over 1 year	-15.22%	-14.67%	-0.55%
Max Drawdown (3Y) Largest decline over 3 years	-41.95%	-40.94%	-1.01%
Max Drawdown (5Y) Largest decline over 5 years	-63.40%	-62.05%	-1.35%
Max Drawdown (10Y) Largest decline over 10 years	-75.72%	—	—
Current Drawdown Current decline from peak	-95.77%	-64.82%	-30.95%
Average Drawdown Average peak-to-trough decline	-81.51%	-36.76%	-44.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.71%	8.51%	+0.20%

Volatility

VIXM vs. VXZ - Volatility Comparison

The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.29%, while iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) has a volatility of 3.73%. 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.

Volatility by Period

	VIXM	VXZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.29%	3.73%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	13.90%	13.55%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	18.98%	19.11%	-0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.68%	29.16%	+1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.90%	34.11%	-1.21%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both VIXM and VXZ in my portfolio?

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.

Which is riskier, VIXM or VXZ?

VXZ has higher volatility (3.73%) compared to VIXM (3.29%). In terms of maximum drawdown, VIXM dropped -96.23% vs VXZ's -69.00%.

Which has better risk-adjusted returns?

VXZ currently has the higher Sharpe Ratio (-0.45 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.