VIXM vs. ZVOL
Compare and contrast key facts about ProShares VIX Mid-Term Futures ETF (VIXM) and Volatility Premium Plus ETF (ZVOL).
VIXM and ZVOL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VIXM is a passively managed fund by ProShares that tracks the performance of the S&P 500 VIX Mid-Term Futures Index. It was launched on Jan 3, 2011. ZVOL is a passively managed fund by Volatility Shares that tracks the performance of the S&P 500 VIX Mid Term Futures Inverse Daily Index. It was launched on Apr 17, 2023. Both VIXM and ZVOL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
VIXM vs. ZVOL - Performance Comparison
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VIXM vs. ZVOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | 12.31% | 5.60% | -13.67% | -36.04% |
ZVOL Volatility Premium Plus ETF | -11.39% | -10.71% | 9.27% | 51.65% |
Returns By Period
In the year-to-date period, VIXM achieves a 12.31% return, which is significantly higher than ZVOL's -11.39% return.
VIXM
- 1D
- -2.72%
- 1M
- 9.31%
- YTD
- 12.31%
- 6M
- 8.41%
- 1Y
- 8.20%
- 3Y*
- -13.85%
- 5Y*
- -12.86%
- 10Y*
- -10.48%
ZVOL
- 1D
- 3.23%
- 1M
- -8.77%
- YTD
- -11.39%
- 6M
- -7.42%
- 1Y
- -12.23%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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VIXM vs. ZVOL - Expense Ratio Comparison
VIXM has a 0.85% expense ratio, which is lower than ZVOL's 1.35% expense ratio.
Return for Risk
VIXM vs. ZVOL — Risk / Return Rank
VIXM
ZVOL
VIXM vs. ZVOL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) and Volatility Premium Plus ETF (ZVOL). 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 | ZVOL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.28 | -0.42 | +0.69 |
Sortino ratioReturn per unit of downside risk | 0.64 | -0.40 | +1.03 |
Omega ratioGain probability vs. loss probability | 1.09 | 0.94 | +0.14 |
Calmar ratioReturn relative to maximum drawdown | 0.37 | -0.56 | +0.93 |
Martin ratioReturn relative to average drawdown | 0.54 | -1.28 | +1.83 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VIXM | ZVOL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.28 | -0.42 | +0.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.41 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.32 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.53 | 0.32 | -0.86 |
Correlation
The correlation between VIXM and ZVOL is -0.97. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
VIXM vs. ZVOL - Dividend Comparison
VIXM has not paid dividends to shareholders, while ZVOL's dividend yield for the trailing twelve months is around 69.95%.
| TTM | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% |
ZVOL Volatility Premium Plus ETF | 69.95% | 53.44% | 30.68% | 0.55% |
Drawdowns
VIXM vs. ZVOL - Drawdown Comparison
The maximum VIXM drawdown since its inception was -96.23%, which is greater than ZVOL's maximum drawdown of -37.25%. Use the drawdown chart below to compare losses from any high point for VIXM and ZVOL.
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Drawdown Indicators
| VIXM | ZVOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -37.25% | -58.98% |
Max Drawdown (1Y)Largest decline over 1 year | -23.73% | -22.85% | -0.88% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -75.72% | — | — |
Current DrawdownCurrent decline from peak | -95.29% | -29.42% | -65.87% |
Average DrawdownAverage peak-to-trough decline | -81.36% | -12.80% | -68.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.12% | 9.96% | +6.16% |
Volatility
VIXM vs. ZVOL - Volatility Comparison
ProShares VIX Mid-Term Futures ETF (VIXM) has a higher volatility of 9.86% compared to Volatility Premium Plus ETF (ZVOL) at 9.28%. This indicates that VIXM's price experiences larger fluctuations and is considered to be riskier than ZVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXM | ZVOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.86% | 9.28% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 15.23% | 14.78% | +0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.79% | 29.52% | +0.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.22% | 29.91% | +1.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.06% | 29.91% | +3.15% |