VIXY vs. ^VIX

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares VIX Short-Term Futures ETF (VIXY) and CBOE Volatility Index (^VIX).

VIXY is a passively managed fund by ProFund Advisors LLC that tracks the performance of the S&P 500 VIX Short-Term Futures Index Total Return. It was launched on Jan 3, 2011.

Performance

VIXY vs. ^VIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares VIX Short-Term Futures ETF (VIXY) and CBOE Volatility Index (^VIX). The values are adjusted to include any dividend payments, if applicable.

VIXY vs. ^VIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIXY ProShares VIX Short-Term Futures ETF	30.93%	-43.05%	-27.43%	-72.74%	-24.98%	-72.40%	10.54%	-67.81%	66.78%	-72.78%
^VIX CBOE Volatility Index	64.15%	-13.83%	39.36%	-42.55%	25.84%	-24.31%	65.09%	-45.79%	130.25%	-21.37%

Returns By Period

In the year-to-date period, VIXY achieves a 30.93% return, which is significantly lower than ^VIX's 64.15% return. Over the past 10 years, VIXY has underperformed ^VIX with an annualized return of -46.69%, while ^VIX has yielded a comparatively higher 6.48% annualized return.

VIXY

• 1D: -2.27%
• 1M: 18.96%
• YTD: 30.93%
• 6M: 4.58%
• 1Y: -33.30%
• 3Y*: -42.97%
• 5Y*: -45.91%
• 10Y*: -46.69%

^VIX

• 1D: -2.81%
• 1M: 14.46%
• YTD: 64.15%
• 6M: 50.64%
• 1Y: 12.72%
• 3Y*: 9.48%
• 5Y*: 7.21%
• 10Y*: 6.48%

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

Return for Risk

VIXY vs. ^VIX — Risk / Return Rank

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

VIXY

VIXY Risk / Return Rank: 6
VIXY Sharpe Ratio Rank: 5
VIXY Sortino Ratio Rank: 6
VIXY Omega Ratio Rank: 6
VIXY Calmar Ratio Rank: 4
VIXY Martin Ratio Rank: 7

^VIX

^VIX Risk / Return Rank: 24
^VIX Sharpe Ratio Rank: 18
^VIX Sortino Ratio Rank: 49
^VIX Omega Ratio Rank: 43
^VIX Calmar Ratio Rank: 1
^VIX Martin Ratio Rank: 7

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.

VIXY vs. ^VIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) and CBOE Volatility Index (^VIX). 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.

	VIXY	^VIX	Difference
Sharpe ratio Return per unit of total volatility	-0.45	0.09	-0.53
Sortino ratio Return per unit of downside risk	-0.27	1.25	-1.51
Omega ratio Gain probability vs. loss probability	0.97	1.15	-0.18
Calmar ratio Return relative to maximum drawdown	-0.48	-0.58	+0.10
Martin ratio Return relative to average drawdown	-0.61	-0.75	+0.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIXY vs. ^VIX - Sharpe Ratio Comparison

The current VIXY Sharpe Ratio is -0.45, which is lower than the ^VIX Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of VIXY and ^VIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VIXY	^VIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.45	0.09	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.65	0.06	-0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.64	0.05	-0.69
Sharpe Ratio (All Time) Calculated using the full available price history	-0.68	0.01	-0.69

Correlation

The correlation between VIXY and ^VIX is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

VIXY vs. ^VIX - Drawdown Comparison

The maximum VIXY drawdown since its inception was -100.00%, which is greater than ^VIX's maximum drawdown of -88.70%. Use the drawdown chart below to compare losses from any high point for VIXY and ^VIX.

Drawdown Indicators

	VIXY	^VIX	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-88.70%	-11.30%
Max Drawdown (1Y) Largest decline over 1 year	-69.84%	-74.26%	+4.42%
Max Drawdown (5Y) Largest decline over 5 years	-96.84%	-74.26%	-22.58%
Max Drawdown (10Y) Largest decline over 10 years	-99.88%	-85.66%	-14.22%
Current Drawdown Current decline from peak	-100.00%	-70.32%	-29.68%
Average Drawdown Average peak-to-trough decline	-92.10%	-64.04%	-28.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	54.73%	46.08%	+8.65%

Volatility

VIXY vs. ^VIX - Volatility Comparison

The current volatility for ProShares VIX Short-Term Futures ETF (VIXY) is 29.36%, while CBOE Volatility Index (^VIX) has a volatility of 48.46%. This indicates that VIXY experiences smaller price fluctuations and is considered to be less risky than ^VIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIXY	^VIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.36%	48.46%	-19.10%
Volatility (6M) Calculated over the trailing 6-month period	47.36%	93.57%	-46.21%
Volatility (1Y) Calculated over the trailing 1-year period	75.05%	139.41%	-64.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.36%	125.25%	-53.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.66%	135.98%	-63.32%