VIXY vs. ^VIX
VIXY (ProShares VIX Short-Term Futures ETF) is Volatility fund tracking the S&P 500 VIX Short-Term Futures Index, while ^VIX (CBOE Volatility Index) is an index. Over the past 10 years, VIXY returned -48.59%/yr vs -2.75%/yr for ^VIX. Their correlation of 0.88 suggests significant overlap in exposure.
Performance
VIXY vs. ^VIX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VIXY achieves a -10.37% return, which is significantly lower than ^VIX's 30.37% return. Over the past 10 years, VIXY has underperformed ^VIX with an annualized return of -48.59%, while ^VIX has yielded a comparatively higher -2.75% annualized return.
VIXY
- 1D
- 5.17%
- 1M
- -9.63%
- YTD
- -10.37%
- 6M
- -12.36%
- 1Y
- -55.30%
- 3Y*
- -39.97%
- 5Y*
- -45.65%
- 10Y*
- -48.59%
^VIX
- 1D
- 12.79%
- 1M
- 16.71%
- YTD
- 30.37%
- 6M
- 39.21%
- 1Y
- -1.71%
- 3Y*
- 13.19%
- 5Y*
- 4.06%
- 10Y*
- -2.75%
VIXY vs. ^VIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXY ProShares VIX Short-Term Futures ETF | -10.37% | -43.05% | -27.43% | -72.74% | -24.98% | -72.40% | 10.54% | -67.81% | 66.78% | -72.78% |
^VIX CBOE Volatility Index | 30.37% | -13.83% | 39.36% | -42.55% | 25.84% | -24.31% | 65.09% | -45.79% | 130.25% | -21.37% |
Correlation
The correlation between VIXY and ^VIX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011 | 0.88 |
The correlation between VIXY and ^VIX has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VIXY vs. ^VIX — Risk / Return Rank
VIXY
^VIX
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.
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.
| VIXY | ^VIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -2.57 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.11 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | -0.03 | -0.98 |
| Martin ratioReturn relative to average drawdown | -1.56 | -0.06 | -1.50 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| VIXY | ^VIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -88.70% | -11.30% |
Max Drawdown (1Y)Largest decline over 1 year | -54.55% | -50.66% | -3.89% |
Max Drawdown (3Y)Largest decline over 3 years | -79.94% | -74.26% | -5.68% |
Max Drawdown (5Y)Largest decline over 5 years | -96.20% | -74.26% | -21.94% |
Max Drawdown (10Y)Largest decline over 10 years | -99.88% | -85.66% | -14.22% |
Current DrawdownCurrent decline from peak | -100.00% | -76.43% | -23.57% |
Average DrawdownAverage peak-to-trough decline | -92.19% | -64.07% | -28.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.74% | 30.70% | +9.04% |
Volatility
VIXY vs. ^VIX - Volatility Comparison
The current volatility for ProShares VIX Short-Term Futures ETF (VIXY) is 17.03%, while CBOE Volatility Index (^VIX) has a volatility of 49.16%. 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.
Loading charts...
Volatility by Period
| VIXY | ^VIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.03% | 49.16% | -32.13% |
Volatility (6M)Calculated over the trailing 6-month period | 43.99% | 91.13% | -47.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.44% | 124.01% | -67.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.37% | 127.78% | -57.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.94% | 136.67% | -64.73% |
Frequently Asked Questions
VIXY and ^VIX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^VIX has higher volatility (49.16%) compared to VIXY (17.03%). In terms of maximum drawdown, VIXY dropped -100.00% vs ^VIX's -88.70%.
^VIX currently has the higher Sharpe Ratio (-0.01 vs -0.98), 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.
Find the right allocation for VIXY and ^VIX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer