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 -47.19%/yr vs 3.01%/yr for ^VIX. Their correlation of 0.88 suggests significant overlap in exposure.
Performance
VIXY vs. ^VIX - Performance Comparison
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Returns By Period
In the year-to-date period, VIXY achieves a -19.81% return, which is significantly lower than ^VIX's 11.91% return. Over the past 10 years, VIXY has underperformed ^VIX with an annualized return of -47.19%, while ^VIX has yielded a comparatively higher 3.01% annualized return.
VIXY
- 1D
- 2.49%
- 1M
- -5.77%
- 6M
- -19.31%
- YTD
- -19.81%
- 1Y
- -54.13%
- 3Y*
- -40.12%
- 5Y*
- -47.16%
- 10Y*
- -47.19%
^VIX
- 1D
- 6.76%
- 1M
- 1.95%
- 6M
- 5.62%
- YTD
- 11.91%
- 1Y
- -2.51%
- 3Y*
- 7.47%
- 5Y*
- -1.94%
- 10Y*
- 3.01%
VIXY vs. ^VIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXY ProShares VIX Short-Term Futures ETF | -19.81% | -43.05% | -27.43% | -72.74% | -24.98% | -72.40% | 10.54% | -67.81% | 66.78% | -72.78% |
^VIX CBOE Volatility Index | 11.91% | -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.
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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 | -0.94 | ||
| Sortino ratioReturn per unit of downside risk | -2.51 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.11 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.05 | -0.93 |
| Martin ratioReturn relative to average drawdown | -1.57 | -0.08 | -1.50 |
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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.
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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 | -55.18% | -51.59% | -3.59% |
Max Drawdown (3Y)Largest decline over 3 years | -81.45% | -74.26% | -7.19% |
Max Drawdown (5Y)Largest decline over 5 years | -96.49% | -74.26% | -22.23% |
Max Drawdown (10Y)Largest decline over 10 years | -99.84% | -85.66% | -14.18% |
Current DrawdownCurrent decline from peak | -100.00% | -79.77% | -20.23% |
Average DrawdownAverage peak-to-trough decline | -92.22% | -64.10% | -28.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.53% | 32.74% | +1.79% |
Volatility
VIXY vs. ^VIX - Volatility Comparison
The current volatility for ProShares VIX Short-Term Futures ETF (VIXY) is 11.70%, while CBOE Volatility Index (^VIX) has a volatility of 31.23%. 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.
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Volatility by Period
| VIXY | ^VIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.70% | 31.23% | -19.53% |
Volatility (6M)Calculated over the trailing 6-month period | 44.30% | 92.53% | -48.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.46% | 124.57% | -68.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.28% | 127.57% | -57.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.82% | 136.46% | -64.64% |
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 (31.23%) compared to VIXY (11.70%). In terms of maximum drawdown, VIXY dropped -100.00% vs ^VIX's -88.70%.
^VIX currently has the higher Sharpe Ratio (-0.02 vs -0.96), 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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