VIXY vs. ^VVIX

Last updated Apr 2, 2026

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

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. ^VVIX - Performance Comparison

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

VIXY vs. ^VVIX - 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%
^VVIX CBOE VIX Volatility Index	23.91%	-11.18%	19.97%	12.86%	-29.74%	-1.96%	18.87%	8.02%	-13.55%	10.00%

Returns By Period

In the year-to-date period, VIXY achieves a 30.93% return, which is significantly higher than ^VVIX's 23.91% return. Over the past 10 years, VIXY has underperformed ^VVIX with an annualized return of -46.69%, while ^VVIX has yielded a comparatively higher 3.48% 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%

^VVIX

• 1D: -1.05%
• 1M: 1.23%
• YTD: 23.91%
• 6M: 23.18%
• 1Y: 17.71%
• 3Y*: 9.47%
• 5Y*: 3.02%
• 10Y*: 3.48%

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

Return for Risk

VIXY vs. ^VVIX — 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

^VVIX

^VVIX Risk / Return Rank: 21
^VVIX Sharpe Ratio Rank: 22
^VVIX Sortino Ratio Rank: 35
^VVIX Omega Ratio Rank: 35
^VVIX Calmar Ratio Rank: 2
^VVIX Martin Ratio Rank: 9

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. ^VVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) and CBOE VIX Volatility Index (^VVIX). 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	^VVIX	Difference
Sharpe ratio Return per unit of total volatility	-0.45	0.18	-0.63
Sortino ratio Return per unit of downside risk	-0.27	0.97	-1.23
Omega ratio Gain probability vs. loss probability	0.97	1.12	-0.15
Calmar ratio Return relative to maximum drawdown	-0.48	-0.48	0.00
Martin ratio Return relative to average drawdown	-0.61	-0.61	0.00
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. ^VVIX - Sharpe Ratio Comparison

The current VIXY Sharpe Ratio is -0.45, which is lower than the ^VVIX Sharpe Ratio of 0.18. The chart below compares the historical Sharpe Ratios of VIXY and ^VVIX, 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	^VVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.45	0.18	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.65	0.03	-0.68
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.64	0.04	-0.68
Sharpe Ratio (All Time) Calculated using the full available price history	-0.68	0.03	-0.71

Correlation

The correlation between VIXY and ^VVIX is 0.78, 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. ^VVIX - Drawdown Comparison

The maximum VIXY drawdown since its inception was -100.00%, which is greater than ^VVIX's maximum drawdown of -78.10%. Use the drawdown chart below to compare losses from any high point for VIXY and ^VVIX.

Drawdown Indicators

	VIXY	^VVIX	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-78.10%	-21.90%
Max Drawdown (1Y) Largest decline over 1 year	-69.84%	-52.04%	-17.80%
Max Drawdown (5Y) Largest decline over 5 years	-96.84%	-53.07%	-43.77%
Max Drawdown (10Y) Largest decline over 10 years	-99.88%	-64.71%	-35.17%
Current Drawdown Current decline from peak	-100.00%	-44.68%	-55.32%
Average Drawdown Average peak-to-trough decline	-92.10%	-43.32%	-48.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	54.73%	40.65%	+14.08%

Volatility

VIXY vs. ^VVIX - Volatility Comparison

The current volatility for ProShares VIX Short-Term Futures ETF (VIXY) is 29.36%, while CBOE VIX Volatility Index (^VVIX) has a volatility of 36.93%. This indicates that VIXY experiences smaller price fluctuations and is considered to be less risky than ^VVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIXY	^VVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.36%	36.93%	-7.57%
Volatility (6M) Calculated over the trailing 6-month period	47.36%	69.57%	-22.21%
Volatility (1Y) Calculated over the trailing 1-year period	75.05%	95.49%	-20.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.36%	87.96%	-16.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.66%	85.84%	-13.18%