VIXY vs. ^VVIX

Last updated Jun 23, 2026

VIXY (ProShares VIX Short-Term Futures ETF) is Volatility fund tracking the S&P 500 VIX Short-Term Futures Index, while ^VVIX (Cboe VVIX Index) is an index. Over the past 10 years, VIXY returned -48.85%/yr vs -3.06%/yr for ^VVIX. A 0.78 correlation means they provide meaningful diversification when combined.

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 VVIX Index (^VVIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIXY achieves a -14.78% return, which is significantly lower than ^VVIX's -1.03% return. Over the past 10 years, VIXY has underperformed ^VVIX with an annualized return of -48.85%, while ^VVIX has yielded a comparatively higher -3.06% annualized return.

VIXY

• 1D: -0.23%
• 1M: -14.08%
• YTD: -14.78%
• 6M: -16.35%
• 1Y: -58.11%
• 3Y*: -40.97%
• 5Y*: -46.43%
• 10Y*: -48.85%

^VVIX

• 1D: 3.72%
• 1M: 0.61%
• YTD: -1.03%
• 6M: 11.89%
• 1Y: -15.74%
• 3Y*: -0.22%
• 5Y*: -3.65%
• 10Y*: -3.06%

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

VIXY vs. ^VVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIXY ProShares VIX Short-Term Futures ETF	-14.78%	-43.05%	-27.43%	-72.74%	-24.98%	-72.40%	10.54%	-67.81%	66.78%	-72.78%
^VVIX Cboe VVIX Index	-1.03%	-11.18%	19.97%	12.86%	-29.74%	-1.96%	18.87%	8.02%	-13.55%	10.00%

Correlation

The correlation between VIXY and ^VVIX 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	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011	0.78

The correlation between VIXY and ^VVIX shifts across timeframes, from 0.78 (10 years) to 0.88 (1 year), reflecting how their relationship changes across market environments.

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: 1
VIXY Sharpe Ratio Rank: 1
VIXY Sortino Ratio Rank: 1
VIXY Omega Ratio Rank: 1
VIXY Calmar Ratio Rank: 0
VIXY Martin Ratio Rank: 1

^VVIX

^VVIX Risk / Return Rank: 8
^VVIX Sharpe Ratio Rank: 5
^VVIX Sortino Ratio Rank: 13
^VVIX Omega Ratio Rank: 13
^VVIX Calmar Ratio Rank: 2
^VVIX Martin Ratio Rank: 4

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 VVIX 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.

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	^VVIX	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	-0.18	-0.85
Sortino ratio: Return per unit of downside risk	-1.78	0.34	-2.13
Omega ratio: Gain probability vs. loss probability	0.80	1.04	-0.24
Calmar ratio: Return relative to maximum drawdown	-1.01	-0.41	-0.60
Martin ratio: Return relative to average drawdown	-1.47	-0.69	-0.78

VIXY vs. ^VVIX - Sharpe Ratio Comparison

The current VIXY Sharpe Ratio is -1.04, which is lower than the ^VVIX Sharpe Ratio of -0.18. The chart below compares the historical Sharpe Ratios of VIXY and ^VVIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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 -64.71%. 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%	-64.71%	-35.29%
Max Drawdown (1Y) Largest decline over 1 year	-57.79%	-38.94%	-18.85%
Max Drawdown (3Y) Largest decline over 3 years	-79.94%	-52.75%	-27.19%
Max Drawdown (5Y) Largest decline over 5 years	-96.20%	-53.07%	-43.13%
Max Drawdown (10Y) Largest decline over 10 years	-99.88%	-64.71%	-35.17%
Current Drawdown Current decline from peak	-100.00%	-55.82%	-44.18%
Average Drawdown Average peak-to-trough decline	-92.19%	-43.95%	-48.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.39%	23.05%	+17.34%

Volatility

VIXY vs. ^VVIX - Volatility Comparison

The current volatility for ProShares VIX Short-Term Futures ETF (VIXY) is 16.16%, while Cboe VVIX Index (^VVIX) has a volatility of 31.09%. 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	16.16%	31.09%	-14.93%
Volatility (6M) Calculated over the trailing 6-month period	43.79%	65.33%	-21.54%
Volatility (1Y) Calculated over the trailing 1-year period	56.29%	86.89%	-30.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.34%	88.10%	-17.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.33%	86.30%	-13.97%

Frequently Asked Questions

Can I hold both VIXY and ^VVIX in my portfolio?

VIXY and ^VVIX 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.

Which is riskier, VIXY or ^VVIX?

^VVIX has higher volatility (31.09%) compared to VIXY (16.16%). In terms of maximum drawdown, VIXY dropped -100.00% vs ^VVIX's -64.71%.

Which has better risk-adjusted returns?

^VVIX currently has the higher Sharpe Ratio (-0.18 vs -1.04), 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.