VIXY vs. FEBT
VIXY (ProShares VIX Short-Term Futures ETF) and FEBT (Allianzim U.S. Large Cap Buffer10 Feb ETF) are both exchange-traded funds - VIXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index Total Return, while FEBT is a Options Trading fund actively managed by Allianz. VIXY is passively managed, while FEBT is actively managed. Over the past 3 years, VIXY returned -43.03%/yr vs 16.51%/yr for FEBT. At a correlation of -0.75, they often move in opposite directions. VIXY charges 0.85%/yr vs 0.74%/yr for FEBT.
Performance
VIXY vs. FEBT - Performance Comparison
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Returns By Period
In the year-to-date period, VIXY achieves a -11.58% return, which is significantly lower than FEBT's 8.10% return.
VIXY
- 1D
- -3.61%
- 1M
- -18.16%
- YTD
- -11.58%
- 6M
- -24.83%
- 1Y
- -55.60%
- 3Y*
- -43.03%
- 5Y*
- -47.10%
- 10Y*
- -47.26%
FEBT
- 1D
- 0.18%
- 1M
- 2.45%
- YTD
- 8.10%
- 6M
- 9.05%
- 1Y
- 20.53%
- 3Y*
- 16.51%
- 5Y*
- —
- 10Y*
- —
VIXY vs. FEBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VIXY ProShares VIX Short-Term Futures ETF | -11.58% | -43.05% | -27.43% | -64.87% |
FEBT Allianzim U.S. Large Cap Buffer10 Feb ETF | 8.10% | 12.72% | 17.29% | 14.73% |
Correlation
The correlation between VIXY and FEBT is -0.78, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.74 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023 | -0.75 |
The correlation between VIXY and FEBT has been stable across timeframes, ranging from -0.78 to -0.74 - a consistent structural relationship.
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Return for Risk
VIXY vs. FEBT — Risk / Return Rank
VIXY
FEBT
VIXY vs. FEBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) and Allianzim U.S. Large Cap Buffer10 Feb ETF (FEBT). 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 | FEBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.69 | ||
| Sortino ratioReturn per unit of downside risk | -5.54 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.52 | -0.71 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 3.41 | -4.38 |
| Martin ratioReturn relative to average drawdown | -1.38 | 17.43 | -18.81 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VIXY | FEBT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.00 | 2.69 | -3.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.67 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.65 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.70 | 1.65 | -2.34 |
Drawdowns
VIXY vs. FEBT - Drawdown Comparison
The maximum VIXY drawdown since its inception was -100.00%, which is greater than FEBT's maximum drawdown of -13.19%. Use the drawdown chart below to compare losses from any high point for VIXY and FEBT.
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Drawdown Indicators
| VIXY | FEBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -13.19% | -86.81% |
Max Drawdown (1Y)Largest decline over 1 year | -57.87% | -6.04% | -51.83% |
Max Drawdown (3Y)Largest decline over 3 years | -80.46% | -13.19% | -67.27% |
Max Drawdown (5Y)Largest decline over 5 years | -96.03% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.87% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -0.16% | -99.84% |
Average DrawdownAverage peak-to-trough decline | -92.19% | -1.18% | -91.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.38% | 1.18% | +39.20% |
Volatility
VIXY vs. FEBT - Volatility Comparison
ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 8.49% compared to Allianzim U.S. Large Cap Buffer10 Feb ETF (FEBT) at 1.22%. This indicates that VIXY's price experiences larger fluctuations and is considered to be riskier than FEBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXY | FEBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.49% | 1.22% | +7.27% |
Volatility (6M)Calculated over the trailing 6-month period | 41.58% | 5.98% | +35.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.96% | 7.66% | +48.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.29% | 9.75% | +60.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.47% | 9.75% | +62.72% |
VIXY vs. FEBT - Expense Ratio Comparison
VIXY has a 0.85% expense ratio, which is higher than FEBT's 0.74% expense ratio.
Dividends
VIXY vs. FEBT - Dividend Comparison
Neither VIXY nor FEBT has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
FEBT Allianzim U.S. Large Cap Buffer10 Feb ETF | 0.00% | 0.00% | 0.28% |
VIXY ProShares VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VIXY and FEBT have a correlation of -0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIXY has higher volatility (8.49%) compared to FEBT (1.22%). In terms of maximum drawdown, VIXY dropped -100.00% vs FEBT's -13.19%.
On 3-year performance, FEBT leads with 16.51% vs -43.03% for VIXY. On fees, FEBT is cheaper at 0.74% per year. On volatility, FEBT has been the lower-risk option at 1.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FEBT has performed better with a 16.51% return vs -43.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FEBT is cheaper with a 0.74% expense ratio, compared with 0.85% for VIXY.
VIXY and FEBT have nearly identical dividend yields, around 0.00%.
VIXY is categorized as Volatility, while FEBT is Options Trading. They also come from different issuers: ProFund Advisors LLC and Allianz. Their fees differ too: 0.85% for VIXY and 0.74% for FEBT.
FEBT currently has the higher Sharpe Ratio (2.69 vs -1.00), 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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