VIXY vs. GLD
VIXY (ProShares VIX Short-Term Futures ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - VIXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index Total Return, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, VIXY returned -47.13%/yr vs 13.12%/yr for GLD. At a correlation of -0.00, they often move in opposite directions. VIXY charges 0.85%/yr vs 0.40%/yr for GLD.
Performance
VIXY vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, VIXY achieves a -8.27% return, which is significantly lower than GLD's 2.92% return. Over the past 10 years, VIXY has underperformed GLD with an annualized return of -47.13%, while GLD has yielded a comparatively higher 13.12% annualized return.
VIXY
- 1D
- 0.26%
- 1M
- -15.15%
- YTD
- -8.27%
- 6M
- -22.71%
- 1Y
- -53.80%
- 3Y*
- -42.73%
- 5Y*
- -46.70%
- 10Y*
- -47.13%
GLD
- 1D
- -0.99%
- 1M
- -1.65%
- YTD
- 2.92%
- 6M
- 5.43%
- 1Y
- 32.04%
- 3Y*
- 31.09%
- 5Y*
- 18.15%
- 10Y*
- 13.12%
VIXY vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXY ProShares VIX Short-Term Futures ETF | -8.27% | -43.05% | -27.43% | -72.74% | -24.98% | -72.40% | 10.54% | -67.81% | 66.78% | -72.78% |
GLD SPDR Gold Shares | 2.92% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between VIXY and GLD is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2011 | -0.00 |
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Return for Risk
VIXY vs. GLD — Risk / Return Rank
VIXY
GLD
VIXY vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.18 | ||
| Sortino ratioReturn per unit of downside risk | -3.17 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.24 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 1.68 | -2.63 |
| Martin ratioReturn relative to average drawdown | -1.34 | 4.15 | -5.49 |
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 | GLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.97 | 1.21 | -2.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.67 | 1.01 | -1.68 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.65 | 0.83 | -1.48 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.69 | 0.60 | -1.29 |
Drawdowns
VIXY vs. GLD - Drawdown Comparison
The maximum VIXY drawdown since its inception was -100.00%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for VIXY and GLD.
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Drawdown Indicators
| VIXY | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -45.56% | -54.44% |
Max Drawdown (1Y)Largest decline over 1 year | -56.72% | -19.21% | -37.51% |
Max Drawdown (3Y)Largest decline over 3 years | -81.00% | -19.21% | -61.79% |
Max Drawdown (5Y)Largest decline over 5 years | -95.92% | -21.03% | -74.89% |
Max Drawdown (10Y)Largest decline over 10 years | -99.87% | -22.00% | -77.87% |
Current DrawdownCurrent decline from peak | -100.00% | -17.75% | -82.25% |
Average DrawdownAverage peak-to-trough decline | -92.18% | -16.16% | -76.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.22% | 7.73% | +32.49% |
Volatility
VIXY vs. GLD - Volatility Comparison
ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 8.03% compared to SPDR Gold Shares (GLD) at 5.51%. This indicates that VIXY's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXY | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.03% | 5.51% | +2.52% |
Volatility (6M)Calculated over the trailing 6-month period | 41.47% | 23.16% | +18.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.89% | 26.61% | +29.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.31% | 18.00% | +52.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.48% | 15.95% | +56.53% |
VIXY vs. GLD - Expense Ratio Comparison
VIXY has a 0.85% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
VIXY vs. GLD - Dividend Comparison
Neither VIXY nor GLD has paid dividends to shareholders.
Frequently Asked Questions
VIXY and GLD have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIXY has higher volatility (8.03%) compared to GLD (5.51%). In terms of maximum drawdown, VIXY dropped -100.00% vs GLD's -45.56%.
On 10-year performance, GLD leads with 13.12% vs -47.13% for VIXY. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 5.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 13.12% return vs -47.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.85% for VIXY.
VIXY and GLD have nearly identical dividend yields, around 0.00%.
VIXY is categorized as Volatility, while GLD is Gold. VIXY tracks S&P 500 VIX Short-Term Futures Index Total Return, while GLD tracks LBMA Gold Price PM. They also come from different issuers: ProFund Advisors LLC and State Street. Their fees differ too: 0.85% for VIXY and 0.40% for GLD.
GLD currently has the higher Sharpe Ratio (1.21 vs -0.97), 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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