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, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, VIXY returned -46.69%/yr vs 11.05%/yr for GLD. Their -0.01 correlation means they have often moved in opposite directions in the past. 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 -20.01% return, which is significantly lower than GLD's -6.25% return. Over the past 10 years, VIXY has underperformed GLD with an annualized return of -46.69%, while GLD has yielded a comparatively higher 11.05% annualized return.
VIXY
- 1D
- -2.66%
- 1M
- -3.39%
- 6M
- -23.21%
- YTD
- -20.01%
- 1Y
- -54.18%
- 3Y*
- -39.34%
- 5Y*
- -47.11%
- 10Y*
- -46.69%
- ALL TIME*
- -48.52%
GLD
- 1D
- -1.49%
- 1M
- -1.74%
- 6M
- -16.50%
- YTD
- -6.25%
- 1Y
- 20.20%
- 3Y*
- 27.22%
- 5Y*
- 16.95%
- 10Y*
- 11.05%
- ALL TIME*
- 10.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.38B | $2.40B | $2.72B | |
| $61.09M | $56.74M | $72.28M |
VIXY vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXY ProShares VIX Short-Term Futures ETF | -20.01% | -43.05% | -27.43% | -72.74% | -24.98% | -72.40% | 10.54% | -67.81% | 66.78% | -72.78% |
GLD SPDR Gold Shares | -6.25% | 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 -0.15, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.15 |
Correlation (3Y) Balances recent behavior with more history. | -0.04 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.04 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.02 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011 | -0.01 |
The correlation between VIXY and GLD shifts across timeframes, from -0.15 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
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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.
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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.69 | ||
| Sortino ratioReturn per unit of downside risk | -2.51 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.17 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 0.86 | -1.78 |
| Martin ratioReturn relative to average drawdown | -1.40 | 1.86 | -3.26 |
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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 | -55.18% | -26.40% | -28.78% |
Max Drawdown (3Y)Largest decline over 3 years | -81.45% | -26.40% | -55.05% |
Max Drawdown (5Y)Largest decline over 5 years | -95.91% | -26.40% | -69.51% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -26.40% | -73.42% |
Current DrawdownCurrent decline from peak | -100.00% | -25.08% | -74.92% |
Average DrawdownAverage peak-to-trough decline | -92.24% | -16.21% | -76.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.13% | 12.18% | +23.95% |
Volatility
VIXY vs. GLD - Volatility Comparison
ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 14.60% compared to SPDR Gold Shares (GLD) at 6.40%. 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 | 14.60% | 6.40% | +8.20% |
Volatility (6M)Calculated over the trailing 6-month period | 43.36% | 23.52% | +19.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.54% | 28.13% | +29.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 69.97% | 18.49% | +51.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.89% | 16.14% | +55.75% |
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 -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIXY has higher volatility (14.60%) compared to GLD (6.40%). In terms of maximum drawdown, VIXY dropped -100.00% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.05% vs -46.69% for VIXY. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 6.40%. 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 11.05% return vs -46.69%. 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, while GLD tracks LBMA Gold Price PM. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.85% for VIXY and 0.40% for GLD.
GLD currently has the higher Sharpe Ratio (0.81 vs -0.88), 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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