VIXY vs. SARK

Last updated Jun 26, 2026

VIXY (ProShares VIX Short-Term Futures ETF) and SARK (Tradr Short Innovation Daily ETF) are both exchange-traded funds - VIXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index, while SARK is a Inverse Equities fund actively managed by AXS. VIXY is passively managed, while SARK is actively managed. Over the past 3 years, VIXY returned -40.34%/yr vs -30.40%/yr for SARK. A 0.60 correlation means they provide meaningful diversification when combined. VIXY charges 0.85%/yr vs 0.75%/yr for SARK.

Performance

VIXY vs. SARK - Performance Comparison

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

Returns By Period

In the year-to-date period, VIXY achieves a -12.32% return, which is significantly lower than SARK's -5.95% return.

VIXY

• 1D: -1.88%
• 1M: -8.77%
• YTD: -12.32%
• 6M: -14.17%
• 1Y: -52.56%
• 3Y*: -40.34%
• 5Y*: -45.73%
• 10Y*: -48.70%

SARK

• 1D: 0.19%
• 1M: -0.45%
• YTD: -5.95%
• 6M: -1.42%
• 1Y: -18.93%
• 3Y*: -30.40%
• 5Y*: —
• 10Y*: —

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

VIXY vs. SARK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VIXY ProShares VIX Short-Term Futures ETF	-12.32%	-43.05%	-27.43%	-72.74%	-24.98%	-10.92%
SARK Tradr Short Innovation Daily ETF	-5.95%	-25.93%	-36.90%	-46.32%	83.35%	24.05%

Correlation

The correlation between VIXY and SARK is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021	0.60

The correlation between VIXY and SARK has been stable across timeframes, ranging from 0.58 to 0.60 - a consistent structural relationship.

Return for Risk

VIXY vs. SARK — 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: 2
VIXY Sortino Ratio Rank: 2
VIXY Omega Ratio Rank: 2
VIXY Calmar Ratio Rank: 1
VIXY Martin Ratio Rank: 1

SARK

SARK Risk / Return Rank: 5
SARK Sharpe Ratio Rank: 5
SARK Sortino Ratio Rank: 5
SARK Omega Ratio Rank: 5
SARK Calmar Ratio Rank: 3
SARK 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. SARK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) and Tradr Short Innovation Daily ETF (SARK). 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	SARK	Difference
Sharpe ratio: Return per unit of total volatility	-0.94	-0.53	-0.41
Sortino ratio: Return per unit of downside risk	-1.50	-0.57	-0.92
Omega ratio: Gain probability vs. loss probability	0.83	0.94	-0.11
Calmar ratio: Return relative to maximum drawdown	-0.98	-0.71	-0.26
Martin ratio: Return relative to average drawdown	-1.49	-1.19	-0.30

VIXY vs. SARK - Sharpe Ratio Comparison

The current VIXY Sharpe Ratio is -0.94, which is lower than the SARK Sharpe Ratio of -0.53. The chart below compares the historical Sharpe Ratios of VIXY and SARK, 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. SARK - Drawdown Comparison

The maximum VIXY drawdown since its inception was -100.00%, which is greater than SARK's maximum drawdown of -81.07%. Use the drawdown chart below to compare losses from any high point for VIXY and SARK.

Drawdown Indicators

	VIXY	SARK	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-81.07%	-18.93%
Max Drawdown (1Y) Largest decline over 1 year	-54.02%	-26.61%	-27.41%
Max Drawdown (3Y) Largest decline over 3 years	-79.94%	-74.42%	-5.52%
Max Drawdown (5Y) Largest decline over 5 years	-96.20%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.86%	—	—
Current Drawdown Current decline from peak	-100.00%	-79.24%	-20.76%
Average Drawdown Average peak-to-trough decline	-92.19%	-46.85%	-45.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.44%	15.90%	+19.54%

Volatility

VIXY vs. SARK - Volatility Comparison

ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 16.84% compared to Tradr Short Innovation Daily ETF (SARK) at 12.52%. This indicates that VIXY's price experiences larger fluctuations and is considered to be riskier than SARK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIXY	SARK	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.84%	12.52%	+4.32%
Volatility (6M) Calculated over the trailing 6-month period	43.74%	26.52%	+17.22%
Volatility (1Y) Calculated over the trailing 1-year period	56.03%	35.74%	+20.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.37%	56.10%	+14.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.91%	56.10%	+15.81%

VIXY vs. SARK - Expense Ratio Comparison

VIXY has a 0.85% expense ratio, which is higher than SARK's 0.75% expense ratio.

Dividends

VIXY vs. SARK - Dividend Comparison

VIXY has not paid dividends to shareholders, while SARK's dividend yield for the trailing twelve months is around 3.00%.

Position	TTM	2025	2024	2023	2022
SARK Tradr Short Innovation Daily ETF	3.00%	2.82%	15.49%	12.57%	25.22%
VIXY ProShares VIX Short-Term Futures ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VIXY and SARK in my portfolio?

VIXY and SARK have a correlation of 0.58, 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 SARK?

VIXY has higher volatility (16.84%) compared to SARK (12.52%). In terms of maximum drawdown, VIXY dropped -100.00% vs SARK's -81.07%.

Which ETF is better, VIXY or SARK?

On 3-year performance, SARK leads with -30.40% vs -40.34% for VIXY. On fees, SARK is cheaper at 0.75% per year. On volatility, SARK has been the lower-risk option at 12.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIXY or SARK?

Over the 3-year period, SARK has performed better with a -30.40% return vs -40.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIXY or SARK?

SARK is cheaper with a 0.75% expense ratio, compared with 0.85% for VIXY.

Which ETF pays a higher dividend yield, VIXY or SARK?

SARK has the higher dividend yield at 3.00%, compared with 0.00% for VIXY.

What is the main difference between VIXY and SARK?

VIXY is categorized as Volatility, while SARK is Inverse Equities. They also come from different issuers: ProShares and AXS. Their fees differ too: 0.85% for VIXY and 0.75% for SARK.

Which has better risk-adjusted returns?

SARK currently has the higher Sharpe Ratio (-0.53 vs -0.94), 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.