VIXY vs. SPY
VIXY (ProShares VIX Short-Term Futures ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - VIXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VIXY returned -46.69%/yr vs 15.07%/yr for SPY. Their -0.78 correlation means they have often moved in opposite directions in the past. VIXY charges 0.85%/yr vs 0.09%/yr for SPY.
Performance
VIXY vs. SPY - 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 SPY's 10.13% return. Over the past 10 years, VIXY has underperformed SPY with an annualized return of -46.69%, while SPY has yielded a comparatively higher 15.07% 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%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $37.27B | $35.99B | $39.23B | |
| $61.09M | $56.74M | $72.28M |
VIXY vs. SPY - 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% |
SPY State Street SPDR S&P 500 ETF | 10.13% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between VIXY and SPY is -0.78, 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. | -0.78 |
Correlation (3Y) Balances recent behavior with more history. | -0.76 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.75 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.76 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011 | -0.78 |
The correlation between VIXY and SPY has been stable across timeframes, ranging from -0.78 to -0.75 - a consistent structural relationship.
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Return for Risk
VIXY vs. SPY — Risk / Return Rank
VIXY
SPY
VIXY vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.40 | ||
| Sortino ratioReturn per unit of downside risk | -3.46 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.27 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 2.20 | -3.12 |
| Martin ratioReturn relative to average drawdown | -1.40 | 9.40 | -10.80 |
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Drawdowns
VIXY vs. SPY - Drawdown Comparison
The maximum VIXY drawdown since its inception was -100.00%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VIXY and SPY.
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Drawdown Indicators
| VIXY | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -55.19% | -44.81% |
Max Drawdown (1Y)Largest decline over 1 year | -55.18% | -8.88% | -46.30% |
Max Drawdown (3Y)Largest decline over 3 years | -81.45% | -18.76% | -62.69% |
Max Drawdown (5Y)Largest decline over 5 years | -95.91% | -24.50% | -71.41% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -33.72% | -66.10% |
Current DrawdownCurrent decline from peak | -100.00% | -1.40% | -98.60% |
Average DrawdownAverage peak-to-trough decline | -92.24% | -9.01% | -83.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.13% | 2.08% | +34.05% |
Volatility
VIXY vs. SPY - Volatility Comparison
ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 14.60% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that VIXY's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXY | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.60% | 3.58% | +11.02% |
Volatility (6M)Calculated over the trailing 6-month period | 43.36% | 10.14% | +33.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.54% | 12.89% | +44.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 69.97% | 17.18% | +52.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.89% | 17.95% | +53.94% |
VIXY vs. SPY - Expense Ratio Comparison
VIXY has a 0.85% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
VIXY vs. SPY - Dividend Comparison
VIXY has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
VIXY ProShares VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VIXY and SPY 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 (14.60%) compared to SPY (3.58%). In terms of maximum drawdown, VIXY dropped -100.00% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.07% vs -46.69% for VIXY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.07% return vs -46.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.85% for VIXY.
SPY has the higher dividend yield at 1.01%, compared with 0.00% for VIXY.
VIXY is categorized as Volatility, while SPY is S&P 500. VIXY tracks S&P 500 VIX Short-Term Futures Index, while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.85% for VIXY and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.52 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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