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 -48.85%/yr vs 15.70%/yr for SPY. At a correlation of -0.78, they often move in opposite directions. 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 -14.78% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, VIXY has underperformed SPY with an annualized return of -48.85%, while SPY has yielded a comparatively higher 15.70% annualized return.
VIXY
- 1D
- -0.23%
- 1M
- -14.08%
- YTD
- -14.78%
- 6M
- -16.35%
- 1Y
- -58.11%
- 3Y*
- -40.97%
- 5Y*
- -46.43%
- 10Y*
- -48.85%
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
VIXY vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXY ProShares VIX Short-Term Futures ETF | -14.78% | -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 | 9.74% | 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 -0.74, 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 | -0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 -0.74 - 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 | -3.19 | ||
| Sortino ratioReturn per unit of downside risk | -4.70 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.39 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | 3.01 | -4.02 |
| Martin ratioReturn relative to average drawdown | -1.47 | 13.54 | -15.00 |
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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 | -57.79% | -8.88% | -48.91% |
Max Drawdown (3Y)Largest decline over 3 years | -79.94% | -18.76% | -61.18% |
Max Drawdown (5Y)Largest decline over 5 years | -96.20% | -24.50% | -71.70% |
Max Drawdown (10Y)Largest decline over 10 years | -99.88% | -33.72% | -66.16% |
Current DrawdownCurrent decline from peak | -100.00% | -1.75% | -98.25% |
Average DrawdownAverage peak-to-trough decline | -92.19% | -9.04% | -83.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.39% | 1.97% | +38.42% |
Volatility
VIXY vs. SPY - Volatility Comparison
ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 16.16% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. 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 | 16.16% | 4.64% | +11.52% |
Volatility (6M)Calculated over the trailing 6-month period | 43.79% | 9.75% | +34.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.29% | 12.43% | +43.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.34% | 17.14% | +53.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.33% | 17.99% | +54.34% |
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 -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIXY has higher volatility (16.16%) compared to SPY (4.64%). In terms of maximum drawdown, VIXY dropped -100.00% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.70% vs -48.85% for VIXY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. 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 15.70% return vs -48.85%. 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 (2.16 vs -1.04), 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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