VIXY vs. VHT
VIXY (ProShares VIX Short-Term Futures ETF) and VHT (Vanguard Health Care ETF) are both exchange-traded funds - VIXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index, while VHT is a Health & Biotech Equities fund tracking the MSCI US Investable Market Health Care 25/50 Index. Both are passively managed. Over the past 10 years, VIXY returned -46.69%/yr vs 9.89%/yr for VHT. Their -0.61 correlation means they have often moved in opposite directions in the past. VIXY charges 0.85%/yr vs 0.09%/yr for VHT.
Performance
VIXY vs. VHT - 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 VHT's 6.65% return. Over the past 10 years, VIXY has underperformed VHT with an annualized return of -46.69%, while VHT has yielded a comparatively higher 9.89% 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%
VHT
- 1D
- -0.76%
- 1M
- -1.17%
- 6M
- 6.86%
- YTD
- 6.65%
- 1Y
- 27.92%
- 3Y*
- 9.09%
- 5Y*
- 5.06%
- 10Y*
- 9.89%
- ALL TIME*
- 9.92%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $66.49M | $76.90M | $73.37M | |
| $61.09M | $56.74M | $72.28M |
VIXY vs. VHT - 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% |
VHT Vanguard Health Care ETF | 6.65% | 15.46% | 2.66% | 2.52% | -5.60% | 20.57% | 18.29% | 21.87% | 5.58% | 23.26% |
Correlation
The correlation between VIXY and VHT is -0.30, 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. | -0.30 |
Correlation (3Y) Balances recent behavior with more history. | -0.43 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.50 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.55 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011 | -0.61 |
Over the past year, the inverse relationship between VIXY and VHT has weakened: their correlation has moved from -0.61 to -0.30, meaning they move in opposite directions less often than they have historically.
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Return for Risk
VIXY vs. VHT — Risk / Return Rank
VIXY
VHT
VIXY vs. VHT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) and Vanguard Health Care ETF (VHT). 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 | VHT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.77 | ||
| Sortino ratioReturn per unit of downside risk | -4.25 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.33 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 2.74 | -3.66 |
| Martin ratioReturn relative to average drawdown | -1.40 | 6.79 | -8.19 |
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Drawdowns
VIXY vs. VHT - Drawdown Comparison
The maximum VIXY drawdown since its inception was -100.00%, which is greater than VHT's maximum drawdown of -39.12%. Use the drawdown chart below to compare losses from any high point for VIXY and VHT.
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Drawdown Indicators
| VIXY | VHT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -39.12% | -60.88% |
Max Drawdown (1Y)Largest decline over 1 year | -55.18% | -10.40% | -44.78% |
Max Drawdown (3Y)Largest decline over 3 years | -81.45% | -16.91% | -64.54% |
Max Drawdown (5Y)Largest decline over 5 years | -95.91% | -17.71% | -78.20% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -28.85% | -70.97% |
Current DrawdownCurrent decline from peak | -100.00% | -2.69% | -97.31% |
Average DrawdownAverage peak-to-trough decline | -92.24% | -5.96% | -86.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.13% | 4.19% | +31.94% |
Volatility
VIXY vs. VHT - Volatility Comparison
ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 14.60% compared to Vanguard Health Care ETF (VHT) at 5.54%. This indicates that VIXY's price experiences larger fluctuations and is considered to be riskier than VHT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXY | VHT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.60% | 5.54% | +9.06% |
Volatility (6M)Calculated over the trailing 6-month period | 43.36% | 11.64% | +31.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.54% | 15.35% | +42.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 69.97% | 15.25% | +54.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.89% | 17.02% | +54.87% |
VIXY vs. VHT - Expense Ratio Comparison
VIXY has a 0.85% expense ratio, which is higher than VHT's 0.09% expense ratio.
Dividends
VIXY vs. VHT - Dividend Comparison
VIXY has not paid dividends to shareholders, while VHT's dividend yield for the trailing twelve months is around 1.55%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VHT Vanguard Health Care ETF | 1.55% | 1.61% | 1.53% | 1.36% | 1.33% | 1.14% | 1.21% | 1.89% | 1.38% | 1.31% | 1.45% | 1.22% |
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 VHT have a correlation of -0.30, 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 VHT (5.54%). In terms of maximum drawdown, VIXY dropped -100.00% vs VHT's -39.12%.
On 10-year performance, VHT leads with 9.89% vs -46.69% for VIXY. On fees, VHT is cheaper at 0.09% per year. On volatility, VHT has been the lower-risk option at 5.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VHT has performed better with a 9.89% return vs -46.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VHT is cheaper with a 0.09% expense ratio, compared with 0.85% for VIXY.
VHT has the higher dividend yield at 1.55%, compared with 0.00% for VIXY.
VIXY is categorized as Volatility, while VHT is Health & Biotech Equities. VIXY tracks S&P 500 VIX Short-Term Futures Index, while VHT tracks MSCI US Investable Market Health Care 25/50 Index. They also come from different issuers: ProShares and Vanguard. Their fees differ too: 0.85% for VIXY and 0.09% for VHT.
VHT currently has the higher Sharpe Ratio (1.89 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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