VIXY vs. VIXM
VIXY (ProShares VIX Short-Term Futures ETF) and VIXM (ProShares VIX Mid-Term Futures ETF) are both Volatility funds from ProShares - VIXY tracks the S&P 500 VIX Short-Term Futures Index while VIXM tracks the S&P 500 VIX Mid-Term Futures Index. Both are passively managed. Over the past 10 years, VIXY returned -48.85%/yr vs -12.34%/yr for VIXM. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.85% expense ratio.
Performance
VIXY vs. VIXM - 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 VIXM's -2.42% return. Over the past 10 years, VIXY has underperformed VIXM with an annualized return of -48.85%, while VIXM has yielded a comparatively higher -12.34% 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%
VIXM
- 1D
- -0.47%
- 1M
- -5.28%
- YTD
- -2.42%
- 6M
- -0.07%
- 1Y
- -13.67%
- 3Y*
- -12.09%
- 5Y*
- -13.41%
- 10Y*
- -12.34%
VIXY vs. VIXM - 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% |
VIXM ProShares VIX Mid-Term Futures ETF | -2.42% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | 72.38% | -20.38% | 26.43% | -50.05% |
Correlation
The correlation between VIXY and VIXM is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011 | 0.90 |
The correlation between VIXY and VIXM has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.
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Return for Risk
VIXY vs. VIXM — Risk / Return Rank
VIXY
VIXM
VIXY vs. VIXM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) and ProShares VIX Mid-Term Futures ETF (VIXM). 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 | VIXM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.86 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.89 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -0.88 | -0.12 |
| Martin ratioReturn relative to average drawdown | -1.47 | -1.64 | +0.17 |
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Drawdowns
VIXY vs. VIXM - Drawdown Comparison
The maximum VIXY drawdown since its inception was -100.00%, roughly equal to the maximum VIXM drawdown of -96.23%. Use the drawdown chart below to compare losses from any high point for VIXY and VIXM.
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Drawdown Indicators
| VIXY | VIXM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -96.23% | -3.77% |
Max Drawdown (1Y)Largest decline over 1 year | -57.79% | -15.53% | -42.26% |
Max Drawdown (3Y)Largest decline over 3 years | -79.94% | -37.35% | -42.59% |
Max Drawdown (5Y)Largest decline over 5 years | -96.20% | -63.40% | -32.80% |
Max Drawdown (10Y)Largest decline over 10 years | -99.88% | -75.56% | -24.32% |
Current DrawdownCurrent decline from peak | -100.00% | -95.91% | -4.09% |
Average DrawdownAverage peak-to-trough decline | -92.19% | -81.54% | -10.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.39% | 8.50% | +31.89% |
Volatility
VIXY vs. VIXM - Volatility Comparison
ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 16.16% compared to ProShares VIX Mid-Term Futures ETF (VIXM) at 4.19%. This indicates that VIXY's price experiences larger fluctuations and is considered to be riskier than VIXM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXY | VIXM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.16% | 4.19% | +11.97% |
Volatility (6M)Calculated over the trailing 6-month period | 43.79% | 14.19% | +29.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.29% | 18.73% | +37.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.34% | 30.62% | +39.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.33% | 32.83% | +39.50% |
VIXY vs. VIXM - Expense Ratio Comparison
Both VIXY and VIXM have an expense ratio of 0.85%.
Dividends
VIXY vs. VIXM - Dividend Comparison
Neither VIXY nor VIXM has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.91, VIXY and VIXM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
VIXY has higher volatility (16.16%) compared to VIXM (4.19%). In terms of maximum drawdown, VIXY dropped -100.00% vs VIXM's -96.23%.
On 10-year performance, VIXM leads with -12.34% vs -48.85% for VIXY. Both ETFs have the same 0.85% expense ratio. On volatility, VIXM has been the lower-risk option at 4.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VIXM has performed better with a -12.34% return vs -48.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIXY and VIXM have the same expense ratio: 0.85% per year.
VIXY and VIXM have nearly identical dividend yields, around 0.00%.
VIXY tracks S&P 500 VIX Short-Term Futures Index, while VIXM tracks S&P 500 VIX Mid-Term Futures Index.
VIXM currently has the higher Sharpe Ratio (-0.73 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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