VIXY vs. VIXM
Compare and contrast key facts about ProShares VIX Short-Term Futures ETF (VIXY) and ProShares VIX Mid-Term Futures ETF (VIXM).
VIXY and VIXM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VIXY is a passively managed fund by ProFund Advisors LLC that tracks the performance of the S&P 500 VIX Short-Term Futures Index Total Return. It was launched on Jan 3, 2011. VIXM is a passively managed fund by ProShares that tracks the performance of the S&P 500 VIX Mid-Term Futures Index. It was launched on Jan 4, 2011. Both VIXY and VIXM are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: VIXY or VIXM.
Key characteristics
| VIXY | VIXM | |
|---|---|---|
| YTD Return | -13.93% | -7.40% |
| 1Y Return | -66.29% | -42.28% |
| 3Y Return (Ann) | -56.33% | -22.81% |
| 5Y Return (Ann) | -49.76% | -5.91% |
| 10Y Return (Ann) | -48.82% | -14.18% |
| Sharpe Ratio | -1.32 | -1.71 |
| Daily Std Dev | 51.28% | 24.99% |
| Max Drawdown | -99.99% | -95.76% |
| Current Drawdown | -99.99% | -95.74% |
Correlation
The correlation between VIXY and VIXM is 0.90, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
VIXY vs. VIXM - Performance Comparison
In the year-to-date period, VIXY achieves a -13.93% return, which is significantly lower than VIXM's -7.40% return. Over the past 10 years, VIXY has underperformed VIXM with an annualized return of -48.82%, while VIXM has yielded a comparatively higher -14.18% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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VIXY vs. VIXM - Expense Ratio Comparison
Both VIXY and VIXM have an expense ratio of 0.85%.
Risk-Adjusted Performance
VIXY vs. VIXM - Risk-Adjusted Performance 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.
Dividends
VIXY vs. VIXM - Dividend Comparison
Neither VIXY nor VIXM has paid dividends to shareholders.
Drawdowns
VIXY vs. VIXM - Drawdown Comparison
The maximum VIXY drawdown since its inception was -99.99%, roughly equal to the maximum VIXM drawdown of -95.76%. Use the drawdown chart below to compare losses from any high point for VIXY and VIXM. For additional features, visit the drawdowns tool.
Volatility
VIXY vs. VIXM - Volatility Comparison
ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 16.93% compared to ProShares VIX Mid-Term Futures ETF (VIXM) at 7.29%. 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.