VIXY vs. VOO
VIXY (ProShares VIX Short-Term Futures ETF) and VOO (Vanguard 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 VOO 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 15.77%/yr for VOO. At a correlation of -0.78, they often move in opposite directions. VIXY charges 0.85%/yr vs 0.03%/yr for VOO.
Performance
VIXY vs. VOO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VIXY achieves a -14.78% return, which is significantly lower than VOO's 9.75% return. Over the past 10 years, VIXY has underperformed VOO with an annualized return of -48.85%, while VOO has yielded a comparatively higher 15.77% 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%
VOO
- 1D
- -0.29%
- 1M
- 0.08%
- YTD
- 9.75%
- 6M
- 9.30%
- 1Y
- 26.77%
- 3Y*
- 21.36%
- 5Y*
- 13.58%
- 10Y*
- 15.77%
VIXY vs. VOO - 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% |
VOO Vanguard S&P 500 ETF | 9.75% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -4.50% | 21.77% |
Correlation
The correlation between VIXY and VOO 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 VOO has been stable across timeframes, ranging from -0.78 to -0.74 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VIXY vs. VOO — Risk / Return Rank
VIXY
VOO
VIXY vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) and Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.21 | ||
| Sortino ratioReturn per unit of downside risk | -4.72 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.39 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | 3.02 | -4.03 |
| Martin ratioReturn relative to average drawdown | -1.47 | 13.58 | -15.05 |
Loading charts...
Drawdowns
VIXY vs. VOO - Drawdown Comparison
The maximum VIXY drawdown since its inception was -100.00%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for VIXY and VOO.
Loading charts...
Drawdown Indicators
| VIXY | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -33.99% | -66.01% |
Max Drawdown (1Y)Largest decline over 1 year | -57.79% | -8.90% | -48.89% |
Max Drawdown (3Y)Largest decline over 3 years | -79.94% | -18.69% | -61.25% |
Max Drawdown (5Y)Largest decline over 5 years | -96.20% | -24.52% | -71.68% |
Max Drawdown (10Y)Largest decline over 10 years | -99.88% | -33.99% | -65.89% |
Current DrawdownCurrent decline from peak | -100.00% | -1.74% | -98.26% |
Average DrawdownAverage peak-to-trough decline | -92.19% | -3.68% | -88.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.39% | 1.98% | +38.41% |
Volatility
VIXY vs. VOO - Volatility Comparison
ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 16.16% compared to Vanguard S&P 500 ETF (VOO) at 4.60%. This indicates that VIXY's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VIXY | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.16% | 4.60% | +11.56% |
Volatility (6M)Calculated over the trailing 6-month period | 43.79% | 9.73% | +34.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.29% | 12.39% | +43.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.34% | 16.90% | +53.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.33% | 18.05% | +54.28% |
VIXY vs. VOO - Expense Ratio Comparison
VIXY has a 0.85% expense ratio, which is higher than VOO's 0.03% expense ratio.
Dividends
VIXY vs. VOO - Dividend Comparison
VIXY has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.04%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VOO Vanguard S&P 500 ETF | 1.04% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
VIXY and VOO 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 VOO (4.60%). In terms of maximum drawdown, VIXY dropped -100.00% vs VOO's -33.99%.
On 10-year performance, VOO leads with 15.77% vs -48.85% for VIXY. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VOO has performed better with a 15.77% return vs -48.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 0.85% for VIXY.
VOO has the higher dividend yield at 1.04%, compared with 0.00% for VIXY.
VIXY is categorized as Volatility, while VOO is S&P 500. VIXY tracks S&P 500 VIX Short-Term Futures Index, while VOO tracks S&P 500 Index. They also come from different issuers: ProShares and Vanguard. Their fees differ too: 0.85% for VIXY and 0.03% for VOO.
VOO currently has the higher Sharpe Ratio (2.17 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.
Find the right allocation for VIXY and VOO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer