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 -46.69%/yr vs 15.14%/yr for VOO. Their -0.78 correlation means they have often moved in opposite directions in the past. VIXY charges 0.85%/yr vs 0.03%/yr for VOO.
Performance
VIXY vs. VOO - 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 VOO's 10.16% return. Over the past 10 years, VIXY has underperformed VOO with an annualized return of -46.69%, while VOO has yielded a comparatively higher 15.14% 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%
VOO
- 1D
- 0.71%
- 1M
- 0.26%
- 6M
- 8.58%
- YTD
- 10.16%
- 1Y
- 21.58%
- 3Y*
- 19.42%
- 5Y*
- 12.83%
- 10Y*
- 15.14%
- ALL TIME*
- 14.78%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $61.09M | $56.74M | $72.28M | |
| $3.82B | $3.78B | $5.44B |
VIXY vs. VOO - 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% |
VOO Vanguard S&P 500 ETF | 10.16% | 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 -0.78, 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. | -0.78 |
Correlation (3Y) Balances recent behavior with more history. | -0.76 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.75 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 -0.75 - a consistent structural relationship.
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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 | -2.42 | ||
| Sortino ratioReturn per unit of downside risk | -3.48 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.28 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 2.21 | -3.13 |
| Martin ratioReturn relative to average drawdown | -1.40 | 9.44 | -10.84 |
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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.
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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 | -55.18% | -8.90% | -46.28% |
Max Drawdown (3Y)Largest decline over 3 years | -81.45% | -18.69% | -62.76% |
Max Drawdown (5Y)Largest decline over 5 years | -95.91% | -24.52% | -71.39% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -33.99% | -65.83% |
Current DrawdownCurrent decline from peak | -100.00% | -1.38% | -98.62% |
Average DrawdownAverage peak-to-trough decline | -92.24% | -3.67% | -88.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.13% | 2.08% | +34.05% |
Volatility
VIXY vs. VOO - Volatility Comparison
ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 14.60% compared to Vanguard S&P 500 ETF (VOO) at 3.54%. 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.
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Volatility by Period
| VIXY | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.60% | 3.54% | +11.06% |
Volatility (6M)Calculated over the trailing 6-month period | 43.36% | 10.10% | +33.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.54% | 12.82% | +44.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 69.97% | 16.93% | +53.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.89% | 18.01% | +53.88% |
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 1.07%.
| 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 | 1.07% | 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 -0.78, 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 VOO (3.54%). In terms of maximum drawdown, VIXY dropped -100.00% vs VOO's -33.99%.
On 10-year performance, VOO leads with 15.14% vs -46.69% for VIXY. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.54%. 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 15.14% return vs -46.69%. 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 1.07%, 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 (1.53 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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