VMAX vs. VIXY
VMAX (Hartford US Value ETF) and VIXY (ProShares VIX Short-Term Futures ETF) are both exchange-traded funds - VMAX is a Large Cap Value Equities fund actively managed by Hartford, while VIXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index Total Return. VMAX is actively managed, while VIXY is passively managed. Over the past year, VMAX returned 27.28% vs -53.80% for VIXY. At a correlation of -0.63, they often move in opposite directions. VMAX charges 0.29%/yr vs 0.85%/yr for VIXY.
Performance
VMAX vs. VIXY - Performance Comparison
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Returns By Period
In the year-to-date period, VMAX achieves a 12.22% return, which is significantly higher than VIXY's -8.27% return.
VMAX
- 1D
- -0.50%
- 1M
- 2.11%
- YTD
- 12.22%
- 6M
- 13.50%
- 1Y
- 27.28%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VIXY
- 1D
- 0.26%
- 1M
- -15.15%
- YTD
- -8.27%
- 6M
- -22.71%
- 1Y
- -53.80%
- 3Y*
- -42.73%
- 5Y*
- -46.70%
- 10Y*
- -47.13%
VMAX vs. VIXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VMAX Hartford US Value ETF | 12.22% | 15.65% | 15.89% | 6.98% |
VIXY ProShares VIX Short-Term Futures ETF | -8.27% | -43.05% | -27.43% | -9.83% |
Correlation
The correlation between VMAX and VIXY is -0.64, 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 | -0.64 |
Correlation (All Time) Calculated using the full available price history since Dec 7, 2023 | -0.63 |
The correlation between VMAX and VIXY has been stable across timeframes, ranging from -0.64 to -0.63 - a consistent structural relationship.
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Return for Risk
VMAX vs. VIXY — Risk / Return Rank
VMAX
VIXY
VMAX vs. VIXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hartford US Value ETF (VMAX) and ProShares VIX Short-Term Futures ETF (VIXY). 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.
| VMAX | VIXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.21 | ||
| Sortino ratioReturn per unit of downside risk | +4.64 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 0.82 | +0.57 |
| Calmar ratioReturn relative to maximum drawdown | 5.56 | -0.95 | +6.51 |
| Martin ratioReturn relative to average drawdown | 19.55 | -1.34 | +20.89 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VMAX | VIXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.25 | -0.97 | +3.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.37 | -0.69 | +2.07 |
Drawdowns
VMAX vs. VIXY - Drawdown Comparison
The maximum VMAX drawdown since its inception was -19.05%, smaller than the maximum VIXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for VMAX and VIXY.
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Drawdown Indicators
| VMAX | VIXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.05% | -100.00% | +80.95% |
Max Drawdown (1Y)Largest decline over 1 year | -4.93% | -56.72% | +51.79% |
Max Drawdown (3Y)Largest decline over 3 years | — | -81.00% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -95.92% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.87% | — |
Current DrawdownCurrent decline from peak | -0.50% | -100.00% | +99.50% |
Average DrawdownAverage peak-to-trough decline | -2.57% | -92.18% | +89.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.40% | 40.22% | -38.82% |
Volatility
VMAX vs. VIXY - Volatility Comparison
The current volatility for Hartford US Value ETF (VMAX) is 2.55%, while ProShares VIX Short-Term Futures ETF (VIXY) has a volatility of 8.03%. This indicates that VMAX experiences smaller price fluctuations and is considered to be less risky than VIXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMAX | VIXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.55% | 8.03% | -5.48% |
Volatility (6M)Calculated over the trailing 6-month period | 8.71% | 41.47% | -32.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.22% | 55.89% | -43.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.45% | 70.31% | -54.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.45% | 72.48% | -57.03% |
VMAX vs. VIXY - Expense Ratio Comparison
VMAX has a 0.29% expense ratio, which is lower than VIXY's 0.85% expense ratio.
Dividends
VMAX vs. VIXY - Dividend Comparison
VMAX's dividend yield for the trailing twelve months is around 1.91%, while VIXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
VIXY ProShares VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% |
VMAX Hartford US Value ETF | 1.91% | 2.14% | 1.95% |
Frequently Asked Questions
VMAX and VIXY have a correlation of -0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIXY has higher volatility (8.03%) compared to VMAX (2.55%). In terms of maximum drawdown, VMAX dropped -19.05% vs VIXY's -100.00%.
On 1-year performance, VMAX leads with 27.28% vs -53.80% for VIXY. On fees, VMAX is cheaper at 0.29% per year. On volatility, VMAX has been the lower-risk option at 2.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, VMAX has performed better with a 27.28% return vs -53.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VMAX is cheaper with a 0.29% expense ratio, compared with 0.85% for VIXY.
VMAX has the higher dividend yield at 1.91%, compared with 0.00% for VIXY.
VMAX is categorized as Large Cap Value Equities, while VIXY is Volatility. They also come from different issuers: Hartford and ProFund Advisors LLC. Their fees differ too: 0.29% for VMAX and 0.85% for VIXY.
VMAX currently has the higher Sharpe Ratio (2.25 vs -0.97), 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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