VXX vs. VIXM
Compare and contrast key facts about iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and ProShares VIX Mid-Term Futures ETF (VIXM).
VXX and VIXM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VXX is a passively managed fund by Barclays Capital that tracks the performance of the S&P 500 VIX Short-Term Futures Index Total Return. It was launched on Jan 19, 2018. 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 VXX 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: VXX or VIXM.
Key characteristics
| VXX | VIXM | |
|---|---|---|
| YTD Return | -14.95% | -8.84% |
| 1Y Return | -65.13% | -42.98% |
| 3Y Return (Ann) | -56.67% | -23.62% |
| 5Y Return (Ann) | -50.18% | -6.66% |
| Sharpe Ratio | -1.31 | -1.73 |
| Daily Std Dev | 50.77% | 25.07% |
| Max Drawdown | -98.84% | -95.81% |
| Current Drawdown | -98.80% | -95.81% |
Correlation
The correlation between VXX and VIXM is 0.88, 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
VXX vs. VIXM - Performance Comparison
In the year-to-date period, VXX achieves a -14.95% return, which is significantly lower than VIXM's -8.84% 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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VXX vs. VIXM - Expense Ratio Comparison
VXX has a 0.89% expense ratio, which is higher than VIXM's 0.85% expense ratio.
Risk-Adjusted Performance
VXX vs. VIXM - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) 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
VXX vs. VIXM - Dividend Comparison
Neither VXX nor VIXM has paid dividends to shareholders.
Drawdowns
VXX vs. VIXM - Drawdown Comparison
The maximum VXX drawdown since its inception was -98.84%, roughly equal to the maximum VIXM drawdown of -95.81%. Use the drawdown chart below to compare losses from any high point for VXX and VIXM. For additional features, visit the drawdowns tool.
Volatility
VXX vs. VIXM - Volatility Comparison
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a higher volatility of 17.17% compared to ProShares VIX Mid-Term Futures ETF (VIXM) at 7.37%. This indicates that VXX'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.