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 3, 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.
Performance
VXX vs. VIXM - Performance Comparison
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VXX vs. VIXM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | 31.21% | -42.21% | -26.22% | -72.52% | -23.80% | -72.41% | 11.04% | -67.75% | 67.91% | -72.64% |
VIXM ProShares VIX Mid-Term Futures ETF | 10.41% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | 72.38% | -20.38% | 26.43% | -50.05% |
Returns By Period
In the year-to-date period, VXX achieves a 31.21% return, which is significantly higher than VIXM's 10.41% return. Over the past 10 years, VXX has underperformed VIXM with an annualized return of -46.34%, while VIXM has yielded a comparatively higher -10.63% annualized return.
VXX
- 1D
- -2.72%
- 1M
- 18.69%
- YTD
- 31.21%
- 6M
- 5.34%
- 1Y
- -32.54%
- 3Y*
- -42.18%
- 5Y*
- -45.27%
- 10Y*
- -46.34%
VIXM
- 1D
- -1.69%
- 1M
- 6.64%
- YTD
- 10.41%
- 6M
- 6.51%
- 1Y
- 6.84%
- 3Y*
- -14.34%
- 5Y*
- -13.16%
- 10Y*
- -10.63%
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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.
Return for Risk
VXX vs. VIXM — Risk / Return Rank
VXX
VIXM
VXX vs. VIXM - Risk-Adjusted Trends 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.
| VXX | VIXM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.44 | 0.23 | -0.67 |
Sortino ratioReturn per unit of downside risk | -0.25 | 0.57 | -0.82 |
Omega ratioGain probability vs. loss probability | 0.97 | 1.08 | -0.11 |
Calmar ratioReturn relative to maximum drawdown | -0.47 | 0.27 | -0.73 |
Martin ratioReturn relative to average drawdown | -0.59 | 0.39 | -0.99 |
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
| VXX | VIXM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.44 | 0.23 | -0.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | -0.42 | -0.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.65 | -0.32 | -0.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.75 | -0.54 | -0.22 |
Correlation
The correlation between VXX 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.
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 -100.00%, roughly equal to the maximum VIXM drawdown of -96.23%. Use the drawdown chart below to compare losses from any high point for VXX and VIXM.
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Drawdown Indicators
| VXX | VIXM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -96.23% | -3.77% |
Max Drawdown (1Y)Largest decline over 1 year | -69.85% | -23.73% | -46.12% |
Max Drawdown (5Y)Largest decline over 5 years | -96.67% | -63.40% | -33.27% |
Max Drawdown (10Y)Largest decline over 10 years | -99.87% | -75.72% | -24.15% |
Current DrawdownCurrent decline from peak | -100.00% | -95.37% | -4.63% |
Average DrawdownAverage peak-to-trough decline | -95.03% | -81.36% | -13.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 54.84% | 16.14% | +38.70% |
Volatility
VXX vs. VIXM - Volatility Comparison
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a higher volatility of 28.80% compared to ProShares VIX Mid-Term Futures ETF (VIXM) at 10.08%. 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.
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Volatility by Period
| VXX | VIXM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.80% | 10.08% | +18.72% |
Volatility (6M)Calculated over the trailing 6-month period | 46.98% | 15.33% | +31.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.80% | 29.84% | +44.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 69.04% | 31.21% | +37.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.15% | 33.06% | +38.09% |