VXX vs. VIXM
VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) and VIXM (ProShares VIX Mid-Term Futures ETF) are both Volatility funds - VXX tracks the S&P 500 VIX Short-Term Futures Index Total Return while VIXM tracks the S&P 500 VIX Mid-Term Futures Index. Both are passively managed. Over the past 10 years, VXX returned -46.78%/yr vs -11.17%/yr for VIXM. Their correlation of 0.89 suggests significant overlap in exposure. VXX charges 0.89%/yr vs 0.85%/yr for VIXM.
Performance
VXX vs. VIXM - Performance Comparison
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Returns By Period
In the year-to-date period, VXX achieves a -8.16% return, which is significantly lower than VIXM's 1.31% return. Over the past 10 years, VXX has underperformed VIXM with an annualized return of -46.78%, while VIXM has yielded a comparatively higher -11.17% annualized return.
VXX
- 1D
- -0.25%
- 1M
- -15.21%
- YTD
- -8.16%
- 6M
- -22.63%
- 1Y
- -53.35%
- 3Y*
- -42.02%
- 5Y*
- -46.10%
- 10Y*
- -46.78%
VIXM
- 1D
- 0.39%
- 1M
- -2.34%
- YTD
- 1.31%
- 6M
- -2.83%
- 1Y
- -8.35%
- 3Y*
- -13.22%
- 5Y*
- -13.49%
- 10Y*
- -11.17%
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 | -8.16% | -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 | 1.31% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | 72.38% | -20.38% | 26.43% | -50.05% |
Correlation
The correlation between VXX and VIXM is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2011 | 0.89 |
The correlation between VXX and VIXM has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.
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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 | -0.96 | -0.44 | -0.52 |
Sortino ratioReturn per unit of downside risk | -1.56 | -0.49 | -1.07 |
Omega ratioGain probability vs. loss probability | 0.82 | 0.94 | -0.12 |
Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.55 | -0.40 |
Martin ratioReturn relative to average drawdown | -1.34 | -0.96 | -0.38 |
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 | -0.96 | -0.44 | -0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.68 | -0.44 | -0.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.66 | -0.34 | -0.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.77 | -0.55 | -0.22 |
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 | -56.23% | -15.22% | -41.01% |
Max Drawdown (3Y)Largest decline over 3 years | -80.28% | -41.41% | -38.87% |
Max Drawdown (5Y)Largest decline over 5 years | -95.68% | -63.40% | -32.28% |
Max Drawdown (10Y)Largest decline over 10 years | -99.86% | -75.72% | -24.14% |
Current DrawdownCurrent decline from peak | -100.00% | -95.75% | -4.25% |
Average DrawdownAverage peak-to-trough decline | -95.08% | -81.52% | -13.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.88% | 8.74% | +31.14% |
Volatility
VXX vs. VIXM - Volatility Comparison
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a higher volatility of 8.29% compared to ProShares VIX Mid-Term Futures ETF (VIXM) at 3.19%. 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 | 8.29% | 3.19% | +5.10% |
Volatility (6M)Calculated over the trailing 6-month period | 40.88% | 13.91% | +26.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.57% | 18.98% | +36.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.96% | 30.68% | +37.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.96% | 32.90% | +38.06% |
VXX vs. VIXM - Expense Ratio Comparison
VXX has a 0.89% expense ratio, which is higher than VIXM's 0.85% expense ratio.
Dividends
VXX vs. VIXM - Dividend Comparison
Neither VXX nor VIXM has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.91, VXX and VIXM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
VXX has higher volatility (8.29%) compared to VIXM (3.19%). In terms of maximum drawdown, VXX dropped -100.00% vs VIXM's -96.23%.
On 10-year performance, VIXM leads with -11.17% vs -46.78% for VXX. On fees, VIXM is cheaper at 0.85% per year. On volatility, VIXM has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VIXM has performed better with a -11.17% return vs -46.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIXM is cheaper with a 0.85% expense ratio, compared with 0.89% for VXX.
VXX and VIXM have nearly identical dividend yields, around 0.00%.
VXX tracks S&P 500 VIX Short-Term Futures Index Total Return, while VIXM tracks S&P 500 VIX Mid-Term Futures Index. They also come from different issuers: Barclays Capital and ProShares. Their fees differ too: 0.89% for VXX and 0.85% for VIXM.
VIXM currently has the higher Sharpe Ratio (-0.44 vs -0.96), 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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