VXZ vs. VIXM

Last updated Jun 3, 2026

VXZ (iPath Series B S&P 500® VIX Mid-Term Futures ETN) is a stock, while VIXM (ProShares VIX Mid-Term Futures ETF) is Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index. Both are passively managed. Over the past 5 years, VXZ returned -13.12%/yr vs -14.02%/yr for VIXM. Their correlation of 0.91 suggests significant overlap in exposure. VXZ charges 0.89%/yr vs 0.85%/yr for VIXM.

Performance

VXZ vs. VIXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) and ProShares VIX Mid-Term Futures ETF (VIXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VXZ achieves a 1.40% return, which is significantly higher than VIXM's 0.92% return.

VXZ

• 1D: -0.37%
• 1M: -1.70%
• YTD: 1.40%
• 6M: -2.73%
• 1Y: -8.61%
• 3Y*: -12.48%
• 5Y*: -13.12%
• 10Y*: —

VIXM

• 1D: -0.58%
• 1M: -1.91%
• YTD: 0.92%
• 6M: -3.39%
• 1Y: -9.09%
• 3Y*: -13.33%
• 5Y*: -14.02%
• 10Y*: -11.20%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VXZ vs. VIXM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VXZ iPath Series B S&P 500® VIX Mid-Term Futures ETN	1.40%	5.73%	-12.65%	-43.98%	0.47%	-16.38%	72.77%	-20.10%	31.89%
VIXM ProShares VIX Mid-Term Futures ETF	0.92%	5.60%	-13.67%	-44.83%	-0.69%	-16.70%	72.38%	-20.38%	30.63%

Correlation

The correlation between VXZ and VIXM is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 19, 2018	0.91

The correlation between VXZ and VIXM has been stable across timeframes, ranging from 0.91 to 0.97 - a consistent structural relationship.

Return for Risk

VXZ vs. VIXM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VXZ

VXZ Risk / Return Rank: 20
VXZ Sharpe Ratio Rank: 21
VXZ Sortino Ratio Rank: 19
VXZ Omega Ratio Rank: 19
VXZ Calmar Ratio Rank: 20
VXZ Martin Ratio Rank: 20

VIXM

VIXM Risk / Return Rank: 4
VIXM Sharpe Ratio Rank: 4
VIXM Sortino Ratio Rank: 4
VIXM Omega Ratio Rank: 4
VIXM Calmar Ratio Rank: 3
VIXM Martin Ratio Rank: 3

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VXZ vs. VIXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) 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.

	VXZ	VIXM	Difference
Sharpe ratio Return per unit of total volatility	-0.45	-0.48	+0.03
Sortino ratio Return per unit of downside risk	-0.51	-0.55	+0.04
Omega ratio Gain probability vs. loss probability	0.94	0.93	+0.01
Calmar ratio Return relative to maximum drawdown	-0.58	-0.63	+0.05
Martin ratio Return relative to average drawdown	-0.99	-1.10	+0.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VXZ vs. VIXM - Sharpe Ratio Comparison

The current VXZ Sharpe Ratio is -0.45, which is comparable to the VIXM Sharpe Ratio of -0.48. The chart below compares the historical Sharpe Ratios of VXZ and VIXM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VXZ	VIXM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.45	-0.48	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.45	-0.46	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	-0.55	+0.47

Drawdowns

VXZ vs. VIXM - Drawdown Comparison

The maximum VXZ drawdown since its inception was -69.00%, smaller than the maximum VIXM drawdown of -96.23%. Use the drawdown chart below to compare losses from any high point for VXZ and VIXM.

Drawdown Indicators

	VXZ	VIXM	Difference
Max Drawdown Largest peak-to-trough decline	-69.00%	-96.23%	+27.23%
Max Drawdown (1Y) Largest decline over 1 year	-14.67%	-15.22%	+0.55%
Max Drawdown (3Y) Largest decline over 3 years	-40.94%	-41.95%	+1.01%
Max Drawdown (5Y) Largest decline over 5 years	-62.05%	-63.40%	+1.35%
Max Drawdown (10Y) Largest decline over 10 years	—	-75.72%	—
Current Drawdown Current decline from peak	-64.82%	-95.77%	+30.95%
Average Drawdown Average peak-to-trough decline	-36.76%	-81.51%	+44.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.51%	8.71%	-0.20%

Volatility

VXZ vs. VIXM - Volatility Comparison

iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) has a higher volatility of 3.73% compared to ProShares VIX Mid-Term Futures ETF (VIXM) at 3.29%. This indicates that VXZ'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.

Volatility by Period

	VXZ	VIXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	3.29%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	13.55%	13.90%	-0.35%
Volatility (1Y) Calculated over the trailing 1-year period	19.11%	18.98%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.16%	30.68%	-1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.11%	32.90%	+1.21%

VXZ vs. VIXM - Expense Ratio Comparison

VXZ has a 0.89% expense ratio, which is higher than VIXM's 0.85% expense ratio.

Dividends

VXZ vs. VIXM - Dividend Comparison

Neither VXZ nor VIXM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both VXZ and VIXM in my portfolio?

With a correlation of 0.95, VXZ 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.

Which is riskier, VXZ or VIXM?

VXZ has higher volatility (3.73%) compared to VIXM (3.29%). In terms of maximum drawdown, VXZ dropped -69.00% vs VIXM's -96.23%.

Which has better risk-adjusted returns?

VXZ currently has the higher Sharpe Ratio (-0.45 vs -0.48), 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.