ZVOL vs. VIXM
ZVOL (Volatility Premium Plus ETF) and VIXM (ProShares VIX Mid-Term Futures ETF) are both Volatility funds - ZVOL tracks the S&P 500 VIX Mid Term Futures Inverse Daily Index while VIXM tracks the S&P 500 VIX Mid-Term Futures Index. Both are passively managed. Over the past 3 years, ZVOL returned 9.26%/yr vs -13.22%/yr for VIXM. At a correlation of -0.96, they often move in opposite directions. ZVOL charges 1.35%/yr vs 0.85%/yr for VIXM.
Performance
ZVOL vs. VIXM - Performance Comparison
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Returns By Period
In the year-to-date period, ZVOL achieves a -2.29% return, which is significantly lower than VIXM's 1.31% return.
ZVOL
- 1D
- -0.60%
- 1M
- 2.30%
- YTD
- -2.29%
- 6M
- 2.14%
- 1Y
- 8.27%
- 3Y*
- 9.26%
- 5Y*
- —
- 10Y*
- —
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%
ZVOL vs. VIXM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZVOL Volatility Premium Plus ETF | -2.29% | -10.71% | 9.27% | 51.65% |
VIXM ProShares VIX Mid-Term Futures ETF | 1.31% | 5.60% | -13.67% | -36.04% |
Correlation
The correlation between ZVOL and VIXM is -0.94, 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 | -0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.96 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2023 | -0.96 |
The correlation between ZVOL and VIXM has been stable across timeframes, ranging from -0.96 to -0.94 - a consistent structural relationship.
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Return for Risk
ZVOL vs. VIXM — Risk / Return Rank
ZVOL
VIXM
ZVOL vs. VIXM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Volatility Premium Plus ETF (ZVOL) 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.
| ZVOL | VIXM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.89 | ||
| Sortino ratioReturn per unit of downside risk | +1.29 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.94 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.50 | -0.55 | +1.06 |
| Martin ratioReturn relative to average drawdown | 1.62 | -0.96 | +2.58 |
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
| ZVOL | VIXM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.44 | -0.44 | +0.89 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.44 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.34 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | -0.55 | +0.98 |
Drawdowns
ZVOL vs. VIXM - Drawdown Comparison
The maximum ZVOL drawdown since its inception was -37.25%, smaller than the maximum VIXM drawdown of -96.23%. Use the drawdown chart below to compare losses from any high point for ZVOL and VIXM.
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Drawdown Indicators
| ZVOL | VIXM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.25% | -96.23% | +58.98% |
Max Drawdown (1Y)Largest decline over 1 year | -16.46% | -15.22% | -1.24% |
Max Drawdown (3Y)Largest decline over 3 years | -37.25% | -41.41% | +4.16% |
Max Drawdown (5Y)Largest decline over 5 years | — | -63.40% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.72% | — |
Current DrawdownCurrent decline from peak | -22.17% | -95.75% | +73.58% |
Average DrawdownAverage peak-to-trough decline | -13.43% | -81.52% | +68.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.12% | 8.74% | -3.62% |
Volatility
ZVOL vs. VIXM - Volatility Comparison
Volatility Premium Plus ETF (ZVOL) has a higher volatility of 3.59% compared to ProShares VIX Mid-Term Futures ETF (VIXM) at 3.19%. This indicates that ZVOL'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
| ZVOL | VIXM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.59% | 3.19% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 13.27% | 13.91% | -0.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.74% | 18.98% | -0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.27% | 30.68% | -1.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.27% | 32.90% | -3.63% |
ZVOL vs. VIXM - Expense Ratio Comparison
ZVOL has a 1.35% expense ratio, which is higher than VIXM's 0.85% expense ratio.
Dividends
ZVOL vs. VIXM - Dividend Comparison
ZVOL's dividend yield for the trailing twelve months is around 71.14%, while VIXM has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% |
ZVOL Volatility Premium Plus ETF | 71.14% | 53.44% | 30.68% | 0.55% |
Frequently Asked Questions
ZVOL and VIXM have a correlation of -0.94, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZVOL has higher volatility (3.59%) compared to VIXM (3.19%). In terms of maximum drawdown, ZVOL dropped -37.25% vs VIXM's -96.23%.
On 3-year performance, ZVOL leads with 9.26% vs -13.22% for VIXM. 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 3-year period, ZVOL has performed better with a 9.26% return vs -13.22%. 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 1.35% for ZVOL.
ZVOL has the higher dividend yield at 71.14%, compared with 0.00% for VIXM.
ZVOL tracks S&P 500 VIX Mid Term Futures Inverse Daily Index, while VIXM tracks S&P 500 VIX Mid-Term Futures Index. They also come from different issuers: Volatility Shares and ProShares. Their fees differ too: 1.35% for ZVOL and 0.85% for VIXM.
ZVOL currently has the higher Sharpe Ratio (0.44 vs -0.44), 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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