Which did better when the S&P 500 fell, VIXM or VIXY?

In the 21 weeks the S&P 500 fell, by 1.18% a week on average, VIXM averaged +0.79% and VIXY +2.85%, so VIXY returned more in those weeks.

Which earned more than cash, VIXM or VIXY?

Over the same weeks, VIXM finished 25.7 percentage points behind cash and VIXY finished 58.9 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, VIXM or VIXY?

VIXM and VIXY both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

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VIXM vs VIXY: which moved less with stocks?

Over the year to Oct 9, 2026, VIXY moved less with the S&P 500 than VIXM: correlation −0.72 against −0.64. ProShares VIX Mid-Term Futures ETF and ProShares VIX Short-Term Futures ETF.

Both cost 0.85% a year; their one-year returns differ by 29.6 points; VIXY is 4.5 times larger.

	VIXM	VIXY
Expense ratio	0.85%	0.85%
Net assets	$49m	$221m
Total return, 1 year	−20.0%	−49.6%
Holdings in common	not published
Beta to the S&P 500	−0.82: about 0.82% for each 1%	−2.62: about 2.62% for each 1%
Its average week when the S&P 500 fell	rose 0.79%	rose 2.85%
Treasury bills, 52 weeks	+3.7%

−0.64

VIXM correlation with the S&P 500

−0.72

VIXY correlation with the S&P 500

−66.6%

VIXM down-week capture

−241.3%

VIXY down-week capture

VIXMRose when the S&P 500 fell

VIXM in the 21 weeks SPY fell, year to Oct 9, 2026: SPY averaged −1.18%, VIXM +0.79%.

VIXYRose when the S&P 500 fell

VIXY in the 21 weeks SPY fell, year to Oct 9, 2026: SPY averaged −1.18%, VIXY +2.85%.

One strategy, two funds

VIXM and VIXY both run a volatility strategy. Over the same 52 weeks to Oct 9, 2026, VIXM’s weekly returns had a correlation of −0.64 with the S&P 500 and VIXY’s −0.72. In the 21 weeks the index fell, by 1.18% a week on average, VIXM averaged +0.79% and VIXY +2.85%. Over the same weeks, VIXM finished 25.7 percentage points behind cash and VIXY finished 58.9 points behind cash.

Performance, window by window

	Total return		vs the S&P 500
Window	VIXM	VIXY	VIXM	VIXY
3 months	−10.4%	−19.9%	−13.8 pts	−23.2 pts
6 months	−20.2%	−45.2%	−35.3 pts	−60.4 pts
1 year	−20.0%	−49.6%	−37.2 pts	−66.9 pts
3 years	−34.0%	−81.9%	−119.8 pts	−167.7 pts
Since launch VIXM Jan 2011 · VIXY Jan 2011	−96.0%	−100.0%	−804.4 pts	−808.4 pts

Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

VIXM

ProShares VIX Mid-Term Futures ETF · Volatility commodity pool: tracks the S&P 500 VIX Mid-Term Futures Index

VIXY

ProShares VIX Short-Term Futures ETF · Volatility commodity pool: tracks the S&P 500 VIX Short-Term Futures Index

Issuer ProShares ProShares

Strategy Volatility Volatility

Correlation with the S&P 500 −0.64 −0.72

Beta to the S&P 500 −0.82 −2.62

Down-week capture −66.6% −241.3%

Average week when the S&P 500 fell +0.79% +2.85%

The S&P 500 in those weeks −1.18% −1.18%

Total return, same 52 weeks −22.1% −55.2%

Against T-bills, percentage points −25.7 pts −58.9 pts

Expense ratio 0.85% 0.85%

First traded Jan 4, 2011 Jan 4, 2011

Structure commodity pool registered under the 1933 Act commodity pool registered under the 1933 Act

Index its filing names S&P 500 VIX Mid-Term Futures Index S&P 500 VIX Short-Term Futures Index

Daily multiple it seeks +1x +1x

Total return, 1 year −19.7% −48.9%

Its index rebuilt by ETFIQ from Cboe VIX futures settlements, 1 year −18.6% −47.6%

Difference from its index, percentage points −1.1 pts −1.3 pts

Spot VIX, same year −5.5% −5.5%

Roll of the VIX futures it holds, 1 year −15.8% −47.4%

Paid out, 1 year, % of starting price not available not available

Net assets $49m $221m

As of Oct 9, 2026. Source: ETFIQ.

VIXM in plain words

VIXM is a volatility fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Oct 9, 2026, its weekly returns had a correlation of −0.64 with the S&P 500’s and a beta of −0.82, so for each 1% the index moved it moved about 0.82% the other way. The S&P 500 fell in 21 of those 52 weeks, by 1.18% on average. In the same weeks VIXM rose 0.79% on average, a down-week capture of −66.6%. Over the same 52 weeks VIXM returned −22.1% and a Treasury bill fund +3.7%, so it finished 25.7 percentage points behind cash.

VIXY in plain words

VIXY is a volatility fund. Over the year to Oct 9, 2026, its weekly returns had a correlation of −0.72 with the S&P 500’s and a beta of −2.62, so for each 1% the index moved it moved about 2.62% the other way. In the same weeks VIXY rose 2.85% on average, a down-week capture of −241.3%. Over the same 52 weeks VIXY returned −55.2% and a Treasury bill fund +3.7%, so it finished 58.9 percentage points behind cash.

Questions people ask

Which moved less with the S&P 500, VIXM or VIXY?: Over the 52 weeks to Oct 9, 2026, VIXM’s weekly returns had a correlation of −0.64 with the S&P 500 and VIXY’s −0.72, so VIXY moved less with the index.
Which did better when the S&P 500 fell, VIXM or VIXY?: In the 21 weeks the S&P 500 fell, by 1.18% a week on average, VIXM averaged +0.79% and VIXY +2.85%, so VIXY returned more in those weeks.
Which earned more than cash, VIXM or VIXY?: Over the same weeks, VIXM finished 25.7 percentage points behind cash and VIXY finished 58.9 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, VIXM or VIXY?: VIXM and VIXY both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

VIXM vs VXX VIXM vs VXZ VIXY vs VXX VIXY vs VXZ

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →VIXM on its own →VIXY on its own →How every figure is computed →Standards and sources →

Where these figures came from

VIXM and VIXY filings on SEC EDGAR ↗ProShares page for VIXM ↗ProShares page for VIXY ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, VIXM against VIXY, data as of Oct 9, 2026. https://etfiq.com/compare/alternatives/vixm-vs-vixy

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.