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

In the 21 weeks the S&P 500 fell, by 1.18% a week on average, VIXM averaged +0.79% and VXX +2.89%, so VXX returned more in those weeks.

Which earned more than cash, VIXM or VXX?

Over the same weeks, VIXM finished 25.7 percentage points behind cash and VXX finished 58.3 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Share on X Download as PDF Open live Ask about these two funds

VIXM vs VXX: which moved less with stocks?

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

Their one-year returns differ by 28.9 points.

	VIXM	VXX
Expense ratio	0.85%	not published
Net assets	$49m	not read by ETFIQ
Total return, 1 year	−20.0%	−48.9%
Holdings in common	not published
Beta to the S&P 500	−0.82: about 0.82% for each 1%	−2.60: about 2.60% for each 1%
Its average week when the S&P 500 fell	rose 0.79%	rose 2.89%
Treasury bills, 52 weeks	+3.7%

−0.64

VIXM correlation with the S&P 500

−0.72

VXX correlation with the S&P 500

−66.6%

VIXM down-week capture

−244.7%

VXX 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%.

VXXRose when the S&P 500 fell

VXX in the 21 weeks SPY fell, year to Oct 9, 2026: SPY averaged −1.18%, VXX +2.89%.

One strategy, two funds

VIXM and VXX 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 VXX’s −0.72. In the 21 weeks the index fell, by 1.18% a week on average, VIXM averaged +0.79% and VXX +2.89%. Over the same weeks, VIXM finished 25.7 percentage points behind cash and VXX finished 58.3 points behind cash.

Performance, window by window

	Total return		vs the S&P 500
Window	VIXM	VXX	VIXM	VXX
3 months	−10.4%	−19.6%	−13.8 pts	−23.0 pts
6 months	−20.2%	−44.8%	−35.3 pts	−59.9 pts
1 year	−20.0%	−48.9%	−37.2 pts	−66.1 pts
3 years	−34.0%	−81.2%	−119.8 pts	−166.9 pts
Since launch VIXM Jan 2011 · VXX Jan 2009	−96.0%	−100.0%	−804.4 pts	−1,293.0 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

VXX

iPath Series B S&P 500 VIX Short-Term Futures ETN · Volatility exchange traded note: tracks the S&P 500 VIX Short-Term Futures Index TR

Issuer ProShares iPath

Strategy Volatility Volatility

Correlation with the S&P 500 −0.64 −0.72

Beta to the S&P 500 −0.82 −2.60

Down-week capture −66.6% −244.7%

Average week when the S&P 500 fell +0.79% +2.89%

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

Total return, same 52 weeks −22.1% −54.7%

Against T-bills, percentage points −25.7 pts −58.3 pts

Expense ratio 0.85% not published

First traded Jan 4, 2011 Jan 30, 2009

Structure commodity pool registered under the 1933 Act exchange traded note

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

Daily multiple it seeks +1x +1x

Total return, 1 year −19.7% −48.1%

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 −0.5 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 not read by ETFIQ

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.

VXX in plain words

VXX 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 −2.60, so for each 1% the index moved it moved about 2.60% the other way. In the same weeks VXX rose 2.89% on average, a down-week capture of −244.7%. Over the same 52 weeks VXX returned −54.7% and a Treasury bill fund +3.7%, so it finished 58.3 percentage points behind cash.

Questions people ask

Which moved less with the S&P 500, VIXM or VXX?: Over the 52 weeks to Oct 9, 2026, VIXM’s weekly returns had a correlation of −0.64 with the S&P 500 and VXX’s −0.72, so VXX moved less with the index.
Which did better when the S&P 500 fell, VIXM or VXX?: In the 21 weeks the S&P 500 fell, by 1.18% a week on average, VIXM averaged +0.79% and VXX +2.89%, so VXX returned more in those weeks.
Which earned more than cash, VIXM or VXX?: Over the same weeks, VIXM finished 25.7 percentage points behind cash and VXX finished 58.3 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Other comparisons

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

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

Where these figures came from

VIXM filings on SEC EDGAR ↗ProShares page for VIXM ↗VXX filings on SEC EDGAR ↗

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 VXX, data as of Oct 9, 2026. https://etfiq.com/compare/alternatives/vixm-vs-vxx

Open data

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