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

In the 21 weeks the S&P 500 fell, by 1.18% a week on average, VIXM averaged +0.79% and VXZ +0.77%, so VIXM returned more in those weeks.

Which earned more than cash, VIXM or VXZ?

Over the same weeks, VIXM finished 25.7 percentage points behind cash and VXZ finished 25.3 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

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VIXM vs VXZ: which moved less with stocks?

Over the year to Oct 9, 2026, VXZ moved less with the S&P 500 than VIXM: correlation −0.65 against −0.64. ProShares VIX Mid-Term Futures ETF and iPath Series B S&P 500 VIX Mid-Term Futures ETN.

Their one-year returns differ by 0.6 points.

	VIXM	VXZ
Expense ratio	0.85%	not published
Net assets	$49m	not read by ETFIQ
Total return, 1 year	−20.0%	−19.4%
Holdings in common	not published
Beta to the S&P 500	−0.82: about 0.82% for each 1%	−0.82: about 0.82% for each 1%
Its average week when the S&P 500 fell	rose 0.79%	rose 0.77%
Treasury bills, 52 weeks	+3.7%

−0.64

VIXM correlation with the S&P 500

−0.65

VXZ correlation with the S&P 500

−66.6%

VIXM down-week capture

−65.0%

VXZ 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%.

VXZRose when the S&P 500 fell

VXZ in the 21 weeks SPY fell, year to Oct 9, 2026: SPY averaged −1.18%, VXZ +0.77%.

One strategy, two funds

VIXM and VXZ 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 VXZ’s −0.65. In the 21 weeks the index fell, by 1.18% a week on average, VIXM averaged +0.79% and VXZ +0.77%. Over the same weeks, VIXM finished 25.7 percentage points behind cash and VXZ finished 25.3 points behind cash.

Performance, window by window

	Total return		vs the S&P 500
Window	VIXM	VXZ	VIXM	VXZ
3 months	−10.4%	−10.6%	−13.8 pts	−13.9 pts
6 months	−20.2%	−19.7%	−35.3 pts	−34.9 pts
1 year	−20.0%	−19.4%	−37.2 pts	−36.6 pts
3 years	−34.0%	−32.8%	−119.8 pts	−118.5 pts
Since launch VIXM Jan 2011 · VXZ Jan 2018	−96.0%	−33.2%	−804.4 pts	−251.9 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

VXZ

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

Issuer ProShares iPath

Strategy Volatility Volatility

Correlation with the S&P 500 −0.64 −0.65

Beta to the S&P 500 −0.82 −0.82

Down-week capture −66.6% −65.0%

Average week when the S&P 500 fell +0.79% +0.77%

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

Total return, same 52 weeks −22.1% −21.7%

Against T-bills, percentage points −25.7 pts −25.3 pts

Expense ratio 0.85% not published

First traded Jan 4, 2011 Jan 18, 2018

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 Mid-Term Futures Index TR

Daily multiple it seeks +1x +1x

Total return, 1 year −19.7% −19.2%

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

Difference from its index, percentage points −1.1 pts −0.7 pts

Spot VIX, same year −5.5% −5.5%

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

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.

VXZ in plain words

VXZ is a volatility fund. Over the year to Oct 9, 2026, its weekly returns had a correlation of −0.65 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. In the same weeks VXZ rose 0.77% on average, a down-week capture of −65.0%. Over the same 52 weeks VXZ returned −21.7% and a Treasury bill fund +3.7%, so it finished 25.3 percentage points behind cash.

Questions people ask

Which moved less with the S&P 500, VIXM or VXZ?: Over the 52 weeks to Oct 9, 2026, VIXM’s weekly returns had a correlation of −0.64 with the S&P 500 and VXZ’s −0.65, so VXZ moved less with the index.
Which did better when the S&P 500 fell, VIXM or VXZ?: In the 21 weeks the S&P 500 fell, by 1.18% a week on average, VIXM averaged +0.79% and VXZ +0.77%, so VIXM returned more in those weeks.
Which earned more than cash, VIXM or VXZ?: Over the same weeks, VIXM finished 25.7 percentage points behind cash and VXZ finished 25.3 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Other comparisons

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

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →VIXM on its own →VXZ 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 ↗VXZ 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 VXZ, data as of Oct 9, 2026. https://etfiq.com/compare/alternatives/vixm-vs-vxz

Open data

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