To hedge market crash, VIXM or VIY?

VIX options/futures can be difficult to monetize because volatility spikes tend to be short-lived, bid-ask spreads widen, and realized volatility doesn’t necessarily translate to the mix of options used to compute VIX.

The market might sell off or grind lower without a meaningful spike in volatility/VIX.

Finally, while they’re somewhat correlated, VIX might turn out to be a poor hedge against a decline in Canadian equities.

Your question is likely off topic but I’d consider a) why you want to hedge at all, if you’re investing for the long-term (dollar cost averaging or geographic/asset class diversification might suit you better) b) whether other instruments are more suitable (e.g. buying put options and/or selling OTM call options on Canadian equities)