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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in iPath Series B S&P 500 VIX Short-Term Futures ETN, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has returned 34.87% so far this year and -30.64% over the past 12 months. Over the last ten years, VXX has returned -46.19% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.
iPath Series B S&P 500 VIX Short-Term Futures ETN
- 1D
- -8.84%
- 1M
- 23.53%
- YTD
- 34.87%
- 6M
- 7.66%
- 1Y
- -30.64%
- 3Y*
- -41.64%
- 5Y*
- -44.97%
- 10Y*
- -46.19%
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Jan 30, 2009, VXX's average daily return is -0.19%, while the average monthly return is -4.31%.
Historically, 32% of months were positive and 68% were negative. The best month was Mar 2020 with a return of +102.8%, while the worst month was Nov 2020 at -35.2%. The longest winning streak lasted 4 consecutive months, and the longest losing streak was 12 months.
On a daily basis, VXX closed higher 41% of trading days. The best single day was Aug 5, 2024 with a return of +39.2%, while the worst single day was Apr 9, 2025 at -20.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 3.89% | 5.09% | 23.53% | 34.87% | |||||||||
| 2025 | -3.67% | 3.88% | 12.31% | 25.59% | -16.72% | -10.74% | -11.63% | -14.58% | -8.57% | 2.53% | -5.59% | -17.54% | -42.21% |
| 2024 | -2.51% | -10.38% | -4.35% | 4.93% | -15.28% | -5.29% | 5.88% | -3.78% | 11.46% | 16.67% | -26.41% | 7.55% | -26.22% |
| 2023 | -19.83% | 1.94% | -2.71% | -15.70% | -8.98% | -27.45% | -9.60% | -4.87% | 8.47% | 0.56% | -26.27% | -10.24% | -72.52% |
| 2022 | 15.54% | 12.10% | 7.08% | 7.82% | -18.59% | 2.30% | -9.27% | -8.12% | 10.24% | -16.74% | -15.52% | -5.36% | -23.80% |
| 2021 | 25.55% | -23.96% | -28.88% | -11.93% | -13.60% | -15.10% | 2.55% | -15.62% | 9.18% | -22.96% | 18.75% | -27.22% | -72.41% |
Benchmark Metrics
iPath Series B S&P 500 VIX Short-Term Futures ETN has an annualized alpha of -8.60%, beta of -2.91, and R² of 0.59 versus S&P 500 Index. Calculated based on daily prices since February 02, 2009.
- This ETF tended to rise when S&P 500 Index fell (downside capture of -618.06%), but participation in market rallies was also limited (-163.65%) — a profile typical of counter-cyclical assets.
- This ETF had an annualized alpha of -8.60% versus S&P 500 Index — delivering less than market exposure alone would predict.
- Beta of -2.91 indicates this ETF moves significantly less than S&P 500 Index — a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- -8.60%
- Beta
- -2.91
- R²
- 0.59
- Upside Capture
- -163.65%
- Downside Capture
- -618.06%
Expense Ratio
VXX has an expense ratio of 0.89%, placing it in the medium range.
Return for Risk
Risk / Return Rank
VXX ranks 6 for risk / return — in the bottom 6% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and compare them to a chosen benchmark (S&P 500 Index).
| VXX | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.41 | 0.90 | -1.31 |
Sortino ratioReturn per unit of downside risk | -0.19 | 1.39 | -1.58 |
Omega ratioGain probability vs. loss probability | 0.98 | 1.21 | -0.23 |
Calmar ratioReturn relative to maximum drawdown | -0.44 | 1.40 | -1.84 |
Martin ratioReturn relative to average drawdown | -0.56 | 6.61 | -7.17 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore VXX risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the iPath Series B S&P 500 VIX Short-Term Futures ETN. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the iPath Series B S&P 500 VIX Short-Term Futures ETN was 100.00%, occurring on Jan 9, 2026. The portfolio has not yet recovered.
The current iPath Series B S&P 500 VIX Short-Term Futures ETN drawdown is 100.00%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -100% | Feb 24, 2009 | 4247 | Jan 9, 2026 | — | — | — |
| -6.55% | Feb 2, 2009 | 5 | Feb 6, 2009 | 2 | Feb 10, 2009 | 7 |
| -2.5% | Feb 11, 2009 | 3 | Feb 13, 2009 | 1 | Feb 17, 2009 | 4 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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