^VIX vs. ^VXN

Last updated Apr 3, 2026

Compare and contrast key facts about CBOE Volatility Index (^VIX) and CBOE NASDAQ 100 Voltility Index (^VXN).

Performance

^VIX vs. ^VXN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CBOE Volatility Index (^VIX) and CBOE NASDAQ 100 Voltility Index (^VXN). The values are adjusted to include any dividend payments, if applicable.

^VIX vs. ^VXN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^VIX CBOE Volatility Index	59.67%	-13.83%	39.36%	-42.55%	25.84%	-24.31%	65.09%	-45.79%	130.25%	-21.37%
^VXN CBOE NASDAQ 100 Voltility Index	38.24%	-1.81%	22.96%	-41.30%	30.19%	-21.28%	59.44%	-46.28%	100.51%	-6.00%

Returns By Period

In the year-to-date period, ^VIX achieves a 59.67% return, which is significantly higher than ^VXN's 38.24% return. Over the past 10 years, ^VIX has outperformed ^VXN with an annualized return of 5.39%, while ^VXN has yielded a comparatively lower 4.84% annualized return.

^VIX

• 1D: -2.73%
• 1M: 1.27%
• YTD: 59.67%
• 6M: 43.54%
• 1Y: 10.97%
• 3Y*: 8.77%
• 5Y*: 6.61%
• 10Y*: 5.39%

^VXN

• 1D: -1.89%
• 1M: -1.71%
• YTD: 38.24%
• 6M: 35.13%
• 1Y: 14.33%
• 3Y*: 4.54%
• 5Y*: 3.10%
• 10Y*: 4.84%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

^VIX vs. ^VXN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^VIX

^VIX Risk / Return Rank: 23
^VIX Sharpe Ratio Rank: 16
^VIX Sortino Ratio Rank: 45
^VIX Omega Ratio Rank: 39
^VIX Calmar Ratio Rank: 3
^VIX Martin Ratio Rank: 10

^VXN

^VXN Risk / Return Rank: 26
^VXN Sharpe Ratio Rank: 20
^VXN Sortino Ratio Rank: 41
^VXN Omega Ratio Rank: 35
^VXN Calmar Ratio Rank: 20
^VXN Martin Ratio Rank: 17

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^VIX vs. ^VXN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CBOE Volatility Index (^VIX) and CBOE NASDAQ 100 Voltility Index (^VXN). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	^VIX	^VXN	Difference
Sharpe ratio Return per unit of total volatility	0.08	0.13	-0.05
Sortino ratio Return per unit of downside risk	1.23	1.08	+0.15
Omega ratio Gain probability vs. loss probability	1.15	1.12	+0.02
Calmar ratio Return relative to maximum drawdown	-0.38	0.15	-0.52
Martin ratio Return relative to average drawdown	-0.49	0.19	-0.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^VIX vs. ^VXN - Sharpe Ratio Comparison

The current ^VIX Sharpe Ratio is 0.08, which is lower than the ^VXN Sharpe Ratio of 0.13. The chart below compares the historical Sharpe Ratios of ^VIX and ^VXN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	^VIX	^VXN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.08	0.13	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	0.03	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.04	0.04	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.01	-0.03	+0.04

Correlation

The correlation between ^VIX and ^VXN is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

^VIX vs. ^VXN - Drawdown Comparison

The maximum ^VIX drawdown since its inception was -88.70%, roughly equal to the maximum ^VXN drawdown of -87.50%. Use the drawdown chart below to compare losses from any high point for ^VIX and ^VXN.

Drawdown Indicators

	^VIX	^VXN	Difference
Max Drawdown Largest peak-to-trough decline	-88.70%	-87.50%	-1.20%
Max Drawdown (1Y) Largest decline over 1 year	-74.26%	-61.32%	-12.94%
Max Drawdown (5Y) Largest decline over 5 years	-74.26%	-72.97%	-1.29%
Max Drawdown (10Y) Largest decline over 10 years	-85.66%	-86.01%	+0.35%
Current Drawdown Current decline from peak	-71.13%	-67.22%	-3.91%
Average Drawdown Average peak-to-trough decline	-64.04%	-69.39%	+5.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.12%	48.27%	-2.15%

Volatility

^VIX vs. ^VXN - Volatility Comparison

CBOE Volatility Index (^VIX) has a higher volatility of 47.19% compared to CBOE NASDAQ 100 Voltility Index (^VXN) at 40.80%. This indicates that ^VIX's price experiences larger fluctuations and is considered to be riskier than ^VXN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^VIX	^VXN	Difference
Volatility (1M) Calculated over the trailing 1-month period	47.19%	40.80%	+6.39%
Volatility (6M) Calculated over the trailing 6-month period	93.43%	80.87%	+12.56%
Volatility (1Y) Calculated over the trailing 1-year period	139.42%	110.87%	+28.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	125.21%	98.23%	+26.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	135.95%	108.83%	+27.12%