^VVIX vs. REW

Last updated Jun 4, 2026

^VVIX (CBOE VIX Volatility Index) is an index, while REW (ProShares UltraShort Technology) is Leveraged Equities fund tracking the Dow Jones U.S. Technology Index (-200%). Over the past 10 years, ^VVIX returned 1.28%/yr vs -45.16%/yr for REW. A 0.52 correlation means they provide meaningful diversification when combined.

Performance

^VVIX vs. REW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CBOE VIX Volatility Index (^VVIX) and ProShares UltraShort Technology (REW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^VVIX achieves a -3.10% return, which is significantly higher than REW's -48.44% return. Over the past 10 years, ^VVIX has outperformed REW with an annualized return of 1.28%, while REW has yielded a comparatively lower -45.16% annualized return.

^VVIX

• 1D: -0.81%
• 1M: -8.64%
• YTD: -3.10%
• 6M: -2.80%
• 1Y: -1.20%
• 3Y*: 1.39%
• 5Y*: -3.65%
• 10Y*: 1.28%

REW

• 1D: 2.13%
• 1M: -32.71%
• YTD: -48.44%
• 6M: -47.77%
• 1Y: -65.29%
• 3Y*: -47.19%
• 5Y*: -40.21%
• 10Y*: -45.16%

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

^VVIX vs. REW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^VVIX CBOE VIX Volatility Index	-3.10%	-11.18%	19.97%	12.86%	-29.74%	-1.96%	18.87%	8.02%	-13.55%	10.00%
REW ProShares UltraShort Technology	-48.44%	-43.15%	-33.70%	-61.35%	65.72%	-53.61%	-71.34%	-56.83%	-10.02%	-49.11%

Correlation

The correlation between ^VVIX and REW is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Feb 5, 2007	0.52

The correlation between ^VVIX and REW has been stable across timeframes, ranging from 0.52 to 0.57 - a consistent structural relationship.

Return for Risk

^VVIX vs. REW — Risk / Return Rank

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

^VVIX

^VVIX Risk / Return Rank: 15
^VVIX Sharpe Ratio Rank: 11
^VVIX Sortino Ratio Rank: 22
^VVIX Omega Ratio Rank: 22
^VVIX Calmar Ratio Rank: 10
^VVIX Martin Ratio Rank: 11

REW

REW Risk / Return Rank: 0
REW Sharpe Ratio Rank: 0
REW Sortino Ratio Rank: 0
REW Omega Ratio Rank: 0
REW Calmar Ratio Rank: 0
REW Martin Ratio Rank: 0

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.

^VVIX vs. REW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CBOE VIX Volatility Index (^VVIX) and ProShares UltraShort Technology (REW). 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.

	^VVIX	REW	Difference
Sharpe ratio: Return per unit of total volatility	-0.01	-1.56	+1.54
Sortino ratio: Return per unit of downside risk	0.59	-3.03	+3.61
Omega ratio: Gain probability vs. loss probability	1.07	0.69	+0.38
Calmar ratio: Return relative to maximum drawdown	-0.03	-0.99	+0.96
Martin ratio: Return relative to average drawdown	-0.05	-2.00	+1.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^VVIX vs. REW - Sharpe Ratio Comparison

The current ^VVIX Sharpe Ratio is -0.01, which is higher than the REW Sharpe Ratio of -1.56. The chart below compares the historical Sharpe Ratios of ^VVIX and REW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	^VVIX	REW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.01	-1.56	+1.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	-0.78	+0.74
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.01	-0.93	+0.94
Sharpe Ratio (All Time) Calculated using the full available price history	0.01	-0.79	+0.80

Drawdowns

^VVIX vs. REW - Drawdown Comparison

The maximum ^VVIX drawdown since its inception was -78.10%, smaller than the maximum REW drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for ^VVIX and REW.

Drawdown Indicators

	^VVIX	REW	Difference
Max Drawdown Largest peak-to-trough decline	-78.10%	-99.99%	+21.89%
Max Drawdown (1Y) Largest decline over 1 year	-38.94%	-66.25%	+27.31%
Max Drawdown (3Y) Largest decline over 3 years	-52.75%	-86.76%	+34.01%
Max Drawdown (5Y) Largest decline over 5 years	-53.07%	-93.62%	+40.55%
Max Drawdown (10Y) Largest decline over 10 years	-64.71%	-99.79%	+35.08%
Current Drawdown Current decline from peak	-56.74%	-99.99%	+43.25%
Average Drawdown Average peak-to-trough decline	-43.41%	-86.88%	+43.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.07%	32.60%	-9.53%

Volatility

^VVIX vs. REW - Volatility Comparison

The current volatility for CBOE VIX Volatility Index (^VVIX) is 12.10%, while ProShares UltraShort Technology (REW) has a volatility of 14.84%. This indicates that ^VVIX experiences smaller price fluctuations and is considered to be less risky than REW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^VVIX	REW	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.10%	14.84%	-2.74%
Volatility (6M) Calculated over the trailing 6-month period	59.20%	34.14%	+25.06%
Volatility (1Y) Calculated over the trailing 1-year period	82.74%	42.11%	+40.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	87.14%	51.64%	+35.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	85.81%	48.83%	+36.98%

Frequently Asked Questions

Can I hold both ^VVIX and REW in my portfolio?

^VVIX and REW have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ^VVIX or REW?

REW has higher volatility (14.84%) compared to ^VVIX (12.10%). In terms of maximum drawdown, ^VVIX dropped -78.10% vs REW's -99.99%.

Which has better risk-adjusted returns?

^VVIX currently has the higher Sharpe Ratio (-0.01 vs -1.56), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.