^VVIX vs. REW
^VVIX (Cboe VVIX 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 0.68%/yr vs -44.19%/yr for REW. A 0.52 correlation means they provide meaningful diversification when combined.
Performance
^VVIX vs. REW - Performance Comparison
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Returns By Period
In the year-to-date period, ^VVIX achieves a 2.82% return, which is significantly higher than REW's -42.29% return. Over the past 10 years, ^VVIX has outperformed REW with an annualized return of 0.68%, while REW has yielded a comparatively lower -44.19% annualized return.
^VVIX
- 1D
- 9.17%
- 1M
- 1.56%
- 6M
- 2.31%
- YTD
- 2.82%
- 1Y
- 1.87%
- 3Y*
- 0.14%
- 5Y*
- -4.13%
- 10Y*
- 0.68%
REW
- 1D
- 4.67%
- 1M
- 1.54%
- 6M
- -40.06%
- YTD
- -42.29%
- 1Y
- -54.60%
- 3Y*
- -43.24%
- 5Y*
- -36.57%
- 10Y*
- -44.19%
^VVIX vs. REW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^VVIX Cboe VVIX Index | 2.82% | -11.18% | 19.97% | 12.86% | -29.74% | -1.96% | 18.87% | 8.02% | -13.55% | 10.00% |
REW ProShares UltraShort Technology | -42.29% | -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 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
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 2, 2007 | 0.52 |
The correlation between ^VVIX and REW has been stable across timeframes, ranging from 0.52 to 0.58 - a consistent structural relationship.
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Return for Risk
^VVIX vs. REW — Risk / Return Rank
^VVIX
REW
^VVIX vs. REW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cboe VVIX 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ^VVIX | REW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.13 | ||
| Sortino ratioReturn per unit of downside risk | +2.59 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 0.80 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 0.05 | -0.91 | +0.96 |
| Martin ratioReturn relative to average drawdown | 0.08 | -1.87 | +1.95 |
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Drawdowns
^VVIX vs. REW - Drawdown Comparison
The maximum ^VVIX drawdown since its inception was -64.71%, 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.
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Drawdown Indicators
| ^VVIX | REW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.71% | -99.99% | +35.28% |
Max Drawdown (1Y)Largest decline over 1 year | -38.94% | -60.36% | +21.42% |
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% | -99.74% | +35.03% |
Current DrawdownCurrent decline from peak | -54.10% | -99.99% | +45.89% |
Average DrawdownAverage peak-to-trough decline | -43.98% | -86.93% | +42.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.02% | 29.22% | -5.20% |
Volatility
^VVIX vs. REW - Volatility Comparison
Cboe VVIX Index (^VVIX) and ProShares UltraShort Technology (REW) have volatilities of 22.54% and 22.46%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ^VVIX | REW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.54% | 22.46% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 65.20% | 42.06% | +23.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 86.83% | 49.45% | +37.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 88.19% | 52.93% | +35.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 86.07% | 49.44% | +36.63% |
Frequently Asked Questions
^VVIX and REW have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^VVIX has higher volatility (22.54%) compared to REW (22.46%). In terms of maximum drawdown, ^VVIX dropped -64.71% vs REW's -99.99%.
^VVIX currently has the higher Sharpe Ratio (0.02 vs -1.11), 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.
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