^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 -2.27%/yr vs -45.02%/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 7.37% return, which is significantly higher than REW's -43.46% return. Over the past 10 years, ^VVIX has outperformed REW with an annualized return of -2.27%, while REW has yielded a comparatively lower -45.02% annualized return.
^VVIX
- 1D
- 8.48%
- 1M
- 9.15%
- YTD
- 7.37%
- 6M
- 16.87%
- 1Y
- -4.62%
- 3Y*
- 2.52%
- 5Y*
- -1.60%
- 10Y*
- -2.27%
REW
- 1D
- 8.41%
- 1M
- -7.69%
- YTD
- -43.46%
- 6M
- -41.80%
- 1Y
- -59.92%
- 3Y*
- -45.10%
- 5Y*
- -37.89%
- 10Y*
- -45.02%
^VVIX vs. REW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^VVIX Cboe VVIX Index | 7.37% | -11.18% | 19.97% | 12.86% | -29.74% | -1.96% | 18.87% | 8.02% | -13.55% | 10.00% |
REW ProShares UltraShort Technology | -43.46% | -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 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
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 | +1.21 | ||
| Sortino ratioReturn per unit of downside risk | +2.90 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 0.75 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.12 | -0.96 | +0.84 |
| Martin ratioReturn relative to average drawdown | -0.21 | -2.00 | +1.80 |
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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% | -62.81% | +23.87% |
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 DrawdownCurrent decline from peak | -52.07% | -99.99% | +47.92% |
Average DrawdownAverage peak-to-trough decline | -43.95% | -86.90% | +42.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.89% | 32.15% | -9.26% |
Volatility
^VVIX vs. REW - Volatility Comparison
Cboe VVIX Index (^VVIX) has a higher volatility of 31.77% compared to ProShares UltraShort Technology (REW) at 24.81%. This indicates that ^VVIX's price experiences larger fluctuations and is considered to be riskier than REW based on this measure. 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 | 31.77% | 24.81% | +6.96% |
Volatility (6M)Calculated over the trailing 6-month period | 65.40% | 39.86% | +25.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 87.12% | 47.48% | +39.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 88.17% | 52.55% | +35.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 86.12% | 49.30% | +36.82% |
Frequently Asked Questions
^VVIX and REW have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^VVIX has higher volatility (31.77%) compared to REW (24.81%). In terms of maximum drawdown, ^VVIX dropped -64.71% vs REW's -99.99%.
^VVIX currently has the higher Sharpe Ratio (-0.05 vs -1.27), 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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