^VVIX vs. VIXY
^VVIX (Cboe VVIX Index) is an index, while VIXY (ProShares VIX Short-Term Futures ETF) is Volatility fund tracking the S&P 500 VIX Short-Term Futures Index. Over the past 10 years, ^VVIX returned -2.27%/yr vs -48.59%/yr for VIXY. A 0.78 correlation means they provide meaningful diversification when combined.
Performance
^VVIX vs. VIXY - 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 VIXY's -10.37% return. Over the past 10 years, ^VVIX has outperformed VIXY with an annualized return of -2.27%, while VIXY has yielded a comparatively lower -48.59% 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%
VIXY
- 1D
- 5.17%
- 1M
- -9.63%
- YTD
- -10.37%
- 6M
- -12.36%
- 1Y
- -55.30%
- 3Y*
- -39.97%
- 5Y*
- -45.65%
- 10Y*
- -48.59%
^VVIX vs. VIXY - 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% |
VIXY ProShares VIX Short-Term Futures ETF | -10.37% | -43.05% | -27.43% | -72.74% | -24.98% | -72.40% | 10.54% | -67.81% | 66.78% | -72.78% |
Correlation
The correlation between ^VVIX and VIXY is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011 | 0.78 |
The correlation between ^VVIX and VIXY shifts across timeframes, from 0.78 (10 years) to 0.88 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
^VVIX vs. VIXY — Risk / Return Rank
^VVIX
VIXY
^VVIX vs. VIXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cboe VVIX Index (^VVIX) and ProShares VIX Short-Term Futures ETF (VIXY). 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 | VIXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.93 | ||
| Sortino ratioReturn per unit of downside risk | +2.18 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 0.82 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.12 | -1.02 | +0.90 |
| Martin ratioReturn relative to average drawdown | -0.21 | -1.56 | +1.35 |
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Drawdowns
^VVIX vs. VIXY - Drawdown Comparison
The maximum ^VVIX drawdown since its inception was -64.71%, smaller than the maximum VIXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ^VVIX and VIXY.
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Drawdown Indicators
| ^VVIX | VIXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.71% | -100.00% | +35.29% |
Max Drawdown (1Y)Largest decline over 1 year | -38.94% | -54.55% | +15.61% |
Max Drawdown (3Y)Largest decline over 3 years | -52.75% | -79.94% | +27.19% |
Max Drawdown (5Y)Largest decline over 5 years | -53.07% | -96.20% | +43.13% |
Max Drawdown (10Y)Largest decline over 10 years | -64.71% | -99.88% | +35.17% |
Current DrawdownCurrent decline from peak | -52.07% | -100.00% | +47.93% |
Average DrawdownAverage peak-to-trough decline | -43.95% | -92.19% | +48.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.89% | 39.74% | -16.85% |
Volatility
^VVIX vs. VIXY - Volatility Comparison
Cboe VVIX Index (^VVIX) has a higher volatility of 31.77% compared to ProShares VIX Short-Term Futures ETF (VIXY) at 17.03%. This indicates that ^VVIX's price experiences larger fluctuations and is considered to be riskier than VIXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ^VVIX | VIXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 31.77% | 17.03% | +14.74% |
Volatility (6M)Calculated over the trailing 6-month period | 65.40% | 43.99% | +21.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 87.12% | 56.44% | +30.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 88.17% | 70.37% | +17.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 86.12% | 71.94% | +14.18% |
Frequently Asked Questions
^VVIX and VIXY have a correlation of 0.88, 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 VIXY (17.03%). In terms of maximum drawdown, ^VVIX dropped -64.71% vs VIXY's -100.00%.
^VVIX currently has the higher Sharpe Ratio (-0.05 vs -0.98), 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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