^VVIX vs. VOO
^VVIX (Cboe VVIX Index) is an index, while VOO (Vanguard S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, ^VVIX returned 0.49%/yr vs 15.20%/yr for VOO. At a correlation of -0.65, they often move in opposite directions.
Performance
^VVIX vs. VOO - Performance Comparison
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Returns By Period
In the year-to-date period, ^VVIX achieves a 0.93% return, which is significantly lower than VOO's 10.87% return. Over the past 10 years, ^VVIX has underperformed VOO with an annualized return of 0.49%, while VOO has yielded a comparatively higher 15.20% annualized return.
^VVIX
- 1D
- -1.84%
- 1M
- -0.31%
- 6M
- -7.46%
- YTD
- 0.93%
- 1Y
- -2.32%
- 3Y*
- -0.48%
- 5Y*
- -5.02%
- 10Y*
- 0.49%
VOO
- 1D
- 0.38%
- 1M
- 1.64%
- 6M
- 8.98%
- YTD
- 10.87%
- 1Y
- 21.75%
- 3Y*
- 20.31%
- 5Y*
- 13.16%
- 10Y*
- 15.20%
^VVIX vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^VVIX Cboe VVIX Index | 0.93% | -11.18% | 19.97% | 12.86% | -29.74% | -1.96% | 18.87% | 8.02% | -13.55% | 10.00% |
VOO Vanguard S&P 500 ETF | 10.87% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -4.50% | 21.77% |
Correlation
The correlation between ^VVIX and VOO is -0.68, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.62 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010 | -0.65 |
The correlation between ^VVIX and VOO has been stable across timeframes, ranging from -0.68 to -0.62 - a consistent structural relationship.
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Return for Risk
^VVIX vs. VOO — Risk / Return Rank
^VVIX
VOO
^VVIX vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cboe VVIX Index (^VVIX) and Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.77 | ||
| Sortino ratioReturn per unit of downside risk | -1.80 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.32 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.06 | 2.45 | -2.51 |
| Martin ratioReturn relative to average drawdown | -0.10 | 10.70 | -10.80 |
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Drawdowns
^VVIX vs. VOO - Drawdown Comparison
The maximum ^VVIX drawdown since its inception was -64.71%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for ^VVIX and VOO.
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Drawdown Indicators
| ^VVIX | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.71% | -33.99% | -30.72% |
Max Drawdown (1Y)Largest decline over 1 year | -38.94% | -8.90% | -30.04% |
Max Drawdown (3Y)Largest decline over 3 years | -52.75% | -18.69% | -34.06% |
Max Drawdown (5Y)Largest decline over 5 years | -53.07% | -24.52% | -28.55% |
Max Drawdown (10Y)Largest decline over 10 years | -64.71% | -33.99% | -30.72% |
Current DrawdownCurrent decline from peak | -54.94% | -0.74% | -54.20% |
Average DrawdownAverage peak-to-trough decline | -43.99% | -3.67% | -40.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.11% | 2.04% | +22.07% |
Volatility
^VVIX vs. VOO - Volatility Comparison
Cboe VVIX Index (^VVIX) has a higher volatility of 21.51% compared to Vanguard S&P 500 ETF (VOO) at 3.86%. This indicates that ^VVIX's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ^VVIX | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.51% | 3.86% | +17.65% |
Volatility (6M)Calculated over the trailing 6-month period | 65.20% | 9.96% | +55.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 86.68% | 12.51% | +74.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 88.19% | 16.93% | +71.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 86.07% | 18.00% | +68.07% |
Frequently Asked Questions
^VVIX and VOO have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^VVIX has higher volatility (21.51%) compared to VOO (3.86%). In terms of maximum drawdown, ^VVIX dropped -64.71% vs VOO's -33.99%.
VOO currently has the higher Sharpe Ratio (1.75 vs -0.03), 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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