^VVIX vs. VOO

Last updated Jun 5, 2026

^VVIX (CBOE VIX Volatility 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 0.61%/yr vs 15.55%/yr for VOO. At a correlation of -0.65, they often move in opposite directions.

Performance

^VVIX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CBOE VIX Volatility Index (^VVIX) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^VVIX achieves a -7.47% return, which is significantly lower than VOO's 11.34% return. Over the past 10 years, ^VVIX has underperformed VOO with an annualized return of 0.61%, while VOO has yielded a comparatively higher 15.55% annualized return.

^VVIX

• 1D: -4.51%
• 1M: -9.98%
• YTD: -7.47%
• 6M: -6.06%
• 1Y: -5.55%
• 3Y*: -0.01%
• 5Y*: -4.54%
• 10Y*: 0.61%

VOO

• 1D: 0.39%
• 1M: 4.62%
• YTD: 11.34%
• 6M: 11.27%
• 1Y: 28.62%
• 3Y*: 22.68%
• 5Y*: 13.98%
• 10Y*: 15.55%

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

^VVIX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^VVIX CBOE VIX Volatility Index	-7.47%	-11.18%	19.97%	12.86%	-29.74%	-1.96%	18.87%	8.02%	-13.55%	10.00%
VOO Vanguard S&P 500 ETF	11.34%	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 -0.65, 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	-0.65
Correlation (3Y) Calculated over the trailing 3-year period	-0.66
Correlation (5Y) Calculated over the trailing 5-year period	-0.65
Correlation (10Y) Calculated over the trailing 10-year period	-0.62
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010	-0.65

The correlation between ^VVIX and VOO has been stable across timeframes, ranging from -0.66 to -0.62 - a consistent structural relationship.

Return for Risk

^VVIX vs. VOO — Risk / Return Rank

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

^VVIX

^VVIX Risk / Return Rank: 14
^VVIX Sharpe Ratio Rank: 10
^VVIX Sortino Ratio Rank: 22
^VVIX Omega Ratio Rank: 22
^VVIX Calmar Ratio Rank: 8
^VVIX Martin Ratio Rank: 9

VOO

VOO Risk / Return Rank: 74
VOO Sharpe Ratio Rank: 76
VOO Sortino Ratio Rank: 75
VOO Omega Ratio Rank: 75
VOO Calmar Ratio Rank: 66
VOO Martin Ratio Rank: 78

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CBOE VIX Volatility 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.

	^VVIX	VOO	Difference
Sharpe ratio: Return per unit of total volatility	-0.07	2.44	-2.50
Sortino ratio: Return per unit of downside risk	0.51	3.31	-2.80
Omega ratio: Gain probability vs. loss probability	1.06	1.44	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.14	3.23	-3.37
Martin ratio: Return relative to average drawdown	-0.24	15.03	-15.27
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. VOO - Sharpe Ratio Comparison

The current ^VVIX Sharpe Ratio is -0.07, which is lower than the VOO Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of ^VVIX and VOO, 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	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.07	2.44	-2.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.05	0.84	-0.89
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.01	0.87	-0.86
Sharpe Ratio (All Time) Calculated using the full available price history	0.01	0.89	-0.88

Drawdowns

^VVIX vs. VOO - Drawdown Comparison

The maximum ^VVIX drawdown since its inception was -78.10%, 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.

Drawdown Indicators

	^VVIX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-78.10%	-33.99%	-44.11%
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 Drawdown Current decline from peak	-58.69%	-0.32%	-58.37%
Average Drawdown Average peak-to-trough decline	-43.41%	-3.69%	-39.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.20%	1.91%	+21.29%

Volatility

^VVIX vs. VOO - Volatility Comparison

CBOE VIX Volatility Index (^VVIX) has a higher volatility of 12.53% compared to Vanguard S&P 500 ETF (VOO) at 2.78%. 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.

Volatility by Period

	^VVIX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.53%	2.78%	+9.75%
Volatility (6M) Calculated over the trailing 6-month period	59.37%	8.90%	+50.47%
Volatility (1Y) Calculated over the trailing 1-year period	82.86%	11.80%	+71.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	87.13%	16.81%	+70.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	85.80%	18.00%	+67.80%

Frequently Asked Questions

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

^VVIX and VOO have a correlation of -0.65, 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 VOO?

^VVIX has higher volatility (12.53%) compared to VOO (2.78%). In terms of maximum drawdown, ^VVIX dropped -78.10% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.44 vs -0.07), 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.