^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 -2.66%/yr vs 15.60%/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 3.14% return, which is significantly lower than VOO's 8.08% return. Over the past 10 years, ^VVIX has underperformed VOO with an annualized return of -2.66%, while VOO has yielded a comparatively higher 15.60% annualized return.
^VVIX
- 1D
- -3.94%
- 1M
- 4.85%
- YTD
- 3.14%
- 6M
- 12.13%
- 1Y
- 3.56%
- 3Y*
- 1.16%
- 5Y*
- -2.03%
- 10Y*
- -2.66%
VOO
- 1D
- -0.10%
- 1M
- -1.44%
- YTD
- 8.08%
- 6M
- 6.78%
- 1Y
- 22.23%
- 3Y*
- 20.75%
- 5Y*
- 13.02%
- 10Y*
- 15.60%
^VVIX vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^VVIX Cboe VVIX Index | 3.14% | -11.18% | 19.97% | 12.86% | -29.74% | -1.96% | 18.87% | 8.02% | -13.55% | 10.00% |
VOO Vanguard S&P 500 ETF | 8.08% | 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 -0.67, 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 | -0.67 |
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 | -1.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.75 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.33 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.09 | 2.51 | -2.42 |
| Martin ratioReturn relative to average drawdown | 0.16 | 11.16 | -11.01 |
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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 | -53.96% | -3.23% | -50.73% |
Average DrawdownAverage peak-to-trough decline | -43.95% | -3.68% | -40.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.68% | 2.00% | +20.68% |
Volatility
^VVIX vs. VOO - Volatility Comparison
Cboe VVIX Index (^VVIX) has a higher volatility of 32.06% compared to Vanguard S&P 500 ETF (VOO) at 4.80%. 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 | 32.06% | 4.80% | +27.26% |
Volatility (6M)Calculated over the trailing 6-month period | 64.76% | 9.79% | +54.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 87.11% | 12.43% | +74.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 88.18% | 16.91% | +71.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 86.12% | 18.02% | +68.10% |
Frequently Asked Questions
^VVIX and VOO have a correlation of -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^VVIX has higher volatility (32.06%) compared to VOO (4.80%). In terms of maximum drawdown, ^VVIX dropped -64.71% vs VOO's -33.99%.
VOO currently has the higher Sharpe Ratio (1.80 vs 0.04), 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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