^VXN vs. ^VIX

Last updated Apr 3, 2026

Compare and contrast key facts about CBOE NASDAQ 100 Voltility Index (^VXN) and CBOE Volatility Index (^VIX).

Performance

^VXN vs. ^VIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CBOE NASDAQ 100 Voltility Index (^VXN) and CBOE Volatility Index (^VIX). The values are adjusted to include any dividend payments, if applicable.

^VXN vs. ^VIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^VXN CBOE NASDAQ 100 Voltility Index	38.24%	-1.81%	22.96%	-41.30%	30.19%	-21.28%	59.44%	-46.28%	100.51%	-6.00%
^VIX CBOE Volatility Index	59.67%	-13.83%	39.36%	-42.55%	25.84%	-24.31%	65.09%	-45.79%	130.25%	-21.37%

Returns By Period

In the year-to-date period, ^VXN achieves a 38.24% return, which is significantly lower than ^VIX's 59.67% return. Over the past 10 years, ^VXN has underperformed ^VIX with an annualized return of 4.84%, while ^VIX has yielded a comparatively higher 5.39% annualized return.

^VXN

• 1D: -1.89%
• 1M: -1.71%
• YTD: 38.24%
• 6M: 35.13%
• 1Y: 14.33%
• 3Y*: 4.54%
• 5Y*: 3.10%
• 10Y*: 4.84%

^VIX

• 1D: -2.73%
• 1M: 1.27%
• YTD: 59.67%
• 6M: 43.54%
• 1Y: 10.97%
• 3Y*: 8.77%
• 5Y*: 6.61%
• 10Y*: 5.39%

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

Return for Risk

^VXN vs. ^VIX — Risk / Return Rank

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

^VXN

^VXN Risk / Return Rank: 26
^VXN Sharpe Ratio Rank: 20
^VXN Sortino Ratio Rank: 41
^VXN Omega Ratio Rank: 35
^VXN Calmar Ratio Rank: 20
^VXN Martin Ratio Rank: 17

^VIX

^VIX Risk / Return Rank: 23
^VIX Sharpe Ratio Rank: 16
^VIX Sortino Ratio Rank: 45
^VIX Omega Ratio Rank: 39
^VIX Calmar Ratio Rank: 3
^VIX Martin Ratio Rank: 10

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.

^VXN vs. ^VIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CBOE NASDAQ 100 Voltility Index (^VXN) and CBOE Volatility Index (^VIX). 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.

	^VXN	^VIX	Difference
Sharpe ratio Return per unit of total volatility	0.13	0.08	+0.05
Sortino ratio Return per unit of downside risk	1.08	1.23	-0.15
Omega ratio Gain probability vs. loss probability	1.12	1.15	-0.02
Calmar ratio Return relative to maximum drawdown	0.15	-0.38	+0.52
Martin ratio Return relative to average drawdown	0.19	-0.49	+0.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^VXN vs. ^VIX - Sharpe Ratio Comparison

The current ^VXN Sharpe Ratio is 0.13, which is higher than the ^VIX Sharpe Ratio of 0.08. The chart below compares the historical Sharpe Ratios of ^VXN and ^VIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	^VXN	^VIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.13	0.08	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	0.05	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.04	0.04	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	0.01	-0.04

Correlation

The correlation between ^VXN and ^VIX is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

^VXN vs. ^VIX - Drawdown Comparison

The maximum ^VXN drawdown since its inception was -87.50%, roughly equal to the maximum ^VIX drawdown of -88.70%. Use the drawdown chart below to compare losses from any high point for ^VXN and ^VIX.

Drawdown Indicators

	^VXN	^VIX	Difference
Max Drawdown Largest peak-to-trough decline	-87.50%	-88.70%	+1.20%
Max Drawdown (1Y) Largest decline over 1 year	-61.32%	-74.26%	+12.94%
Max Drawdown (5Y) Largest decline over 5 years	-72.97%	-74.26%	+1.29%
Max Drawdown (10Y) Largest decline over 10 years	-86.01%	-85.66%	-0.35%
Current Drawdown Current decline from peak	-67.22%	-71.13%	+3.91%
Average Drawdown Average peak-to-trough decline	-69.39%	-64.04%	-5.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	48.27%	46.12%	+2.15%

Volatility

^VXN vs. ^VIX - Volatility Comparison

The current volatility for CBOE NASDAQ 100 Voltility Index (^VXN) is 40.80%, while CBOE Volatility Index (^VIX) has a volatility of 47.19%. This indicates that ^VXN experiences smaller price fluctuations and is considered to be less risky than ^VIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^VXN	^VIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	40.80%	47.19%	-6.39%
Volatility (6M) Calculated over the trailing 6-month period	80.87%	93.43%	-12.56%
Volatility (1Y) Calculated over the trailing 1-year period	110.87%	139.42%	-28.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	98.23%	125.21%	-26.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	108.83%	135.95%	-27.12%