CIRC.MI vs. ^VIX

Last updated Jul 22, 2026

CIRC.MI (Circle S.p.A.) is a stock, while ^VIX (CBOE Volatility Index) is an index. Over the past 5 years, CIRC.MI returned 33.30%/yr vs -0.11%/yr for ^VIX. At a correlation of -0.09, they often move in opposite directions.

Performance

CIRC.MI vs. ^VIX - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Circle S.p.A. (CIRC.MI) and CBOE Volatility Index (^VIX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CIRC.MI is traded in EUR, while ^VIX is traded in USD. To make them comparable, the ^VIX values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, CIRC.MI achieves a 62.47% return, which is significantly higher than ^VIX's 17.44% return.

CIRC.MI

• 1D: 0.00%
• 1M: -2.17%
• 6M: 62.47%
• YTD: 62.47%
• 1Y: 90.31%
• 3Y*: 34.65%
• 5Y*: 33.30%
• 10Y*: —
• ALL TIME*: 27.49%

^VIX

• 1D: -8.54%
• 1M: 4.46%
• 6M: -12.77%
• YTD: 17.44%
• 1Y: 4.96%
• 3Y*: 6.93%
• 5Y*: -0.11%
• 10Y*: 3.16%
• ALL TIME*: -0.63%

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

CIRC.MI vs. ^VIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CIRC.MI Circle S.p.A.	62.47%	3.22%	16.26%	84.84%	-3.09%	39.57%	-9.15%	45.20%	1.80%
^VIX CBOE Volatility Index	17.44%	-24.06%	48.56%	-44.27%	33.64%	-18.65%	51.49%	-44.57%	4.14%

Correlation

The correlation between CIRC.MI and ^VIX is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (5Y) Calculated over the trailing 5-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Oct 26, 2018	-0.09

Return for Risk

CIRC.MI vs. ^VIX — Risk / Return Rank

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

CIRC.MI

CIRC.MI Risk / Return Rank: 95
CIRC.MI Sharpe Ratio Rank: 97
CIRC.MI Sortino Ratio Rank: 96
CIRC.MI Omega Ratio Rank: 96
CIRC.MI Calmar Ratio Rank: 94
CIRC.MI Martin Ratio Rank: 95

^VIX

^VIX Risk / Return Rank: 13
^VIX Sharpe Ratio Rank: 4
^VIX Sortino Ratio Rank: 27
^VIX Omega Ratio Rank: 27
^VIX Calmar Ratio Rank: 5
^VIX Martin Ratio Rank: 4

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.

CIRC.MI vs. ^VIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Circle S.p.A. (CIRC.MI) 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.

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.

	CIRC.MI	^VIX	Difference
Sharpe ratio: Return per unit of total volatility	2.97	0.04	+2.93
Sortino ratio: Return per unit of downside risk	3.65	1.06	+2.60
Omega ratio: Gain probability vs. loss probability	1.51	1.12	+0.39
Calmar ratio: Return relative to maximum drawdown	4.82	0.10	+4.72
Martin ratio: Return relative to average drawdown	14.45	0.15	+14.30

CIRC.MI vs. ^VIX - Sharpe Ratio Comparison

The current CIRC.MI Sharpe Ratio is 2.97, which is higher than the ^VIX Sharpe Ratio of 0.04. The chart below compares the historical Sharpe Ratios of CIRC.MI and ^VIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CIRC.MI vs. ^VIX - Drawdown Comparison

The maximum CIRC.MI drawdown since its inception was -39.39%, smaller than the maximum ^VIX drawdown of -88.32%. Use the drawdown chart below to compare losses from any high point for CIRC.MI and ^VIX.

Drawdown Indicators

	CIRC.MI	^VIX	Difference
Max Drawdown Largest peak-to-trough decline	-39.39%	-88.32%	+48.93%
Max Drawdown (1Y) Largest decline over 1 year	-18.75%	-51.28%	+32.53%
Max Drawdown (3Y) Largest decline over 3 years	-39.39%	-76.06%	+36.67%
Max Drawdown (5Y) Largest decline over 5 years	-39.39%	-76.06%	+36.67%
Max Drawdown (10Y) Largest decline over 10 years	—	-85.23%	—
Current Drawdown Current decline from peak	-10.86%	-79.80%	+68.94%
Average Drawdown Average peak-to-trough decline	-8.94%	-73.22%	+64.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.25%	33.57%	-27.32%

Volatility

CIRC.MI vs. ^VIX - Volatility Comparison

The current volatility for Circle S.p.A. (CIRC.MI) is 7.61%, while CBOE Volatility Index (^VIX) has a volatility of 30.77%. This indicates that CIRC.MI 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

	CIRC.MI	^VIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.61%	30.77%	-23.16%
Volatility (6M) Calculated over the trailing 6-month period	23.74%	92.32%	-68.58%
Volatility (1Y) Calculated over the trailing 1-year period	30.41%	126.24%	-95.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.26%	128.53%	-96.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.90%	137.39%	-105.49%

Frequently Asked Questions

Can I hold both CIRC.MI and ^VIX in my portfolio?

CIRC.MI and ^VIX have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.