GRN vs. VXX
GRN (iPath Series B Carbon ETN) and VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) are both exchange-traded funds - GRN is a Commodities fund tracking the Barclays Global Carbon II Index, while VXX is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index Total Return. Both are passively managed. Over the past 5 years, GRN returned 9.08%/yr vs -46.46%/yr for VXX. At a correlation of -0.14, they often move in opposite directions. GRN charges 0.75%/yr vs 0.89%/yr for VXX.
Performance
GRN vs. VXX - Performance Comparison
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Returns By Period
In the year-to-date period, GRN achieves a -10.45% return, which is significantly higher than VXX's -11.22% return.
GRN
- 1D
- -2.02%
- 1M
- 2.13%
- YTD
- -10.45%
- 6M
- -7.22%
- 1Y
- 7.07%
- 3Y*
- -1.57%
- 5Y*
- 9.08%
- 10Y*
- —
VXX
- 1D
- -3.33%
- 1M
- -18.15%
- YTD
- -11.22%
- 6M
- -24.41%
- 1Y
- -54.83%
- 3Y*
- -42.32%
- 5Y*
- -46.46%
- 10Y*
- -46.89%
GRN vs. VXX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GRN iPath Series B Carbon ETN | -10.45% | 20.33% | -7.34% | -2.99% | -0.07% | 147.21% | 30.47% | -8.41% |
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | -11.22% | -42.21% | -26.22% | -72.52% | -23.80% | -72.41% | 11.04% | -38.03% |
Correlation
The correlation between GRN and VXX is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Sep 11, 2019 | -0.14 |
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Return for Risk
GRN vs. VXX — Risk / Return Rank
GRN
VXX
GRN vs. VXX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iPath Series B Carbon ETN (GRN) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX). 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.
| GRN | VXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.24 | ||
| Sortino ratioReturn per unit of downside risk | +2.16 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 0.81 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.23 | -0.96 | +1.19 |
| Martin ratioReturn relative to average drawdown | 0.60 | -1.37 | +1.97 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GRN | VXX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.26 | -0.99 | +1.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | -0.69 | +0.92 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.66 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | -0.77 | +1.17 |
Drawdowns
GRN vs. VXX - Drawdown Comparison
The maximum GRN drawdown since its inception was -47.96%, smaller than the maximum VXX drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for GRN and VXX.
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Drawdown Indicators
| GRN | VXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.96% | -100.00% | +52.04% |
Max Drawdown (1Y)Largest decline over 1 year | -30.39% | -57.39% | +27.00% |
Max Drawdown (3Y)Largest decline over 3 years | -45.30% | -79.68% | +34.38% |
Max Drawdown (5Y)Largest decline over 5 years | -47.96% | -95.79% | +47.83% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.86% | — |
Current DrawdownCurrent decline from peak | -21.35% | -100.00% | +78.65% |
Average DrawdownAverage peak-to-trough decline | -17.54% | -95.08% | +77.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.87% | 40.04% | -28.17% |
Volatility
GRN vs. VXX - Volatility Comparison
The current volatility for iPath Series B Carbon ETN (GRN) is 5.88%, while iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a volatility of 8.62%. This indicates that GRN experiences smaller price fluctuations and is considered to be less risky than VXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GRN | VXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.88% | 8.62% | -2.74% |
Volatility (6M)Calculated over the trailing 6-month period | 24.53% | 40.99% | -16.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.73% | 55.62% | -27.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.83% | 67.94% | -28.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.94% | 70.95% | -29.01% |
GRN vs. VXX - Expense Ratio Comparison
GRN has a 0.75% expense ratio, which is lower than VXX's 0.89% expense ratio.
Dividends
GRN vs. VXX - Dividend Comparison
Neither GRN nor VXX has paid dividends to shareholders.
Frequently Asked Questions
GRN and VXX have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VXX has higher volatility (8.62%) compared to GRN (5.88%). In terms of maximum drawdown, GRN dropped -47.96% vs VXX's -100.00%.
On 5-year performance, GRN leads with 9.08% vs -46.46% for VXX. On fees, GRN is cheaper at 0.75% per year. On volatility, GRN has been the lower-risk option at 5.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GRN has performed better with a 9.08% return vs -46.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GRN is cheaper with a 0.75% expense ratio, compared with 0.89% for VXX.
GRN and VXX have nearly identical dividend yields, around 0.00%.
GRN is categorized as Commodities, while VXX is Volatility. GRN tracks Barclays Global Carbon II Index, while VXX tracks S&P 500 VIX Short-Term Futures Index Total Return. Their fees differ too: 0.75% for GRN and 0.89% for VXX.
GRN currently has the higher Sharpe Ratio (0.26 vs -0.99), 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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