GRN vs. VXX

Last updated Jun 26, 2026

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 7.93%/yr vs -45.10%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in iPath Series B Carbon ETN (GRN) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GRN achieves a -6.37% return, which is significantly higher than VXX's -12.16% return.

GRN

• 1D: -0.36%
• 1M: 3.28%
• YTD: -6.37%
• 6M: -6.75%
• 1Y: 14.02%
• 3Y*: -1.97%
• 5Y*: 7.93%
• 10Y*: —

VXX

• 1D: -1.86%
• 1M: -9.32%
• YTD: -12.16%
• 6M: -14.08%
• 1Y: -52.08%
• 3Y*: -39.64%
• 5Y*: -45.10%
• 10Y*: -48.35%

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

GRN vs. VXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GRN iPath Series B Carbon ETN	-6.37%	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	-12.16%	-42.21%	-26.22%	-72.52%	-23.80%	-72.41%	11.04%	-38.24%

Correlation

The correlation between GRN and VXX is -0.17, 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	-0.17
Correlation (3Y) Calculated over the trailing 3-year period	-0.11
Correlation (5Y) Calculated over the trailing 5-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Sep 10, 2019	-0.14

Return for Risk

GRN vs. VXX — Risk / Return Rank

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

GRN

GRN Risk / Return Rank: 16
GRN Sharpe Ratio Rank: 17
GRN Sortino Ratio Rank: 17
GRN Omega Ratio Rank: 18
GRN Calmar Ratio Rank: 14
GRN Martin Ratio Rank: 14

VXX

VXX Risk / Return Rank: 1
VXX Sharpe Ratio Rank: 2
VXX Sortino Ratio Rank: 2
VXX Omega Ratio Rank: 2
VXX Calmar Ratio Rank: 0
VXX Martin Ratio Rank: 1

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.

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.

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.

	GRN	VXX	Difference
Sharpe ratio: Return per unit of total volatility	0.51	-0.93	+1.45
Sortino ratio: Return per unit of downside risk	0.84	-1.49	+2.33
Omega ratio: Gain probability vs. loss probability	1.11	0.83	+0.28
Calmar ratio: Return relative to maximum drawdown	0.46	-0.98	+1.44
Martin ratio: Return relative to average drawdown	1.17	-1.50	+2.67

GRN vs. VXX - Sharpe Ratio Comparison

The current GRN Sharpe Ratio is 0.51, which is higher than the VXX Sharpe Ratio of -0.93. The chart below compares the historical Sharpe Ratios of GRN and VXX, 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

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.

Drawdown Indicators

	GRN	VXX	Difference
Max Drawdown Largest peak-to-trough decline	-47.96%	-100.00%	+52.04%
Max Drawdown (1Y) Largest decline over 1 year	-30.39%	-53.48%	+23.09%
Max Drawdown (3Y) Largest decline over 3 years	-44.33%	-79.21%	+34.88%
Max Drawdown (5Y) Largest decline over 5 years	-47.96%	-95.97%	+48.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-99.85%	—
Current Drawdown Current decline from peak	-17.77%	-100.00%	+82.23%
Average Drawdown Average peak-to-trough decline	-17.55%	-95.08%	+77.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.02%	34.97%	-22.95%

Volatility

GRN vs. VXX - Volatility Comparison

The current volatility for iPath Series B Carbon ETN (GRN) is 5.60%, while iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a volatility of 17.03%. 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.

Volatility by Period

	GRN	VXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.60%	17.03%	-11.43%
Volatility (6M) Calculated over the trailing 6-month period	24.73%	43.25%	-18.52%
Volatility (1Y) Calculated over the trailing 1-year period	27.73%	55.88%	-28.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.80%	68.03%	-28.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.80%	70.38%	-28.58%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GRN and VXX in my portfolio?

GRN and VXX have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GRN or VXX?

VXX has higher volatility (17.03%) compared to GRN (5.60%). In terms of maximum drawdown, GRN dropped -47.96% vs VXX's -100.00%.

Which ETF is better, GRN or VXX?

On 5-year performance, GRN leads with 7.93% vs -45.10% for VXX. On fees, GRN is cheaper at 0.75% per year. On volatility, GRN has been the lower-risk option at 5.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GRN or VXX?

Over the 5-year period, GRN has performed better with a 7.93% return vs -45.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GRN or VXX?

GRN is cheaper with a 0.75% expense ratio, compared with 0.89% for VXX.

Which ETF pays a higher dividend yield, GRN or VXX?

GRN and VXX have nearly identical dividend yields, around 0.00%.

What is the main difference between GRN and VXX?

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.

Which has better risk-adjusted returns?

GRN currently has the higher Sharpe Ratio (0.51 vs -0.93), 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.