REW vs. VXX
REW (ProShares UltraShort Technology) and VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) are both exchange-traded funds - REW is a Leveraged Equities fund tracking the Dow Jones U.S. Technology Index (-200%), 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 10 years, REW returned -45.02%/yr vs -48.29%/yr for VXX. A 0.66 correlation means they provide meaningful diversification when combined. REW charges 0.95%/yr vs 0.89%/yr for VXX.
Performance
REW vs. VXX - Performance Comparison
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Returns By Period
In the year-to-date period, REW achieves a -43.42% return, which is significantly lower than VXX's -10.50% return. Over the past 10 years, REW has outperformed VXX with an annualized return of -45.02%, while VXX has yielded a comparatively lower -48.29% annualized return.
REW
- 1D
- 0.07%
- 1M
- -7.63%
- YTD
- -43.42%
- 6M
- -41.39%
- 1Y
- -58.32%
- 3Y*
- -45.09%
- 5Y*
- -37.89%
- 10Y*
- -45.02%
VXX
- 1D
- -0.75%
- 1M
- -10.33%
- YTD
- -10.50%
- 6M
- -12.45%
- 1Y
- -51.80%
- 3Y*
- -39.30%
- 5Y*
- -44.90%
- 10Y*
- -48.29%
REW vs. VXX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | -43.42% | -43.15% | -33.70% | -61.35% | 65.72% | -53.61% | -71.34% | -56.83% | -10.02% | -49.11% |
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | -10.50% | -42.21% | -26.22% | -72.52% | -23.80% | -72.41% | 11.04% | -67.75% | 67.91% | -72.64% |
Correlation
The correlation between REW and VXX is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | 0.66 |
The correlation between REW and VXX has been stable across timeframes, ranging from 0.60 to 0.66 - a consistent structural relationship.
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Return for Risk
REW vs. VXX — Risk / Return Rank
REW
VXX
REW vs. VXX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Technology (REW) 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.
| REW | VXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.76 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 0.83 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.97 | +0.03 |
| Martin ratioReturn relative to average drawdown | -1.99 | -1.49 | -0.50 |
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Drawdowns
REW vs. VXX - Drawdown Comparison
The maximum REW drawdown since its inception was -99.99%, roughly equal to the maximum VXX drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for REW and VXX.
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Drawdown Indicators
| REW | VXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -100.00% | +0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -62.24% | -53.59% | -8.65% |
Max Drawdown (3Y)Largest decline over 3 years | -86.76% | -79.21% | -7.55% |
Max Drawdown (5Y)Largest decline over 5 years | -93.62% | -95.97% | +2.35% |
Max Drawdown (10Y)Largest decline over 10 years | -99.79% | -99.87% | +0.08% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -86.90% | -95.08% | +8.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.17% | 35.56% | -5.39% |
Volatility
REW vs. VXX - Volatility Comparison
ProShares UltraShort Technology (REW) has a higher volatility of 24.76% compared to iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) at 17.17%. This indicates that REW's price experiences larger fluctuations and is considered to be riskier 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
| REW | VXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.76% | 17.17% | +7.59% |
Volatility (6M)Calculated over the trailing 6-month period | 39.69% | 43.32% | -3.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.45% | 56.25% | -8.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.55% | 68.03% | -15.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.29% | 70.39% | -21.10% |
REW vs. VXX - Expense Ratio Comparison
REW has a 0.95% expense ratio, which is higher than VXX's 0.89% expense ratio.
Dividends
REW vs. VXX - Dividend Comparison
REW's dividend yield for the trailing twelve months is around 10.06%, while VXX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | 10.06% | 6.69% | 5.68% | 5.97% | 0.65% | 0.00% | 0.27% | 1.80% | 0.51% |
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
REW and VXX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
REW has higher volatility (24.76%) compared to VXX (17.17%). In terms of maximum drawdown, REW dropped -99.99% vs VXX's -100.00%.
On 10-year performance, REW leads with -45.02% vs -48.29% for VXX. On fees, VXX is cheaper at 0.89% per year. On volatility, VXX has been the lower-risk option at 17.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, REW has performed better with a -45.02% return vs -48.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VXX is cheaper with a 0.89% expense ratio, compared with 0.95% for REW.
REW has the higher dividend yield at 10.06%, compared with 0.00% for VXX.
REW is categorized as Leveraged Equities, while VXX is Volatility. REW tracks Dow Jones U.S. Technology Index (-200%), while VXX tracks S&P 500 VIX Short-Term Futures Index Total Return. They also come from different issuers: ProShares and Barclays Capital. Their fees differ too: 0.95% for REW and 0.89% for VXX.
VXX currently has the higher Sharpe Ratio (-0.93 vs -1.24), 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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