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 -43.85%/yr vs -46.77%/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 -39.78% return, which is significantly lower than VXX's -18.96% return. Over the past 10 years, REW has outperformed VXX with an annualized return of -43.85%, while VXX has yielded a comparatively lower -46.77% annualized return.
REW
- 1D
- 4.43%
- 1M
- 8.43%
- 6M
- -38.44%
- YTD
- -39.78%
- 1Y
- -51.65%
- 3Y*
- -41.91%
- 5Y*
- -36.52%
- 10Y*
- -43.85%
VXX
- 1D
- 2.88%
- 1M
- -4.96%
- 6M
- -18.50%
- YTD
- -18.96%
- 1Y
- -53.28%
- 3Y*
- -39.21%
- 5Y*
- -46.49%
- 10Y*
- -46.77%
REW vs. VXX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | -39.78% | -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 | -18.96% | -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 | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.83 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | -0.98 | +0.12 |
| Martin ratioReturn relative to average drawdown | -1.75 | -1.57 | -0.19 |
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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 | -60.10% | -54.59% | -5.51% |
Max Drawdown (3Y)Largest decline over 3 years | -86.76% | -80.75% | -6.01% |
Max Drawdown (5Y)Largest decline over 5 years | -93.62% | -96.27% | +2.65% |
Max Drawdown (10Y)Largest decline over 10 years | -99.74% | -99.82% | +0.08% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -86.94% | -95.09% | +8.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.45% | 34.04% | -4.59% |
Volatility
REW vs. VXX - Volatility Comparison
ProShares UltraShort Technology (REW) has a higher volatility of 19.92% compared to iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) at 12.14%. 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 | 19.92% | 12.14% | +7.78% |
Volatility (6M)Calculated over the trailing 6-month period | 42.41% | 43.82% | -1.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.67% | 56.30% | -6.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.97% | 67.94% | -14.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.45% | 70.29% | -20.84% |
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 8.27%, while VXX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | 8.27% | 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 (19.92%) compared to VXX (12.14%). In terms of maximum drawdown, REW dropped -99.99% vs VXX's -100.00%.
On 10-year performance, REW leads with -43.85% vs -46.77% for VXX. On fees, VXX is cheaper at 0.89% per year. On volatility, VXX has been the lower-risk option at 12.14%. 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 -43.85% return vs -46.77%. 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 8.27%, 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 (-0.95 vs -1.04), 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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