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REW vs. VXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

REW vs. VXX

Last updated Jun 4, 2026

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 -45.16%/yr vs -46.78%/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

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

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Returns By Period

In the year-to-date period, REW achieves a -48.44% return, which is significantly lower than VXX's -8.16% return. Both investments have delivered pretty close results over the past 10 years, with REW having a -45.16% annualized return and VXX not far behind at -46.78%.

REW

1D
2.13%
1M
-32.71%
YTD
-48.44%
6M
-47.77%
1Y
-65.29%
3Y*
-47.19%
5Y*
-40.21%
10Y*
-45.16%

VXX

1D
-0.25%
1M
-15.21%
YTD
-8.16%
6M
-22.63%
1Y
-53.35%
3Y*
-42.02%
5Y*
-46.10%
10Y*
-46.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

REW vs. VXX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
REW
ProShares UltraShort Technology		-48.44%-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		-8.16%-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 0.59, 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

0.59

Correlation (3Y)
Calculated over the trailing 3-year period

0.63

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 Feb 2, 2009

0.66

The correlation between REW and VXX has been stable across timeframes, ranging from 0.59 to 0.66 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraShort Technology

iPath Series B S&P 500 VIX Short-Term Futures ETN

Often compared with REW:
REW vs. TECSREW vs. ^VVIXREW vs. XLKREW vs. SPYREW vs. ^GSPCREW vs. SSGREW vs. FTEC
Often compared with VXX:
VXX vs. VIXYVXX vs. UVXYVXX vs. VXZVXX vs. UVIXVXX vs. QQQVXX vs. SPYVXX vs. SVXY

Return for Risk

REW vs. VXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
REW
REW Risk / Return Rank: 00
Overall Rank
REW Sharpe Ratio Rank: 00
Sharpe Ratio Rank
REW Sortino Ratio Rank: 00
Sortino Ratio Rank
REW Omega Ratio Rank: 00
Omega Ratio Rank
REW Calmar Ratio Rank: 00
Calmar Ratio Rank
REW Martin Ratio Rank: 00
Martin Ratio Rank
VXX
VXX Risk / Return Rank: 11
Overall Rank
VXX Sharpe Ratio Rank: 11
Sharpe Ratio Rank
VXX Sortino Ratio Rank: 11
Sortino Ratio Rank
VXX Omega Ratio Rank: 11
Omega Ratio Rank
VXX Calmar Ratio Rank: 11
Calmar Ratio Rank
VXX Martin Ratio Rank: 22
Martin Ratio Rank
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.

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.

REWVXXDifference

Sharpe ratio

Return per unit of total volatility

-1.56

-0.96

-0.59

Sortino ratio

Return per unit of downside risk

-3.03

-1.56

-1.47

Omega ratio

Gain probability vs. loss probability

0.69

0.82

-0.14

Calmar ratio

Return relative to maximum drawdown

-0.99

-0.95

-0.04

Martin ratio

Return relative to average drawdown

-2.00

-1.34

-0.66

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

REW vs. VXX - Sharpe Ratio Comparison

The current REW Sharpe Ratio is -1.56, which is lower than the VXX Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of REW 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.

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Sharpe Ratios by Period

REWVXXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.56

-0.96

-0.59

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.78

-0.68

-0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.93

-0.66

-0.27

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.79

-0.77

-0.03

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

REWVXXDifference

Max Drawdown

Largest peak-to-trough decline

-99.99%

-100.00%

+0.01%

Max Drawdown (1Y)

Largest decline over 1 year

-66.25%

-56.23%

-10.02%

Max Drawdown (3Y)

Largest decline over 3 years

-86.76%

-80.28%

-6.48%

Max Drawdown (5Y)

Largest decline over 5 years

-93.62%

-95.68%

+2.06%

Max Drawdown (10Y)

Largest decline over 10 years

-99.79%

-99.86%

+0.07%

Current Drawdown

Current decline from peak

-99.99%

-100.00%

+0.01%

Average Drawdown

Average peak-to-trough decline

-86.88%

-95.08%

+8.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

32.60%

39.88%

-7.28%

Volatility

REW vs. VXX - Volatility Comparison

ProShares UltraShort Technology (REW) has a higher volatility of 14.84% compared to iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) at 8.29%. 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

REWVXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

14.84%

8.29%

+6.55%

Volatility (6M)

Calculated over the trailing 6-month period

34.14%

40.88%

-6.74%

Volatility (1Y)

Calculated over the trailing 1-year period

42.11%

55.57%

-13.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

51.64%

67.96%

-16.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

48.83%

70.96%

-22.13%

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 11.04%, while VXX has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018
REW
ProShares UltraShort Technology		11.04%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 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

REW has higher volatility (14.84%) compared to VXX (8.29%). In terms of maximum drawdown, REW dropped -99.99% vs VXX's -100.00%.

On 10-year performance, REW leads with -45.16% vs -46.78% for VXX. On fees, VXX is cheaper at 0.89% per year. On volatility, VXX has been the lower-risk option at 8.29%. 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 -45.16% return vs -46.78%. 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 11.04%, 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 (-0.96 vs -1.56), 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.

Portfolio Optimizer

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