SVIX vs. VXX
SVIX (-1x Short VIX Futures ETF) and VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) are both Volatility funds - SVIX tracks the Short VIX Futures Index while VXX tracks the S&P 500 VIX Short-Term Futures Index Total Return. Both are passively managed. Over the past 3 years, SVIX returned -6.83%/yr vs -38.60%/yr for VXX. Their -0.96 correlation means they have often moved in opposite directions in the past. SVIX charges 1.47%/yr vs 0.89%/yr for VXX.
Performance
SVIX vs. VXX - Performance Comparison
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Returns By Period
In the year-to-date period, SVIX achieves a -0.08% return, which is significantly higher than VXX's -19.72% return.
SVIX
- 1D
- 3.02%
- 1M
- 1.89%
- 6M
- 6.65%
- YTD
- -0.08%
- 1Y
- 51.31%
- 3Y*
- -6.83%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.88%
VXX
- 1D
- -2.61%
- 1M
- -3.58%
- 6M
- -22.73%
- YTD
- -19.72%
- 1Y
- -53.71%
- 3Y*
- -38.60%
- 5Y*
- -46.47%
- 10Y*
- -46.29%
- ALL TIME*
- -51.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $67.82M | $60.76M | $62.62M | |
| $203.07M | $176.34M | $224.72M |
SVIX vs. VXX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SVIX -1x Short VIX Futures ETF | -0.08% | -4.49% | -32.76% | 157.37% | -1.48% |
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | -19.72% | -42.21% | -26.22% | -72.52% | -43.18% |
Correlation
The correlation between SVIX and VXX is -0.99, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.99 |
Correlation (3Y) Balances recent behavior with more history. | -0.99 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022 | -0.96 |
The correlation between SVIX and VXX has been stable across timeframes, ranging from -0.99 to -0.96 - a consistent structural relationship.
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Return for Risk
SVIX vs. VXX — Risk / Return Rank
SVIX
VXX
SVIX vs. VXX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for -1x Short VIX Futures ETF (SVIX) 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.
| SVIX | VXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.57 | ||
| Sortino ratioReturn per unit of downside risk | +2.54 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.85 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | -0.92 | +1.84 |
| Martin ratioReturn relative to average drawdown | 2.61 | -1.40 | +4.01 |
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Drawdowns
SVIX vs. VXX - Drawdown Comparison
The maximum SVIX drawdown since its inception was -79.30%, smaller than the maximum VXX drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SVIX and VXX.
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Drawdown Indicators
| SVIX | VXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.30% | -100.00% | +20.70% |
Max Drawdown (1Y)Largest decline over 1 year | -42.69% | -54.59% | +11.90% |
Max Drawdown (3Y)Largest decline over 3 years | -79.30% | -80.75% | +1.45% |
Max Drawdown (5Y)Largest decline over 5 years | — | -95.66% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.80% | — |
Current DrawdownCurrent decline from peak | -52.28% | -100.00% | +47.72% |
Average DrawdownAverage peak-to-trough decline | -32.40% | -95.11% | +62.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.03% | 35.70% | -20.67% |
Volatility
SVIX vs. VXX - Volatility Comparison
-1x Short VIX Futures ETF (SVIX) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) have volatilities of 14.34% and 14.47%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SVIX | VXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.34% | 14.47% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 42.92% | 42.90% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.46% | 57.37% | -0.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 65.81% | 67.63% | -1.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.81% | 70.37% | -4.56% |
SVIX vs. VXX - Expense Ratio Comparison
SVIX has a 1.47% expense ratio, which is higher than VXX's 0.89% expense ratio.
Dividends
SVIX vs. VXX - Dividend Comparison
Neither SVIX nor VXX has paid dividends to shareholders.
Frequently Asked Questions
SVIX and VXX have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VXX has higher volatility (14.47%) compared to SVIX (14.34%). In terms of maximum drawdown, SVIX dropped -79.30% vs VXX's -100.00%.
On 3-year performance, SVIX leads with -6.83% vs -38.60% for VXX. On fees, VXX is cheaper at 0.89% per year. On volatility, SVIX has been the lower-risk option at 14.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SVIX has performed better with a -6.83% return vs -38.60%. 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 1.47% for SVIX.
SVIX and VXX have nearly identical dividend yields, around 0.00%.
SVIX tracks Short VIX Futures Index, while VXX tracks S&P 500 VIX Short-Term Futures Index Total Return. They also come from different issuers: Volatility Shares and Barclays Capital. Their fees differ too: 1.47% for SVIX and 0.89% for VXX.
SVIX currently has the higher Sharpe Ratio (0.70 vs -0.87), 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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