SVXY vs. VXX
SVXY (ProShares Short VIX Short-Term Futures ETF) and VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) are both Volatility funds - SVXY tracks the S&P 500 VIX Short-Term Futures Index (-0.5x) while VXX tracks the S&P 500 VIX Short-Term Futures Index Total Return. Both are passively managed. Over the past 10 years, SVXY returned -0.01%/yr vs -46.79%/yr for VXX. At a correlation of -0.97, they often move in opposite directions. SVXY charges 0.95%/yr vs 0.89%/yr for VXX.
Performance
SVXY vs. VXX - Performance Comparison
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Returns By Period
In the year-to-date period, SVXY achieves a 4.12% return, which is significantly higher than VXX's -17.72% return. Over the past 10 years, SVXY has outperformed VXX with an annualized return of -0.01%, while VXX has yielded a comparatively lower -46.79% annualized return.
SVXY
- 1D
- -1.50%
- 1M
- 5.03%
- 6M
- 2.34%
- YTD
- 4.12%
- 1Y
- 31.22%
- 3Y*
- 10.15%
- 5Y*
- 15.62%
- 10Y*
- -0.01%
VXX
- 1D
- 3.08%
- 1M
- -10.00%
- 6M
- -15.71%
- YTD
- -17.72%
- 1Y
- -51.81%
- 3Y*
- -38.94%
- 5Y*
- -45.73%
- 10Y*
- -46.79%
SVXY vs. VXX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SVXY ProShares Short VIX Short-Term Futures ETF | 4.12% | 10.63% | -3.17% | 76.21% | -4.66% | 48.53% | -36.47% | 54.21% | -91.75% | 181.84% |
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | -17.72% | -42.21% | -26.22% | -72.52% | -23.80% | -72.41% | 11.04% | -67.75% | 67.91% | -72.64% |
Correlation
The correlation between SVXY and VXX is -0.99, 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 | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.97 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.97 |
The correlation between SVXY and VXX has been stable across timeframes, ranging from -0.99 to -0.97 - a consistent structural relationship.
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Return for Risk
SVXY vs. VXX — Risk / Return Rank
SVXY
VXX
SVXY vs. VXX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short VIX Short-Term Futures ETF (SVXY) 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.
| SVXY | VXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.01 | ||
| Sortino ratioReturn per unit of downside risk | +3.00 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.84 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | -0.96 | +2.33 |
| Martin ratioReturn relative to average drawdown | 4.46 | -1.55 | +6.00 |
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Drawdowns
SVXY vs. VXX - Drawdown Comparison
The maximum SVXY drawdown since its inception was -95.25%, roughly equal to the maximum VXX drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SVXY and VXX.
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Drawdown Indicators
| SVXY | VXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.25% | -100.00% | +4.75% |
Max Drawdown (1Y)Largest decline over 1 year | -22.94% | -53.98% | +31.04% |
Max Drawdown (3Y)Largest decline over 3 years | -46.45% | -80.49% | +34.04% |
Max Drawdown (5Y)Largest decline over 5 years | -46.45% | -96.22% | +49.77% |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | -99.82% | +4.57% |
Current DrawdownCurrent decline from peak | -79.14% | -100.00% | +20.86% |
Average DrawdownAverage peak-to-trough decline | -57.01% | -95.09% | +38.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.03% | 33.53% | -26.50% |
Volatility
SVXY vs. VXX - Volatility Comparison
The current volatility for ProShares Short VIX Short-Term Futures ETF (SVXY) is 7.03%, while iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a volatility of 14.39%. This indicates that SVXY 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.
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Volatility by Period
| SVXY | VXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.03% | 14.39% | -7.36% |
Volatility (6M)Calculated over the trailing 6-month period | 22.81% | 43.73% | -20.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.92% | 56.27% | -27.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.34% | 67.95% | -32.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.50% | 70.30% | -20.80% |
SVXY vs. VXX - Expense Ratio Comparison
SVXY has a 0.95% expense ratio, which is higher than VXX's 0.89% expense ratio.
Dividends
SVXY vs. VXX - Dividend Comparison
Neither SVXY nor VXX has paid dividends to shareholders.
Frequently Asked Questions
SVXY 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 (14.39%) compared to SVXY (7.03%). In terms of maximum drawdown, SVXY dropped -95.25% vs VXX's -100.00%.
On 10-year performance, SVXY leads with -0.01% vs -46.79% for VXX. On fees, VXX is cheaper at 0.89% per year. On volatility, SVXY has been the lower-risk option at 7.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SVXY has performed better with a -0.01% return vs -46.79%. 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 SVXY.
SVXY and VXX have nearly identical dividend yields, around 0.00%.
SVXY tracks S&P 500 VIX Short-Term Futures Index (-0.5x), 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 SVXY and 0.89% for VXX.
SVXY currently has the higher Sharpe Ratio (1.09 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.
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