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 -1.01%/yr vs -46.29%/yr for VXX. Their -0.97 correlation means they have often moved in opposite directions in the past. 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 4.84% return, which is significantly higher than VXX's -19.72% return. Over the past 10 years, SVXY has outperformed VXX with an annualized return of -1.01%, while VXX has yielded a comparatively lower -46.29% annualized return.
SVXY
- 1D
- 1.47%
- 1M
- 1.31%
- 6M
- 7.32%
- YTD
- 4.84%
- 1Y
- 33.59%
- 3Y*
- 9.63%
- 5Y*
- 16.64%
- 10Y*
- -1.01%
- ALL TIME*
- 12.70%
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) |
|---|---|---|---|
| $95.64M | $79.87M | $82.81M | |
| $203.07M | $176.34M | $224.72M |
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 | 4.84% | 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 | -19.72% | -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 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 (5Y) Shows whether the relationship held over a longer period. | -0.97 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 | +1.83 | ||
| Sortino ratioReturn per unit of downside risk | +2.72 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.85 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | -0.92 | +2.15 |
| Martin ratioReturn relative to average drawdown | 4.00 | -1.40 | +5.40 |
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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% | -54.59% | +31.65% |
Max Drawdown (3Y)Largest decline over 3 years | -46.45% | -80.75% | +34.30% |
Max Drawdown (5Y)Largest decline over 5 years | -46.45% | -95.66% | +49.21% |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | -99.80% | +4.55% |
Current DrawdownCurrent decline from peak | -79.00% | -100.00% | +21.00% |
Average DrawdownAverage peak-to-trough decline | -57.10% | -95.11% | +38.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.05% | 35.70% | -28.65% |
Volatility
SVXY vs. VXX - Volatility Comparison
The current volatility for ProShares Short VIX Short-Term Futures ETF (SVXY) is 7.44%, while iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a volatility of 14.47%. 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 | 7.44% | 14.47% | -7.03% |
Volatility (6M)Calculated over the trailing 6-month period | 22.23% | 42.90% | -20.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.49% | 57.37% | -27.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.19% | 67.63% | -32.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.47% | 70.37% | -20.90% |
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 (14.47%) compared to SVXY (7.44%). In terms of maximum drawdown, SVXY dropped -95.25% vs VXX's -100.00%.
On 10-year performance, SVXY leads with -1.01% vs -46.29% for VXX. On fees, VXX is cheaper at 0.89% per year. On volatility, SVXY has been the lower-risk option at 7.44%. 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 -1.01% return vs -46.29%. 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 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 (0.96 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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