VIXY vs. VXX
VIXY (ProShares VIX Short-Term Futures ETF) and VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) are both Volatility funds - VIXY tracks the S&P 500 VIX Short-Term Futures Index while VXX tracks the S&P 500 VIX Short-Term Futures Index Total Return. Both are passively managed. Over the past 10 years, VIXY returned -48.31%/yr vs -47.94%/yr for VXX. With a 0.99 correlation, they move nearly in lockstep. VIXY charges 0.85%/yr vs 0.89%/yr for VXX.
Performance
VIXY vs. VXX - Performance Comparison
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Returns By Period
In the year-to-date period, VIXY achieves a -9.17% return, which is significantly lower than VXX's -8.58% return. Both investments have delivered pretty close results over the past 10 years, with VIXY having a -48.31% annualized return and VXX not far ahead at -47.94%.
VIXY
- 1D
- -4.59%
- 1M
- -14.78%
- YTD
- -9.17%
- 6M
- -18.91%
- 1Y
- -53.38%
- 3Y*
- -41.07%
- 5Y*
- -45.94%
- 10Y*
- -48.31%
VXX
- 1D
- -4.42%
- 1M
- -14.70%
- YTD
- -8.58%
- 6M
- -18.05%
- 1Y
- -52.70%
- 3Y*
- -40.29%
- 5Y*
- -45.28%
- 10Y*
- -47.94%
VIXY vs. VXX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXY ProShares VIX Short-Term Futures ETF | -9.17% | -43.05% | -27.43% | -72.74% | -24.98% | -72.40% | 10.54% | -67.81% | 66.78% | -72.78% |
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | -8.58% | -42.21% | -26.22% | -72.52% | -23.80% | -72.41% | 11.04% | -67.75% | 67.91% | -72.64% |
Correlation
The correlation between VIXY and VXX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
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 | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011 | 0.99 |
The correlation between VIXY and VXX has been stable across timeframes, ranging from 0.97 to 1.00 - a consistent structural relationship.
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Return for Risk
VIXY vs. VXX — Risk / Return Rank
VIXY
VXX
VIXY vs. VXX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) 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.
| VIXY | VXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.83 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.92 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.29 | -1.29 | -0.01 |
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Drawdowns
VIXY vs. VXX - Drawdown Comparison
The maximum VIXY drawdown since its inception was -100.00%, roughly equal to the maximum VXX drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for VIXY and VXX.
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Drawdown Indicators
| VIXY | VXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -57.87% | -57.39% | -0.48% |
Max Drawdown (3Y)Largest decline over 3 years | -80.08% | -79.24% | -0.84% |
Max Drawdown (5Y)Largest decline over 5 years | -96.03% | -95.79% | -0.24% |
Max Drawdown (10Y)Largest decline over 10 years | -99.87% | -99.86% | -0.01% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -92.18% | -95.07% | +2.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.25% | 40.90% | +0.35% |
Volatility
VIXY vs. VXX - Volatility Comparison
ProShares VIX Short-Term Futures ETF (VIXY) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) have volatilities of 14.17% and 14.13%, 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
| VIXY | VXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.17% | 14.13% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 42.96% | 42.36% | +0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.99% | 56.64% | +0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.39% | 68.04% | +2.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.35% | 70.83% | +1.52% |
VIXY vs. VXX - Expense Ratio Comparison
VIXY has a 0.85% expense ratio, which is lower than VXX's 0.89% expense ratio.
Dividends
VIXY vs. VXX - Dividend Comparison
Neither VIXY nor VXX has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, VIXY and VXX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
VIXY has higher volatility (14.17%) compared to VXX (14.13%). In terms of maximum drawdown, VIXY dropped -100.00% vs VXX's -100.00%.
On 10-year performance, VXX leads with -47.94% vs -48.31% for VIXY. On fees, VIXY is cheaper at 0.85% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VXX has performed better with a -47.94% return vs -48.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIXY is cheaper with a 0.85% expense ratio, compared with 0.89% for VXX.
VIXY and VXX have nearly identical dividend yields, around 0.00%.
VIXY tracks S&P 500 VIX Short-Term Futures Index, 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: 0.85% for VIXY and 0.89% for VXX.
VXX currently has the higher Sharpe Ratio (-0.93 vs -0.94), 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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