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VXX vs. ^VIX
Performance
Return for Risk
Drawdowns
Volatility

VXX vs. ^VIX

Last updated Jun 24, 2026

VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) is Volatility fund tracking the S&P 500 VIX Short-Term Futures Index Total Return, while ^VIX (CBOE Volatility Index) is an index. Over the past 10 years, VXX returned -48.25%/yr vs -2.75%/yr for ^VIX. Their correlation of 0.87 suggests significant overlap in exposure.

Performance

VXX vs. ^VIX - Performance Comparison

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

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Returns By Period

In the year-to-date period, VXX achieves a -9.82% return, which is significantly lower than ^VIX's 30.37% return. Over the past 10 years, VXX has underperformed ^VIX with an annualized return of -48.25%, while ^VIX has yielded a comparatively higher -2.75% annualized return.

VXX

1D
5.99%
1M
-9.65%
YTD
-9.82%
6M
-11.92%
1Y
-54.78%
3Y*
-39.15%
5Y*
-45.02%
10Y*
-48.25%

^VIX

1D
12.79%
1M
16.71%
YTD
30.37%
6M
39.21%
1Y
-1.71%
3Y*
13.19%
5Y*
4.06%
10Y*
-2.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VXX vs. ^VIX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VXX
iPath Series B S&P 500 VIX Short-Term Futures ETN		-9.82%-42.21%-26.22%-72.52%-23.80%-72.41%11.04%-67.75%67.91%-72.64%
^VIX
CBOE Volatility Index		30.37%-13.83%39.36%-42.55%25.84%-24.31%65.09%-45.79%130.25%-21.37%

Correlation

The correlation between VXX and ^VIX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.88

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

0.88

Correlation (5Y)
Calculated over the trailing 5-year period

0.87

Correlation (10Y)
Calculated over the trailing 10-year period

0.87

Correlation (All Time)
Calculated using the full available price history since Jan 30, 2009

0.87

The correlation between VXX and ^VIX has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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

CBOE Volatility Index

Often compared with VXX:
VXX vs. VIXYVXX vs. UVXYVXX vs. VXZVXX vs. UVIXVXX vs. QQQVXX vs. SPYVXX vs. SVXY
Often compared with ^VIX:
^VIX vs. SPY^VIX vs. UVIX^VIX vs. TSLA^VIX vs. VIXM^VIX vs. ^VXN^VIX vs. SVOL^VIX vs. AAPL

Return for Risk

VXX vs. ^VIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
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: 00
Calmar Ratio Rank
VXX Martin Ratio Rank: 11
Martin Ratio Rank
^VIX
^VIX Risk / Return Rank: 1717
Overall Rank
^VIX Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
^VIX Sortino Ratio Rank: 2727
Sortino Ratio Rank
^VIX Omega Ratio Rank: 2626
Omega Ratio Rank
^VIX Calmar Ratio Rank: 1111
Calmar Ratio Rank
^VIX Martin Ratio Rank: 1111
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.

VXX vs. ^VIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and CBOE Volatility Index (^VIX). 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.

VXX^VIXDifference
Sharpe ratioReturn per unit of total volatility
-0.98
-0.01

-0.96

Sortino ratioReturn per unit of downside risk
-1.61
0.95

-2.56

Omega ratioGain probability vs. loss probability

0.82

1.11

-0.29

Calmar ratioReturn relative to maximum drawdown

-1.01

-0.03

-0.98

Martin ratioReturn relative to average drawdown

-1.55

-0.06

-1.49

VXX vs. ^VIX - Sharpe Ratio Comparison

The current VXX Sharpe Ratio is -0.98, which is lower than the ^VIX Sharpe Ratio of -0.01. The chart below compares the historical Sharpe Ratios of VXX and ^VIX, 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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Drawdowns

VXX vs. ^VIX - Drawdown Comparison

The maximum VXX drawdown since its inception was -100.00%, which is greater than ^VIX's maximum drawdown of -88.70%. Use the drawdown chart below to compare losses from any high point for VXX and ^VIX.

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Drawdown Indicators

VXX^VIXDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-88.70%

-11.30%

Max Drawdown (1Y)

Largest decline over 1 year

-54.18%

-50.66%

-3.52%

Max Drawdown (3Y)

Largest decline over 3 years

-79.21%

-74.26%

-4.95%

Max Drawdown (5Y)

Largest decline over 5 years

-95.97%

-74.26%

-21.71%

Max Drawdown (10Y)

Largest decline over 10 years

-99.87%

-85.66%

-14.21%

Current Drawdown

Current decline from peak

-100.00%

-76.43%

-23.57%

Average Drawdown

Average peak-to-trough decline

-95.08%

-64.07%

-31.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

39.47%

30.70%

+8.77%

Volatility

VXX vs. ^VIX - Volatility Comparison

The current volatility for iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) is 17.21%, while CBOE Volatility Index (^VIX) has a volatility of 49.16%. This indicates that VXX experiences smaller price fluctuations and is considered to be less risky than ^VIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VXX^VIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

17.21%

49.16%

-31.95%

Volatility (6M)

Calculated over the trailing 6-month period

43.47%

91.13%

-47.66%

Volatility (1Y)

Calculated over the trailing 1-year period

56.26%

124.01%

-67.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

68.03%

127.78%

-59.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

70.41%

136.67%

-66.26%

Frequently Asked Questions

VXX and ^VIX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

^VIX has higher volatility (49.16%) compared to VXX (17.21%). In terms of maximum drawdown, VXX dropped -100.00% vs ^VIX's -88.70%.

^VIX currently has the higher Sharpe Ratio (-0.01 vs -0.98), 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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